5 Innovative Customer Retention Strategies for Your Small Business
Economies and lives across the world have changed since the Covid-19 outbreak. Businesses of all sizes have found it difficult to survive. The economic slowdown has forced organizations to cut down costs and optimize processes. Recovery of your business depends upon prioritizing customer retention over acquisition.
Why is Customer Retention Critical?
Customer buying behaviour has changed since the pandemic started. More than 77 percent of customers in the US have tried new methods of shopping during the crisis. In these times of uncertainty, customers prefer value and convenience over brand loyalty.
You must care about your existing customers and stay connected with them. Focus on developing a strategy that helps you sustain your small business through this pandemic.
In these troubled times, customer retention is imperative for SMBs. Recovering your profitability in the ‘new normal’ depends on your prevailing customer base. Let’s take a look at some useful customer retention strategies.
If You Haven’t Already, Build a Full Online Presence
Don’t wait for things to go back to normal, as that isn’t happening soon. Rethink your business processes to reach out to your customers through digital platforms.
The Connected Commerce Council report says, “74% of American small business owners are expecting their business will be back to business as usual within six months.”
Building digital resilience will be the key to reopening and reviving your business. You can switch to virtual offerings, home deliveries, and digital payment modes. These will keep you connected to your customers and offer them the convenience of online shopping.
Existing customers know your brand, so providing them with a simple way to shop gets you continuous business. Easy access to product information increases the chances of reordering and upselling. Invest in automation tools for repetitive processes and marketing communication. It will save time and ensure business operations accuracy.
Deploy chatbots and other AI-based tools to improve customer support services. Real-time complaint resolution will help enhance customer experience.
Provide sales assistance through co-browsing in real-time. Assist customers in filling out a form during an online transaction. Being online and being there to help is a tremendous way to keep customers coming back for more.
Take a look at this on-demand webinar by Zoovu called Increasing Conversion with Conversational AI which shows you how to bring the best of human engagement to the digital world, enabling you to really scale your business.
Use Bundles and Package Deals to Secure Long-Term Customers
Try to find out what your customers love about you. Understand what they think adds value to your products over those of competitors. Talk about key features to keep your customers interested in your business.
An exciting way to show you respect their choice is to offer discount coupons, promo codes, home deliveries, free upgrades, bundle offers, or value packages.
You can also try the recently launched packages feature by vcita. Use it to create a customized collection of services and offer it at a special price for your regular customers. Their convenient dashboard allows you to create discounted packages for individual clients. You can also track package redemption details.
Offer customers value, they’ll be happy to make repeat purchases.
Nurture Customer Relationships With Personalization
Your customers are valuable for your business, and you must tell them so. HBR suggests the HEART framework strengthens relationships with customers. Bring out the human side of your brand and create connections.
You can stay on top of their mind with small empathetic gestures such as handwritten thank-you notes, post-sales, customized emails, discount coupons, and social media mentions.
These acts of gratitude and generosity are great ways to build a relationship with your existing clients.
-
A CRM database helps to maintain details about your customers. Use this information to surprise them on their special days, such as birthdays and anniversaries.
-
Personalize marketing communication to suit customer persona. Invest your time in one-to-one conversations with your high-value clients.
-
Use an empathetic tone apt for the current sensitive situation and avoid sounding opportunistic.
People expect honest and human communication around products that meet their specific needs. Display delivery timelines and product feature changes on your website. Keep all communication clear and updated.
This ebook from Acquia summarizes research from 2 surveys and outlines 6 personalization trends you need to know.
Solicit Customer Feedback
“To deliver a first-class customer experience, you need to know what your customers are thinking,” states FedEx. Customer feedback is valuable for small businesses to boost customer engagement. It helps you understand their needs and strengthens the bond you have with them. You can use their responses to improve offerings and enrich their experience.
(Source)
Addressing complaints will convince dissatisfied customers to stay. Hearing out their pain points puts customers at ease and enhances their trust in your brand.
Be More Customer-Centric and Learn About User Intent
Turn the spotlight towards your customers. Make them a priority and ensure all your communication conveys so. Social media usage has gone up during the pandemic as per a survey conducted on US Social Media Usage by eMarketer. You can create social media campaigns that talk less about the features of your products.
Use social media to connect with your consumers. Interact with your clients through face-to-face conversations during live sessions. Use these tools to get their feedback or to make them feel heard.
You can conduct live events for your customers to educate and entertain them. Personal interactions go a long way in improving customer loyalty and retention.
Over to You
Put the customer first, and they will remember you. Stay connected with existing customers, and they help you while attracting new ones. Customer acquisition is important for growth, but retention makes growth a lot more sustainable. Earn long-term loyalty by supporting and helping your customers during these hard times.