Five Customer Retention Strategies That Work
2 Recover the lost flock
Develop creative strategies to bring back customers you may have lost in the past. Based on your initial review of why you lost your customers in the first place, tap into the consumer insights gathered and reform your strategy. Offer a competitive price, run aSproxil Champion campaign, follow up with them and address concerns they may have. Perhaps a discount will lure them back in or proof that your product has improved since they left. While there may be a chance to get them back, consider the value of the customer. Is it worth the time and effort for your to bring them back? If it is, starting courting again! If not, cut your losses and concentrate on the valuable customers you want back.
3 Choose the right platform
Depending on the country you live in, you have probably already identified the most effective platforms to reach your customers. In some countries, radio works best, in others, the store front is the most appropriate platform, and yet for others, online is the best route. Whatever the case may be, identify the appropriate platform(s) and develop a creative campaign to target them there. Perhaps a multi-platform promotion via web and mobile work best.
4 Treasure the complainers
Customers that are not satisfied with a product or service and have disconnected from the brand are more likely to walk away. However, customers who come back to complain may offer you important insights and an opportunity to win them back. Consider their Customer Lifetime Value (CLV) when determining how much effort and discount you would be willing to give in order to keep the customer. When the customer’s problem has been solved, take into serious account all of their complaints: both what was said an left unsaid. Some things will be glaringly obvious in their complaints but the unsaid things can be real gold. Insights from unhappy customers can help improve current processes and help you retain future customers. Remember: choose your battles carefully; not all customers can offer productive feedback. You will need to know when it is no longer profitable for you to retain a customer.
All your customer retention strategies are useless if you do not measure the before and after. What numbers are important to you? Set metrics and Key Performance Indicators (KPIs) that help you determine how well you are doing. Once you set what KPIs are important to you, calculate your baseline. What kind of improvement needs to be made to help you meet your KPI? What kind of promotions can be utilized? What do you do for at-risk customers who are considering switching to a competitor? With a service like the Sproxil Champion Promo Campaign, not only can you increase engagement to better meet your KPIs, you can use the data from the campaign to make smarter, more targeted campaigns in the future.
Now that we have armed you with some helpful starting points:
- Have you sat with your team to discuss customer retention strategies?
- What worked for you previously? What didn’t?
- Are you ready to take the 2016 bull by the horns??
If you would like to discuss the implementation of the Sproxil Champion into your program, please send an email to firstname.lastname@example.org citing this blog post and we will work with you to create unique campaigns that fit your customer base and market.