In general, the business owner’s primary purpose is to optimize the bottom line. And because roughly 80% of a company’s revenue will result from 20% of its current customer base, keeping that base loyal to the brand is immensely important. Nevertheless, many business owners find themselves struggling to come up with strategies that will optimize client retention. Luckily, there are numerous tips and tricks corporate leaders can use to make it happen. Some of them include:
1. Know Your Audience.
As noted in “Three Ways to Increase Customer Retention, Boost Profits,” it is essential for business owners to use communication strategies that are relevant to the target market’s individual interests. Doing so enhances client retention. Therefore, business owners who are serious about maintaining their current client base need to know as much about their customers as possible. Doing so will help them fine-tune things like customer service and marketing modalities to ensure that the client remains loyal to the brand. There are several strategies that business owners can implement to learn more about their clients. Some of them include:
-Identifying trends and constants in customer behavior. This process enables business owners to carefully tailor their interaction with the customer to promote repeat conversion.
-Creating marketing materials like e-newsletters that will appeal to the unique interests of the target market.
-Use internet marketing analytics to determine which pages your clients click on the most.
2. Optimize Connectivity.
Optimized connectivity leads to optimized conversion. Since this is the case, business owners need to place primacy on engaging their customers in a manner that promotes relationship and keeps the client actively involved in the brand. There are several ways to make this happen. Some of them include:
-Social Media Optimization (SMO). Social channels like Facebook and Twitter are excellent spheres through which business owners can connect with their current clients. By sending out tweets regarding upcoming sales or simply having casual conversations with customers on social channels like Google+, corporate leaders can keep their existing clients engaged with the brand.
-Q & A Blogs. Q & A blogs are an incredibly effective way to optimize connectivity with one’s clients. With this strategy, business owners can request that the audience submit brand-related questions and then answer them in a blog post with a Q & A style structure. This gets existing clients involved with the brand, thereby decreasing the likelihood that the customer will seek out products and/or services from the competitor.
3. Advertise Effectively.
As noted by Alex Lawrence in “Five Customer Retention Tips for Entrepreneurs,”promoting products and services is a wonderful way to retain current customers by ensuring that they remain engaged with the brand. To ensure that your advertising mechanisms are effective, be sure that your promotions reward customers. Creating a loyalty program is a wonderful way to accomplish this objective because they are structured to reward repeat purchases, thereby encouraging client retention. It’s also a good idea to offer specialty discounts, especially when the discount is extended to a client who is on the verge of defection. Additional advertising strategies include remaining in touch with clients over the holidays and sending promotional gifts.
Business owners who want to obtain exceptional conversion rates should know that optimizing client retention is a great way to realize the objective. Utilize the tips and tricks outlined above to put this important process in motion.