Even though capturing new customers is alluring, keeping them coming back will produce a higher return on investment for a fraction of the cost. The question is, how do you build a customer retention strategy that engages and retains your current clients?
In this article, we’ve outlined some of the most effective customer retention strategies currently used by the biggest brands to inspire loyalty. All the must-haves any marketing or customer success team can use today will be covered, from leveraging convenience to prioritizing personalization.
How Does Customer Retention Work?
As a metric, customer retention is often used by businesses as a way of gauging overall success and measuring the loyalty of their customers over time.
Businesses are implementing various tactics to boost customer retention in order to ensure that the number of customers lost over a period of time is reduced, as well as to improve their customer experience in order to ensure that customers remain loyal to the company.
How to Calculate the Customer Retention Rate?
In order to calculate the number of customers retained during the period, divide the total number of new customers acquired during the period by the number of new customers acquired at the beginning. In order for this formula to work, it should look like this:
(Customers at the end of the period – New Customers Acquired) / (Customers at the start of the period = Customer Retention Rate)
Toll-Free Number For Retaining Customers
Marketing by word-of-mouth
You can obtain the best publicity for your brand by encouraging positive word-of-mouth from your customers by using a toll-free number. Additionally, it prevents contradictory word-of-mouth, which otherwise would hinder your business. What is the benefit of a toll-free number in all of this?
By having a toll-free number, your business will be able to provide excellent customer service in terms of timely support and quick resolution of customer complaints. As a result, your customers will receive a delightful experience, and word-of-mouth publicity will be positive for your business.
Retention of customers is improved
Getting new customers isn’t enough for your business to grow; you also have to retain your existing customers and convert them into loyal customers.
In addition to terrible customer service, the non-availability of timely support is another common reason customers switch brands.
You can retain customers by providing well-timed customer service and a hassle-free experience through a toll-free number.
The unique and easy-to-remember nature of toll-free numbers makes them one of their strongest assets.
As a result of their prefixes, these numbers usually make it easier to learn them compared to other numbers, such as 1800, 800, or 888.
In addition to this, toll-free numbers are divided into smaller chunks (1800-165-6482), making them easier to remember. It is more likely that your customers will stay in touch with you if you make it easier for them to reach you.
Provide a strong onboarding experience
In the event that your customer makes their first purchase, you have the opportunity to leave them with a lasting impression – so it is crucial that your onboarding process runs like a well-oiled machine.
It is likely that your customers will remember any customer service hiccups that occurred during their initial onboarding period, such as mishandling of information or not having a dedicated point of contact to hold their hand through the process.
Even though your company may be able to rectify those points of conflict in a short period of time, it may still leave a bitter taste in the mouth of your customers. It is also important to note that a good onboarding process should go beyond providing excellent customer service but also should include the effectiveness of the onboarding program itself as part of the process.
There need to be workflows in your business that include well-timed email triggers, follow-up messaging, self-service knowledge base access, and congratulatory messaging to excite your new clients and impress them upon their purchase.
You can make your business more successful by choosing a toll-free number as a communication solution. Enhancing your team’s productivity, strengthening your brand’s reputation, and enhancing your customer experience can be accomplished without breaking the bank. There’s no doubt that this is a win-win situation for both you and your customers. Just find a reliable service provider, and you’re good to go! Multiple calls can be handled at once!