If you’re trying to learn more about expanding their business, then you likely know how important it is to hold on to your customers. It will cost you much less to retain customers than to get new customers. If you’re trying to grow your business, one of the best things you can do is find strategies for increasing customer retention. Jay Holstine mentions some ways that you may do so below.
What is Customer Retention? According to Jay Holstine
It is a way of measuring the loyalty that your customers have for your brand. As a company, your success can often be measured by how well you retain your customers. Customer retention is measured over time, so Jay Holstine says it can also give you an idea of customer satisfaction, engagement, and repurchase activity.
These metrics are important as they give you data regarding customers and how to ensure that you facilitate them in the best way possible to foster a sense of loyalty.
Ways to Increase Customer Retention For Your Business by Jay Holstine
1. Consider Changing Prices
If you’re starting, you need a hook for customers to engage with you. For many businesses, it’s all about pricing. You want to ensure that you price your products competitively to gain more customers and retain them.
You also want to ensure that you add value for money when pricing a product in a competitive market. If you have a product that you think brings a lot of value to customers’ lives, then Jay Holstine states that you may price it higher but make sure you have the data to back this action up.
2. Create a Customer Feedback Mechanism
You won’t know the places you lack with customers if you don’t have a feedback mechanism. You want to create a place for customer communication so that you can make the necessary changes before you lose all your customers. You can only meet the customers’ needs if you know what they are. Some feedback mechanisms include surveys and support channels where they can make major recommendations.
3. Construct a Loyalty Program
If you build a loyalty program and offer customers benefits for that loyalty, then they are much more likely to return to you. It’s also a method to give back to your loyal customers. You are rewarding your customers for choosing your company; many of them will appreciate this attempt enough to return. Many companies and businesses create points, so their customers have something to work towards. Once enough points are within their accounts, and they can redeem them for some benefit.
4. Create a Better Relationship With Brand Ambassadors
Brand ambassadors for your company can exponentially increase your number of customers. In social media, appointing brand ambassadors with a following can help you access customers of all kinds. These brand ambassadors significantly influence their followers; thus, creating a better relationship will lead to much better customer retention and engagement.
Final Thoughts by Jay Holstine
Jay Holstine mentions that your customers are much more likely to remain with you if they think you care for them. Thus, it would help if you tried to personalize their shopping journey as much as possible so that they want to return for more.