Customer retention is the ability of a company to maintain the stability of its customer portfolio through satisfaction and the quality of the product or service.
What is the importance of retaining a customer? In a nutshell, saving a lot of money! Because increasing customer retention by just 5% increases profits by 25% to 95% .
Amidst so many competitors and options in the market, learning how to retain customers becomes a key factor for success and a differentiator for your business . After all, what eritrea email address company doesn't want to have happy customers who buy regularly?
Do you want to learn strategies to increase customer retention? Then stay tuned. In this post we tell you the main advantages of this process and some essential tips to keep your customers engaged:
Loyal customers are the backbone of a thriving business. As long as your company is focused on attracting new visitors and neglecting the customers it has already acquired, it will not reach its greatest sales potential.
What is customer retention? As mentioned, it involves applying a set of strategies to increase the loyalty of current customers and the revenue generated through them .
In turn, the customer retention strategy is important so that your company does not lose users during the sales cycle and can convert them into regular customers , those who made at least two or more purchases.
Some characteristics of repeat customers that result in a benefit for your business are:
They have an emotional connection to your company;
spend more with your business —75 % of people are willing to spend more with companies that offer them a good experience;
They recommend you to their friends and acquaintances — 8 out of 10 consumers trust brands that have been recommended by their loved ones more.
They are more loyal in times of crisis — 85% of consumers would stick with a brand during a crisis if it is transparent and empathetic to its customers.
Did you know that building customer loyalty and fidelity begins from the moment they meet your company and continues after the purchase? In this sense, the quality of after-sales service is essential in collaboration with customer service. Quick responses, 24/7 availability, empathy and proactivity are essential to achieve customer retention.
Just as it is essential that the product or service satisfies the customer, you must also give them reasons to remember you and make a new purchase.
Want to know how? Learn 6 types of after-sales service to build customer loyalty
How do you retain a customer?
Adopt new customer service tools
As you’ve seen, offering a quality product or service is only part of delivering a good customer experience. The real difference is in service — 73% of business leaders say there is a direct relationship between their customer service and company performance (Zendesk, 2022). In this sense, adopting tools that meet your customer service needs is essential to achieving retention.
