We can attest that those devoted consumers are a goldmine in a digital marketing business. According to one study, a company’s profits improve by 25-95% for every 5% increase in client retention. On the other hand, recruiting new consumers can be expensive, costing anywhere from 5 to 25 times more than keeping existing clients.
You can lower your costs with a single marketing plan while increasing your earnings. Customer retention doesn’t have to be difficult, especially if your business is well-established. Spend less time acquiring new customers and more time boosting the frequency with which existing customers purchase and spend. Here are five suggestions for increasing customer retention and increasing revenue.
Keep your SME up to date regularly
Even when funds are tight, new technologies allow you various options for keeping your consumers visible. For example, you can maintain your online presence by being constant in your posts and reaching out to your clients on social media frequently (but not abusively).
Share a blog entry or make a Facebook post with your weekly recommendations. Tweet links to relevant publications in your field. On Interest, save a nice photo. Attempt to engage the audience with a call to action in each piece.
Reward customers who refer new customers to you
When recruiting new consumers, word of mouth is always a viable option. Who better than a friend or relative to persuade us to buy a product or service? This is especially true when you consider that social proof can help you convert more potential customers. Why not reward customers who refer new customers to you if your firm fits this description?
Fitness centers, for example, frequently give a month of free gym access to users who suggest a friend. This strategy helps you grow your customer base by persuading your current customers to stick with you.
React to consumer feedback
According to the Business Development Bank of Canada, 7 out of 10 internet users rely on online reviews to make purchasing decisions, so don’t underestimate the significance of this!
Leave no doubt whether your clients are complaining about their online experience. Contact them. You’ll “improve the problem” by proposing a solution and demonstrating that you’re satisfied with it.
Thank your customers and start a dialogue when the evaluations are positive. Others may appear, and those glowing testimonials will contribute to your online reputation.
Make special offers public
Offering discounts is a terrific way to attract new consumers. And keep them coming back. Regularly offering offers is an excellent approach to keep them in mind. Especially if your request is well-worded and relevant if coffee drinkers learn that you provide a $2 unique “Latte des Broken” every Tuesday, they’ll remember it on their way to work. Customers will become attached to your recurrent offer, which will become part of your logo.
Offer individualized service
Why not utilize the customer’s name when sending a newsletter or invoice with a package? Directly address him: Create a bond with your SMB’s personality. Immerse yourself as much as possible in your clients’ ideas and ask yourself how you might improve the service you deliver. What small gestures can you make to make their life a bit easier? Can you, for example, provide free shipping or a flexible return policy? There aren’t any tiny enhancements. Every step toward improved customer service leads to increased loyalty.
It would help if you designed a complete hiring policy and meticulously prepared for interviews to ensure internal harmony in the organization. At the same time, make sure your expectations are clear and that roles and duties are defined. Allow new employees to learn more and advance their careers as soon as they join the company. You can track this learning by directly linking your HR tools/database software with your feedback management platform. Encourage them to share their knowledge on social media or through blog articles. As a result, the input can be considered automatically at various employee training and development phases.
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