Ways To Effectively Boost Customer Retention

Though it is obvious to state, customers are the lifeline of businesses. Unfortunately, gaining a customer can be one of the greatest challenges for a company. As a member of Forbes Coaches Council notes in this article from Forbes, “Remember how expensive it is to get one new customer.” With this in mind, it is no wonder that so many companies are in search of ways to boost customer retention. As another council member adds, “It’s easier to get referrals from happy customers than it is to find and convert new business.” So what are new ways to retain happy customers in an authentic way? Luckily, this article has leaders from around the business world give their two cents on customer retention, with unique ways to promote and grow it moving forward.

As stated above, customer retention is essential to the success of any business. With this being the case, why shouldn’t customers be shown the importance they hold on the brands they care for? This is the sentiment among many in the coaches council, stressing the importance of celebrating customers and building authentic word of mouth. One council member offers a unique approach to create a memorable impression, “Buy some simple thank-you cards that are blank inside and, immediately after a meeting, write a handwritten thank-you message. Hand-address the envelope and place a stamp on it—don’t run it through a postage meter. People remember this because nobody does it anymore.” Either through this or brand-based incentives, showing appreciation for customers represents a humanization of the brand, helping customers trust and champion the companies they love. 

However, successful customer retention also comes from appealing to customers’ common causes and giving them the ability to help enact change. As one council member puts it simply, “If you want to boost customer retention, share a common cause.” Customers feel the importance of CSR initiatives when they reflect their own passions. Not only does this show that customers will avoid brands which they find damaging towards the issues close to them, but they will also champion and be drawn to those who advance their favorite causes.