We all know that keeping customers makes good business sense. But the real impact to your bottom line is so big it might surprise you! These slides provide 5 practical ways in which you can reach your retention goals.

1. 5 Customer Retention
Strategies that Work!

2. We all know that keeping customers makes good
business sense.
But the real impact to your bottom line is so big it
might surprise you!

3. According to Bain & Co, just a 5% increase in
customer retention can increase a company’s
profitability by 75%.
And on average, loyal customers are worth up to 10x
as much as their first purchase.

4. So what can you do to make sure you are keeping
your customers happy and loyal?

5. 1.) Have a Feedback System
You can’t fix problems you don’t know you have. It’s vital
that you hear from your customers themselves. Talking to
your customers or adopting a simple survey system such as
NPS will help you to understand your customers opinions
about your business and the products or services you
deliver.
Armed with this insight you’ll be able to take action and
improve the experience for your audience. Leading to
happier, more loyal customers.

6. 2.) Go above and beyond your customers
expectations
A lot of the time companies overlook how important
this is. But put yourself in your customer’s shoes
and think of ways in which you can make them feel
special.
If you just meet expectations, customers will be
content, but not happy. If you think about it, the
times that you have felt really happy with a product
or service you received, you probably got something
that exceeded your initial expectations.

7. 3.) Empower your employees
Retention doesn’t happen in the board room, but with the
employees in the front line who face your customers daily.
It’s important that your employees feel empowered to use
their judgement to make the best decisions for your customer.
A simple way of doing this is to allow anyone to make
decisions below a certain cost without having to ask a
manager for approval.
Employees will be able to solve more problems for customers
on the spot, and customers will get their issues solved
immediately, making both employees and customers
happier.

8. 4.) Use complaints as opportunities
Your most unhappy customers can be your greatest
source of learning. It’s important to make sure that when
you have a complaint, you take the time at first to just listen.
Apologies and follow through with a solution to resolve the
complaint. Then make sure they are satisfied with the
outcome.
But don’t stop there. This is your chance to exceed
expectations, whether this is to provide them with a free
upgrade or a discount on their next purchase. By doing this,
your once unhappy customer is going to feel a lot more
valued and a lot more likely to come back to you as a result.

9. 5.) Have a personality
People buy from people. So why not inject some
personality into your business? You’d be pretty lucky to
have someone buy a low quality product from you just
because of your charm alone. But with a good product
at hand, you can stand out from your competitors
and really connect with your customers.
Speak to your customers like you would speak to
anyone. Don’t sound like a corporate-drone spouting
off lines that sound like they were approved by your
legal department. Being more personal, more human
goes a long way!

10. Find out more ways that you can
grow your business into one that
customers love at
devoted.io