What’s more important: a loyal customer or a new customer? That’s the age-old question in business.
Customer retention tools can help you answer this question by helping you push to keep your existing customers, as well as monitoring the revenue coming in from each customer cohort.
Did you know, it can cost five times more to attract new customers than it is to retain loyal customers?
What’s more, repeat customers spend more than new customers do. The value of loyal customers simply cannot be ignored. But, how do you retain customers and put an end to customer churn for good?
The good news is, there are plenty of tools to help you with that, including Baremetrics. In this post, we will go over some effective tips to boost the customers’ experience with your product and thus, increase customer retention.
If you’re interested in customer retention tools, click here to get into the Baremetrics free trial where you can test it out!
Find Out When Your Customers Will Churn
To stop churn and keep existing customers coming back, you’ll need to do some analysis of your current situation. Finding out when exactly customers churn is a powerful tool to stop them from churning.
Baremetrics cohorts is an excellent tool to help you determine when customers churn — by allowing you to segment your customer base and provide you with more insights about when people are churning.
This allows you to take a proactive approach to stop churn as well as being able to monitor if those efforts are working. Contact Baremetrics to begin a trial using Cohorts today.
Develop a Customer Loyalty Program
Who doesn’t love free stuff, rewards, and discounts? This is why customer loyalty programs are one of the most effective customer retention strategies.
A customer loyalty program rewards customers for their continual business. The more they shop, the more they are rewarded. This keeps them happy because they now get more from the experience than just your product or service.
Loyalty programs help customers feel special and appreciated, two characteristics required for happy, loyal customers.
Use Social Media to Develop Strong Relationships
Social media is critical to creating loyal customers. There’s a reason social media is a huge part of every company’s marketing strategy. With social media, you can build trust, a lasting relationship, and loyalty with your subscribers.
To use social media to build relationships and increase customer satisfaction, you must create valuable content that’s not overly promotional.
Remember, customers like to connect with brands they like, so, your tone must be relatable and friendly. To increase customer engagement, you must also provide content they can engage with.
Photos and videos do much better with engagement than plain text posts. Use polls and Q&A forms to encourage your customers to engage with you. And, reply to everything (or as much as you possibly can).
Social media is also a powerful listening tool that can help boost your retention rate. It also provides a direct communication line with customers, something past businesses could only dream of.
So, use that to your advantage to understand what your customers are looking for and start aligning your social media posts and products with their preferences.
Ask for customer feedback regularly and respond to all of it — even the negative feedback.
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Improve the Customer Onboarding Program
Data shows that 40-60% of users will sign up for a free SaaS app trial, use it once, and abandon it forever.
This is because, without a successful onboarding program, customers are unable to perceive how your service or product can add value for them.
Make sure you develop an outstanding onboarding program to communicate clearly with your customers in real-time as they go through each stage of the sales funnel.
This will ensure that they don’t lose sight of your company’s value if they don’t understand something or have an unanswered question.
Develop a Company Newsletter
A company newsletter provides an easy and cost-effective way to improve your customer retention rate via email marketing. You can use email automation to send all of your customers’ updates and offers at the same time.
You can also send the email via an RSS feed on a frequency that you pre-determine. This will ensure that you don’t have to worry about manually updating content and remembering to click “send.”
Provide Stellar Customer Support
One surefire way to improve your customer experience and impress your current customers is by providing stellar customer support.
If your customers know that even if something goes wrong with their order or product, they can reach someone from your company who will resolve the issue ASAP with a smile on their face.
They are then going to be much more likely to take the jump and purchase a product or service from you.
A help desk that is manned 24/7 or a mobile app with 24/7 messaging gives customers peace of mind to know that no matter what, when something goes awry, help is always available.
To reduce churn, you must make your product indispensable and provide frequent value that customers can’t live without.
One way to do that is with a daily/weekly email report that shows the value you’re providing to the customer.
Baremetrics cuts through the noise and reveals the insights you need to make profitable decisions that propel your business forward.
Start your free 14-day trial today and find out more about how we can help you boost your profitability.