Let’s start off with a statistic, courtesy of the Harvard Business School: if you increase your customer retention rate by five percent, then you can expect anywhere from a 25 to 95 percent upswing in sales. That’s a very sobering statistic, and should function as a call to arms for businesses everywhere. So how exactly can you increase your customer retention? Here are a few quick suggestions.
First, define what your company stands for. Another survey showed that 64 percent of customers who have brand loyalty identify with the values of the organization. Next, make them feel positive, and as if they’re part of a movement. If you have over ten thousand loyal and happy customers, let them know that they’re one of them! Next, perform thorough and exhaustive research on your customers, get to know them on a deep level and then tailor your marketing strategy to what you’ve learned. Positive language is another great tool—use words that appeal to customers such as “free” and “instant.” Then, understand you’re going to have customers who may not be willing to spend money as freely as others, and tailor your language to them. For instance, instead of a “5 dollar service fee,” say something along the lines of “a small 5 dollar fee.”
Yonyx enables organizations to create decision tree driven interactive guides for troubleshooting & how-to information for customer self service.
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