7 Strategies to Retain Your Customers and Your Profits :
The fundamental difference between companies that grow quickly and companies that do not grow or grow slowly is the interest in how to retain existing customers and continue to sell to them, as according to some statistics, customer retention strategies greatly help to achieve profits of 25% to 75% and thus it is High profit rates come in comparison with strategies to attract new customers.
In addition, the strategy to retain existing customers saves you a lot of money compared to strategies to acquire new customers, and therefore you must think correctly and always work to extend the life cycle of the customer with you. .
But the problem always lies with everyone in how to start or what are the strategies and methods that must be followed to keep customers, so in this article on Hani Hussein’s website, we will address the most important methods and strategies that you can use to maintain your existing customers, which will greatly increase your profit rates.
Why are customer retention strategies better than attracting new customers?
It is quite natural to ask now and say why is retaining existing customers more important than attracting new ones? The answer is simply, my friend, that as we mentioned in the introduction to the topic, maintaining existing customers contributes to increasing your profits by 25% to 75%, despite that, unfortunately many companies and websites believe that if they have a good product or service, customers will be retained naturally!
Perhaps this really exists if you are the only one who provides this service or product, and the truth is that this matter is not available in our present and our days at all because you did not come from Mars until you bring a product that is not present on the globe except with you, then there are certainly many companies that Almost the same service or the same product is provided with the same quality.
Consequently, there are many other factors that must be paid attention to in order to retain customers other than providing the product or service in a good way, and it must always work to gain the loyalty of the existing customers, and believe me, all the major companies always invest heavily in retaining the customer because this brings them greater profit. Next, I’ll show you the most important benefits that accrue to you when you keep your existing clients:
1. Better in conversion rates
Indeed, all potential customers have a buying experience with your company, so if this buying experience is not disappointing and the customer is satisfied, the customer will return to you to buy again after the period, so you must always maintain the customer’s confidence in your products.
2. You will not need large marketing services
You will always spend a lot of time and effort on how to attract new customers and convince them that you are the right person to buy from, and certainly these things will require great marketing services from you, and instead you can move and focus on the already existing customer and try hard to maintain it because it can help you attract New customer or nominating your product to another customer.
The simplest example of this is Apple, when it launches a new phone or new IOS version, it does not do a marketing campaign, but only conducts an advertising conference on this phone, and here the customers close to the line of purchase are the ones who announce the new phone, for example the whole world is currently aware of Apple products even if he does not own it, and I am sure that you did not know about this company through an advertisement, but through a friend or person carrying a product belonging to the company.
3. Providing more room to improve your business and products
When you try to retain existing customers, you will definitely communicate with them at some point in time, which gives you a golden opportunity to improve your products and services and know what is distinctive in your product and what needs to be modified, that is, in short, you befriend the customer and know the problems he faced with the product and start improving them to provide him with the best Buying experience.
4. Higher profits
Selling to existing customers is less focused on price rather than selling to new customers because your existing customers already trust you, so you can convince them of more products or services, which creates greater selling opportunities and greater profit returns for sure, that is, in short, when you try to prolong the customer’s life cycle, you are Thus, you will achieve more profits because the customer will buy from you today, after a week, he will buy again, after a month, and so on.
5. Lower costs
Customer retention strategies will save you a lot of money compared to strategies to attract new customers, because attracting new customers will cost your company 5-25 times more than retaining existing customers. In addition, a 5% increase in customer retention can lead to a 75% increase in company profits. %.
7 Strategies to Retain Your Customers and Increase Your Profits:
1. Never mind vanity metrics and always pay attention to customer retention metrics
The first strategy may seem strange, but it is real, and a lot of people fall into this mistake, as vanity metrics mean many different things, such as the number of Twitter followers, the size of the email list, the number of likes on Facebook, and other things, it may mean that a lot of Twitter followers are hiring someone to spend All day long re-tweeting engaging news, it will certainly bring you more followers but it will not do anything to grow your business, satisfy your customers, or keep buying.
Of course, we never underestimate the importance of the number of followers, as it can achieve great benefit, but you should always strive to benefit from your brand mainly, and this is achieved by focusing more on how to retain and satisfy your customers instead of focusing on the number of followers and other things, and that Because if you pay attention to how you retain your customers, you will definitely get a lot of followers as well, and that will be because of the positive comments that will pour in on the pages of your product or service.
In addition, the metrics you pay attention to drive the decision-making process, for example if you spend half of your monthly marketing meeting talking about vanity metrics and the other half talking about customer retention metrics, then the action steps will be divided between the two, but if you spent the entire meeting talking about Customer retention metrics The ideas and strategies that you reveal about how to continually improve the business to retain customers will be very focused, which affects the final result, greatly increasing your profits, and even increasing your followers due to customer satisfaction and positive comments.
In short, my friend, what I mean at this point is to pay more attention to the part of retaining existing customers than to increase the number of followers because automatically whenever customers are satisfied with your product or service, the number of followers will gradually increase without your interference, otherwise what is the benefit of having thousands of followers in my pages, but Don’t buy anything from me?
2. Always try to accept all complaints
According to the statistics, there is a large category of customers who do not like to submit complaints, but there are still many who complain about your product or service, and therefore these complaints can be very useful for your company as they always help you to know the weaknesses and shortcomings of your service and correct them.
Not to mention this, the customer who submits the complaint to you is on the verge of leaving and leaving, but you can, through good customer service, restore this customer and work to satisfy him again and make him adherent to your service or product.
Imagine all the affected customers leaving without submitting any complaints; Of course a disaster! Therefore, you must pay very much attention to these complaints and take care to accept the complaint from the customer and solve all the problems that he faces, and believe me if you do this with a large number of clients, the reputation of your company and its acceptance with potential customers will definitely increase by a large percentage.
3. Submit opinion polls regularly
In addition to accepting customers’ complaints openly, you must provide permanent opinion polls on a regular basis to customers, as these surveys greatly contribute to knowing the percentage of acceptance of your product or service with customers, and also try to obtain extended reviews from customers when commenting on these Surveys, so that you can know the problems that may cause you to lose a customer.
Surveys have too many forms. Certainly, you have seen one of these questions on the pages of major companies. Are you satisfied with our service? If you could change one thing in our product, what would it be? On average, how many hours per week do you spend using our product? What kind of additional (free) training materials would you like to see from us?
All these questions and more are about the opinion poll forms that you can provide to your customers to find out how satisfied they are with the service you provide, and we have previously touched upon a full article on opinion polls entitled “How do you use QIZ in developing your business online? Excellent methods ”I highly recommend you to check it because it is very useful.
4. Always try to show how to respond to customer complaints and comments
Certainly collecting feedback and knowing the problems is very important, and you can get them by accepting complaints and submitting surveys as mentioned, but the most important thing is for customers to notice how to respond to their problems or how to take into account the comments they made so that they feel you care about them.
You can do this by many methods, such as sending an automatic message, for example to customers after completing the survey, or a survey that includes “Thank you for completing the questionnaire. Your thoughts and opinions are valuable to us. We will use input from customers like you for future product updates and we will also provide you with updates when they reach the product.”
After the updates are made, a message can be sent to customers on their e-mail informing them of the updates that you have made on your product or service and thanking them for their contribution, and also make sure to ask them at the end of this e-mail if they have any other ideas; This will help you tremendously to retain your customers’ satisfaction and gain their confidence, as this is the right business mindset.
5. Estimate the value of each customer
All of your customers are not on one line, some of them make frequent purchases and others only buy one item every few months, some customers also buy expensive goods and others buy cheap goods, and some customers trust your product and deal with you for a very long time. Others have not dealt with you until a while ago.
Therefore, appreciating each customer according to his condition is an important thing because the customer who has been dealing with you for years, for example, always hopes to get a graceful deal and a wonderful product, but you must give this group of customers some privileges, and this matter has two positive sides. Customers who have great confidence in your product, and the second is to encourage new customers to buy from you continuously and for a long period of time to obtain these privileges, and therefore appreciation of customer value is one of the best strategies that help to retain them.
6. Create a community or forum for your customers
One of the distinctive ways to encourage customers and work to retain them is to bring all followers in one place on the Internet, share their opinions, raise topics for discussion, and other matters, so your doing for this will make your followers feel appreciated and respected for their presence among other customers, which helps to keep customers very large.
An example is the Shopify discussion board.It is very active and used by store owners to interact with other users. You can also highlight this community of customers and post a bunch of news about new product features, promotions, coupons, and more, plus you can assign some prizes to the most engaged individuals. And the most thought-provoking, all of these things are very powerful and believe me, it will be of great help.
In addition, it will become a safe place for customers, and they will display and discuss the negatives of the product, respond to them and make them feel that you care about them as if you are their friend, and thus you reap the benefits from every aspect.
7. Always ensure the quality of your product and services
Indeed, there is no strategy to retain customers stronger than if your product or service is excellent and distinct from the others, this is the really sure thing that will help you to retain your customers and attract new customers. How many people bought a product or service from somewhere and determined not to buy from them once Others are due to the poor quality of what they offer and vice versa.
Therefore, always make sure to pay attention to the quality of your products and the related services also to customers, such as customer service, shipping service, packaging service and other matters related to various types of trade, so believe me, this has a very positive impact on customers.
In conclusion, it was possible for you to put many other types of useless strategies for retaining customers so that the article is great, but we on Hani Hussein’s site are not used to doing that. You have any question or inquiry, do not hesitate to ask it in a comment and we will answer you, God willing.