Customer Retention the basics

Many industries are facing several challenges, these range from economic, to natural and industry specific ones. One such challenge is Customer Retention.

Customer retention has become extra critical for business success. Customer experience has changed and we need to adapt as well.

Expert advice & research suggest we do some of the the following to improve customer experience:

• Improve your digital presence - Updating your website and creating social media platforms are the basics. Improve your Customer Relationship Management (CRM) software & e-commerce channels. Equip your employees with skills on using virtual meeting platforms - to sell, integrating various chat platforms - for lead generation. Remember customers are now used to having a digital experience more than before.

• Help your existing customers - Create offerings to improve their new circumstances. For instance, offer reductions in price for those who have paid subscriptions or those you book in advance. Financially distressed customers will appreciate this gesture - It will increase your referral base, brand awareness & customer Loyalty.

• Address concerns pro-actively - Customers love it when their concerns are addressed before they even voice them - this shows empathy. i.e., when your systems fail, be the first to alert the customers & advise them on how you are resolving the challenge.

• Offer bespoke deals - Offer bespoke deals to retain existing and attract new customers. Target a specific demographic with offers that address their everyday needs. Use your digital platforms to share this messaging.

These are just some of the insights experts advice we should use in these turbulent times.

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