Customers Retention Profits: How to Increase Your Sales By Providing Great Online Customer Service
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Countless case studies have made one thing clear when it comes to creating an efficient support system: You need to keep everybody in the loop. In doing so, they can solve a systemic issue and help other customers avoid it altogether.
Reducing problems is key — in fact, research conducted by John Goodman found that customers were much more sensitive to price changes , and thus more likely to churn , when they experienced a few problems with the product or the support they received. The key to creating loyalty programs that work is to know why customers use them and what gets customers to keep using them.
Their results have conclusively shown that the biggest pitfall in preventing customer loyalty programs from succeeding is getting people started. In their well-known car wash study, participants were twice as likely to finish loyalty cards when they were automatically started or rewarded as soon as they signed up. Additional research by Dr. There is one caveat, though — this only works when people know there is a class below them on the totem pole. When your customers go out of their way to recommend your product or service to others, let them know that you see and appreciate it!
5 Unique Ways to Increase Customer Retention (and Increase Profits!)
Research on voting patterns conducted by Stanford University revealed people are more likely to participate in something if they are labeled with a positive trait. Your product and service will do most of the heavy lifting in keeping customers loyal, and there are no shortcuts for that. Join , customer-obsessed readers on our mailing list.
Eli is the Head of Growth at Help Scout, where we make excellent customer service achievable for companies of all sizes. Connect with him on Twitter and LinkedIn. Eli Overbey. March 20, What is customer retention? Other than your product, the best customer retention strategy is providing excellent customer service. Help Scout gives you the tools you need to provide exceptional support at scale — try it free for 15 days. Start my Free Trial. Eli Overbey Eli is the Head of Growth at Help Scout, where we make excellent customer service achievable for companies of all sizes.
According to data from Monetate , customers with a history of multiple purchases have a revenue per session of over 6x that of a new shopper. But despite the huge benefits of improving customer retention , marketers are struggling to make this a reality in their businesses. According to The CMO Survey , performance of customer retention has fallen recently, with customer acquisition faring better recently. This is best represented by data published by Influitive , which shows that the larger a company is, the more satisfied they are with their marketing to existing customers.
The truth is that larger brands have a certain sway over how we perceive them. They create a feeling of loyalty, name recognition, and build a mentality that we need to stay with them. Some of the biggest companies, especially those that started in the last few decades, have used their messaging as a voice for a bigger cause. So a good cause is definitely a good thing to have.
Rather than one-time fixes or campaigns, look to incorporate a larger idea into your overall messaging. To keep your customer retention rates high, you need to show that users are in a large community of people happy about your product. By doing this, you can discourage customers from leaving your company and ending the purchase cycle. Social proof is one of the best and most popular ways to do this. This means you need to intimately understand the language they use, the imagery that appeals to them, and the identity they have for themselves.
Analyzing Your Retention Rate
One of the brands most famous for creating an identity around its customers is Harley-Davidson. To incorporate this into your marketing efforts, look to use common language to encourage customer retention. Use this in all your communication and sales. Most marketers know that in order to acquire a new customer, you need to woo him or her with the features your product or service has to offer.
What many marketers forget is that the process continues long after your customer has purchased from you. While you know the exact problems your product solves, your customer could easily forget now that the pain is relieved. Show a problem in clear detail, and demonstrate how your product solves this problem for current customers. One of the primary reasons customers keep buying from your business is that they feel supported and encouraged.
While these small community benefits may not cost much, the effect they create is enough to keep customers around longer and improve your customer retention rate. The more difficult this cycle is, the more it will hurt your retention rate. To keep customers returning and buying your product, you want to make the process painless and simple. They put such effort into the actions around their products, like packaging and sales, that people literally film the process. Before a customer buys a new product, you need to sell it well with the words you use. The simplest way to do this is to include purchase-friendly language throughout the sales process.
Every sales process comes with friction and pain points. These are places where your potential repeat customer wants to turn back. While you should work to improve the entire sales funnel, these areas should be your first priority to improve your customer retention rate. These are areas where you can impress the customer and drive repeat sales. This means that sometimes, we make mistakes. To solve this problem, you should create an automated system that allows for consistent, excellent customer service along the entire route of customer retention.
As the customer moves through the process, he or she is gradually guided through a meaningful sales funnel that encourages repeat purchases and customer retention.
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According to Invesp , the most effective digital marketing channels for customer retention are email, social media, content, and referrals. One of the reasons Amazon has been so effective has been their extreme focus on the user experience and positive impression users have with their products and services. The secret to impressing your customers is for them to see that the value you offer is greater than what they were expecting. Even an average product will impress customers if they were expecting something smaller or less refined. While selling is critical, you should make the product experience even better than they imagined.
A great way to do this is with world-class support. One of the most important steps in the customer success process is keeping customers excited about the product you have to offer. Your excitement for what you sell should transfer to customers, and the easiest way to achieve this is by telling them! This kind of announcement makes customers excited about the product again and keeps them purchasing from you.
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Maintain a high level of customer experience with quality support after a customer has purchased your product, and watch your retention rate skyrocket. When handling customer support issues, you may think that speed is paramount, but the truth might surprise you. According to research published by Fast Company, most people actually prefer that customer support representatives spend more time with them.
To create ways to best serve your customers and encourage them to stay with your company and spend more, you need to understand them deeply. With the recent advances in tracking technology and user identification through website cookies, you have no excuse for not knowing your customers better.
According to Signal , customer identity should become a portable asset.
When an existing customer signs up for a new product or makes a purchase, you need to include this interaction in how you communicate with him or her in the future. By building a history with each customer, you can increase the amount of time he or she stays with your brand. Email is the perfect way to personalize the communication you have with your customers. But it goes beyond simply using their first name in the greeting. To effectively talk to your customers, create a set of different messages depending on how your customer interacts with your service and products.
For online startups and related businesses, this metric can be tracked by comparing the sign-up and drop-off rate of your app or software. In turn, entrepreneurs can measure this metric by comparing how many return clients they have as compared to one-off work for the same type of projects that has the potential to be recurring work. Thankfully, digital platforms and services have access to an abundance of data that can share important information on overall business performance and customer activity.
4 Best Ways to Keep a Customer Happy & Improve Customer Retention
The most important information that analytics and data can provide is an understanding of how your potential and existing customers think and act online. When you can access these insights, you can work to optimize your marketing and sales processes to keep customers engaged and increase your retention rate. At the end of the day, you should know what purpose you want these analytics to service.
For example, some business owners may be interested in learning where customers are becoming disinterested in their product or service, while others may want to know what products or services people are buying that they seem to be satisfied with. Generate a list of questions, think about your current problem areas, and discuss how those two areas tie your business together. After finding a way to accurately and easily gather your data, you can begin to analyze the findings.
You can test the accuracy of your questions, answers, and data by comparing how you thought your business and site were operating and performing to how the analytics are proving. If you notice a larger newsletter drop-off rate than anticipated or a lack of return customers after a first purchase, your overall retention rate may not have been as high as you initially thought. By analyzing your customer retention rates, you can gain valuable insights into how you can encourage customers to keep coming back for your product. Now that you have a clear idea of what your current retention rates are, how can you accurately and effectively increase your retention rates over time?