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.
Boost Customer Retention with Impactree
Impactree has been constructed around building customer retention through appealing to customer CSR wants. Our platform is a centralized hub for brands to host an assortment of public resources with their customers, and can easily be linked to from in-store QR codes. This helps reduce the amount of links needed to find relevant resources, giving companies one place to direct customers to take surveys and sign up for sweepstakes. In turn, this acts as a centralized place for brands to showcase their passions and enable customers to contribute to those passions, deepening engagement and loyalty. With Impactree, companies can measure and appeal to customers through common causes. By offering simple ways to take action around local and global issues, you can reflect your own passions and purpose through the actions you host, and can see in real time which causes your customers are most passionate about. This helps publicly reflect your company’s commitment to purpose, while giving your customers an opportunity to contribute to your collective impact.