Here are 8 ways you can enhance your customer retention rate:
- Have a Simple and Easy Sign-up and Engagement Process
Impression is everything and you only get one chance to create a great first impression. Customers want convenience and straight forward processes on their account. Project a superb impression while delivering products and services to customers. Removing complexity in your service delivery will result in happy customers that want to continue using your products and services.
- Be Driven by Value and Better Service Delivery
Your team would need to focus on value delivery in engaging with customers. They will need to deliver unique benefit propositions and let it be obvious. Customers will keep coming back as a result of the benefits they derive from the value. Your team would need to think of ways to improve the next services delivery and make it better each time. Exceeding expectations will result in word-of-mouth recommendations, and create customer acquisition and retention opportunities.
- Develop Personal Relationships
A recent 145 Research study found that one of the key expectations of customers is personalization. They want to be reached on a personal level. Your enterprise team will need to have a culture of developing a genuine relationship with customers, such as, being interested in their financial well-being, helping to promptly resolve their issues and showing that you care about them, will help to reach them at a deeper level. Make customers feel valued.
- Continuous Follow-up and Engagement
Following up with customers will enable you to obtain useful feedback. Also, you can launch loyalty programs (for example, coupons, personalized gifts, and so on) to recognize a group of customers that have been consistent with your institution. This will make them feel valued and happy.
- Honest and Respectful Team
Your team will need to be honest and respective while engaging with customers. Customers are on a look out for these attributes and any deviation from these expectations will have a negative impact on retention. Therefore, it is important to build trust by listening, seeking to understand and effectively serving customers.
- Proactive After-Engagement Service
Staying in touch with your customers will provide the opportunity for retention especially in a competitive market place where rivals are ready to convert your customers. Constant communication (such as, email newsletter, phone call, SMS, and so on) with customers may also lead to getting additional business from them via references.
- Regard customers as family
Make extra effort to meet customer requests. Develop a connection, which is more than just business, by being readily available, especially during disruptions. These are notable experiences that customers hold on to, which are the pillars for loyalty and trust.
- Training and Retraining of your CX team
Make extra effort to meet customer requests. Develop a connection, which is more than just business, by being readily available, especially during disruptions. These are notable experiences that customers hold on to, which are the pillars for loyalty and trust.How effective are your customer relationship teams? Are they effective and efficient in handling today’s customer? There is always room for improvement and training or retraining might be needed, because of the significant impact your customer servicing teams have on customer retention and acquisition.