The customer is the king who does not know the statement. Indeed, loyal customers are worth the money. As a business, you want to do everything you can to connect your customers with you. Customer loyalty or “customer retention” determines success both in the short term and in the long term. There are several ways you can use as a company to achieve this. This builds long-term customer relationships and avoids the so-called churn rate, which represents the number of customers that the churn rate represents. Is the churn rate high? This means that your customers will be with you for a short period of time and you will always have to look for new customers to get good sales. On the other hand, if the loss rate is low, the customer’s loyalty is high. This means that you can sell it to your existing customers more easily and at a lower cost. Importance of customer loyalty
But first of all, why is customer loyalty and customer loyalty so important? Many companies have it as a KPI, why is it accurate? There are many reasons for this.
1) Satisfied customers can attract new customers by being able to make suggestions to other companies and friends / family. It saves you as a business of sales and marketing costs.
2) What is the difference between sales and marketing costs? Retain existing customers. This is generally cheaper than acquiring new customers.
3) Faithful customers are more likely to buy back, which can increase profits. It turns out that over 25-40% of total revenue in B2B comes from loyal customers. Over 27% of them are willing to repeat their purchases. 4) According to the survey, more than 73% of potential customers compare 3-5 companies before making a purchase or collaboration. For many prospects, this means they are focused on connecting with the company, not just the products and services. With positive reviews, you already have an edge over the competition.
5) Finally: Excellent customer loyalty based on satisfaction and trust makes cross-selling and upsell much easier
This is how you connect with your clients
Therefore, having the highest goals of customer loyalty and customer loyalty is very important to the enterprise. Losing a customer can happen very quickly, but finding a loyal customer doesn’t happen overnight. The following tips can speed up the process and create a stable foundation for a successful customer retention strategy.
Invest in personality and the journey of the buyer. In this way, you can really know who your customers are, what their purchasing routes are, and where your possible contacts with your company are. Or even better; where you can create touchpoints.
Ask your customers for feedback and do something with them. In this way, the client feels that his or her opinion is important and listens. In addition, this feedback will help your business adapt and eliminate weaknesses. For example, on your website or another platform, use the customer satisfaction survey or the feedback button in your email to request feedback.
Focus on targeting and delivering the right content that truly benefits to your customers at the right time. As a business, how you collect data and use it together determines your success. With a good CRM system, you can segment based on how your prospects and customers treat your brand. This is valuable information that you can customize later in your marketing campaign.
Use automated email to “wake up” and encourage inactive, dormant users to take action. You can also use a CRM system for this. How do you make this successful? For example, describe the features of a product or service that is not yet in use. For example, through a manual or video introductory text. In this way, customers find that they can get more products or services than they expect.
Create a personalized customer loyalty program. Loyalty programs can truly attract customers by rewarding them for their loyalty to the business. An example is the use of promotional gifts. Add value to corporate gifts at unexpected times, rather than limiting them to holidays and anniversaries. At the same time, it becomes the most important again. How is customer loyalty measured? There are several tools for measuring customer loyalty, but the most effective one is the Net Promoter Score (NPS). This measures the likelihood that a customer will recommend you to someone on a scale of 1 to 10. The power of this method is that the question is focused on the intent. This simplifies the answer.