How important can it be for your company to retain your customers?
To confirm this, think about the following: What if all the customers you have had in your history, continued with you, if the answer is "That would be awesome, I wouldn't be where I am", then we can prioritize learning some strategies that will allow us to retain our customers.
Customer retention refers to the percentage of existing customers who continue to use your service after they have purchased from you. The higher the number, the better.
Customer retention rates vary depending on the type of business. For example, a restaurant may retain 90% of its customers, while a retail store may retain 50%. There are many variables that determine this, such as whether it is a product or a service, but we will address general strategies useful for all segments.
Better understand your customers
When a company can understand its customers, it can tailor its products and services to customer needs.
Understanding your customer base can seem like an overwhelming task. But with a little research, you can better understand the wants and needs of your potential customers.
Some good ways to get started are by looking at what your competitors are doing or by conducting surveys and interviews with your current customers.
Offer more value to the customer to improve customer retention
Customers are willing to pay more for quality products and services with which they are satisfied.
Customers want to feel valued and satisfied when they buy a product or service. They want to know that their money is well spent, so many of them are willing to pay more for a product or service they are happy with. That's why providing value to the customer can improve retention rates.
Know your customers' needs and desires.
As a business owner, you need to know what your customers want and how they want it. If you fail to meet these needs and wants, your business will not survive.
It is important to know that the marketing department does not have all the answers. Marketing alone cannot provide all the information needed for decision making. Marketing research insights are often restricted by their very nature; they are based on observations of customer behavior without understanding why customers behave in one way or another.
The most important thing for a business owner is to know the needs and desires of customers and act accordingly if long-term sustainability and growth are sought.