Are you losing clients and need to develop a customer retention strategy?
If it’s only one or two people leaving, then you might be able to manage this. But once it starts getting a little out of control, you should start developing a strategy so that you don’t end up losing everyone on your books.
So how do you start developing a customer retention strategy? Here’s everything that you need to know to save your clients from leaving for a competitor.
Decide on Your Unique Selling Proposition
To begin with, it’s important that you have a complete understanding of your business. What makes your company stand out amongst competitors? You need to have something that either solves a problem for a customer or address a need that only your organisation can cater for.
It’s no doubt that you have competitors who might offer the same products and services as you. But how do you do it differently? Whatever those differentiators are will help you convince your customers that if they have a particular problem or need, they don’t need to look elsewhere for the solution.
Find Out Why Your Clients are Leaving You
Now that you have a better understanding of your business, you have to find out why people are leaving it. There are a few different options. One of the easiest is completing an online survey. But can you trust your ex-customers giving you the real reason why they don’t want to be a part of your clientele?
A better solution is to contact them for a chat. Select a handful of ex-customers and ensure that you choose a wide spectrum of different demographics. Make sure that you ask them all the same questions so that you can assess their answers the same way. But don’t be afraid to dig deeper. There’s always an underlying reason as to why someone no longer wants to be your customer.
Make a List of What You Need
Next, you need to work out what it is you need to do to turn things around. Is it offering discounts on your products or service? Maybe it’s something that’s a little more long term, like a loyalty program or a reconfiguration of your customer service experience.
The key is not spending a lot of your money on trying to retain customers. Spending your way out of the hole is the worst thing you could be doing for your business. Look for quick wins that will help improve your business in the short term and plan out longer strategies that you can work towards.
Get Clear on Measurements of Success and Timeframes
Once you know what you want to do, it’s time to put it into action. However, you should make sure that you have clear timeframes on how long these initiatives will play out for before you decide whether to continue with it or go back to the drawing board.
Three months is often a good indication if something is working. Any shorter, and it’s not enough time for initiatives to gain traction. If you leave it too long, then there is a potential that more customers will end up leaving. When time is up, assess the success and whether you should put any more time and energy into this customer retention strategy component or try something else.
Need Help With Your Customer Retention Strategy?
Establishing a customer retention strategy helps put focus on how you’re going to stop clients from choosing an alternative. It forces you to ask some tough questions about your business and the changes that you need to make in order to turn things around.
If you need help with retaining customers, then make sure you’re following the Better Boss Blog. You’ll find tips and advice on how you can keep clients from looking elsewhere. Follow pwf services on LinkedIn, Instagram, and Facebook, so you never miss a post.