Why retaining customers leads to success and 5 steps to boost retention
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This document discusses how retaining customers can help grow a company and provides 5 steps to improve customer retention. It notes that acquiring new customers is costly, while existing customers spend more and refer others. The 5 steps are: 1) Calculate the customer retention rate, 2) Understand why customers leave by asking for feedback, 3) Tweak products based on feedback, 4) Evaluate loyalty programs, and 5) Build powerful relationships by showing customers they are cared for. This can help build trust and healthy customer relationships.
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Why retaining customers leads to success and 5 steps to boost retention
- 1. Why retaining more customers can lead your company to super stardom - and 5 easy steps to getting the retention engine started
- 2. Acquiring new customers demands a lot of money and time New customer Existing Customer Acquisition Cost Probability of conversion
- 3. Return Customers Spend 2/3 Times More Than New Customers New customer Existing Customer
- 4. A Second-Time Customer Refers an Average of 3 People Existing Customer New Customers
- 5. Now that we know why customer retention is important, develop a measurable customer retention strategy with these 5 best practices
- 6. 1. Calculate your company’s customer retention rate Retention Rate = ((CE-CN)/CS)) X 100 CE = number of customers at the end of period CN = number of new customers acquired during period CS = number of customers at start of period
- 7. 2. Understand why your customers are leaving Ask an open-ended question to understand what worried your customer the most. Reward customers for their feedback Why?
- 8. 3. Tweak your product or service based on the customer’s feedback For every customer who bothers to complain, 26 other customers remain silent. So, make every feedback count.
- 9. 4. Evaluate your Loyalty program 75% of consumers say loyalty programs are part of their relationship with brands. 57% of members want to engage with loyalty programs on a mobile device Loyalty Card Reward points
- 10. 5. Build a powerful relationship with your customer Customers stay with businesses that they feel they are cared for
- 11. Vtiger lets your customer facing teams provide a personal touch to every customer interaction, understand their needs in advance, and help in time. This in turn builds trust in customers which eventually turns into a healthy relationship.
- 12. Sign up for a free trial to explore Vtiger today.