Customer retention, a term we’ve all heard. And something we see companies work towards day and night. But why is customer retention so crucial for business owners today?
Studies by Bain & Company state that boosting customer retention helps companies increase their profits by 25-95%. Whereas the likelihood of converting the existing customers into repeat customers is 60-70%. What’s more, customer retention also results in lead conversion that is estimated to reach 5-20%.
No wonder, we see companies working towards curating strategies that help them retain customers efficiently. But what is customer retention anyway?
What is Customer Retention?
Customer retention is a process where organizations take certain actions and implement activities that help to reduce customer defection. The process is initiated with one goal in mind – retaining as many customers as possible. They either roll out customer loyalty or brand loyalty initiatives that help them retain them effectively.
What’s important to note that customer retention gets initiated with the first contact a customer has during the purchasing process with a brand. This contact then continues throughout their relationship with each other.
Known Customer Retention Strategies
Now that you know what customer retention means, it is time to take a cursory look at some strategies that will give you an idea about the process.
- Set customer expectations early yet lower. This will allow you to eliminate uncertainty about your level of service. Plus, the customers at the same time will be ensured that you’ve delivered as promised.
- Become the trusted advisor a customer seeks. Build expertise in a field so you can assist customers to take decisions during the purchasing process and thus build trust and loyalty.
- Build relationships with customers now that you’ve created the trust bridge.
- It is always advisable to be proactive while providing support to customers. Make the best use of software options available today to eliminate problems before they even arise.
- Use social media platforms to reach them out even if they aren’t making any purchase from your brand. This will give the impression that you still remember them and value their presence. The same platforms can be given to them to share their experiences with other customers, ultimately converting them into brand ambassadors.
- Think of building a personalized experience for them that leaves a positive impression of your brand with them. This will convince them to reach out to the next time they need something, thus helping you increase repeat customers.
And don’t forget, you can always go that extra mile to build a delightful experience for them. But for that, your business needs to have on the go solutions. Well, worry not. We’ve got you covered. In an attempt to make it easier for you to achieve and retain customer loyalty, we compiled a list of 3 mobile applications that will aid you in the same endeavour.
The Live Chat feature is an integration that allows businesses to dedicate a support team with which customers can interact with negligible waiting duration through a live chat window. Owing to the immediacy it offers to customers, 77% of the paying customers prefer to buy from a business that has a live chat feature, as stated by a report from FurstPerson. Considering the popularity of the feature, it is crucial to employ the software if you aim to scale up in the future.
ProProfs Chat is a platform that acknowledges the significance of the feature. Businesses can seamlessly integrate the software into their company websites in seconds. All business owners have to do is copy the code and paste it to your company’s home page source code. Doing so will help you integrate the live chat software within the website and allows your operators to communicate with your customers and resolve any kind of issues that they might have.
Added to the above, the software also supports the use of the mobile app. The ProProfs Chat application supports some of the most widely used operating systems. The natively developed applications for Windows, iOS, and Android allows the customers to install a dedicated live chat software for mobile. The mobile app helps:
- Your support operators can offer support anytime, anywhere
- To track visitors in real-time
- To initiate a chat with visitors in strategic moments
- To route chats to departments in case, the operator is not able to provide a solution for technical questions
… and much more.
The live chat software app also allows you to get access to visitor data and monitor their behaviour. This enables your support team to provide the customer with a unique customer experience which further leads to better customer experience for them.
To better retain your customers, it is crucial that you notify them of any offers or sales that your business might be engaging in. This increases the traffic flow to your business website, enabling you to have increased chances to convert any new leads that you might get. However, notifying every customer manually can get relatively difficult. Fortunately, MailChimp’s services allow you to automate your email ad campaigns without any kind of manual intervention.
MailChimp services allow you to improve your ad campaigns with every attempt. Owing to their data and optimization tools, you can easily review the performance of your campaigns and then optimize it according to what’s working. You’ll get a detailed report along with every campaign through which you can customize your emails to better cater to your customer’s preferences. These reports act as a nexus for all your ad campaigns including social media ads and Google ads. The platform to keep tabs on all of your marketing efforts from a single window.
Another feature the sets MailChimp platform apart from the crowd are the sheer simplicity that it employs. You don’t need to have a pool of extensive technical knowledge to get the most out of the platform. MailChimp comes with pre-built layouts that you can use through a simple click for all your email-related ad campaigns. MailChimp also notifies your customers if they have an abandoned cart, urging them to complete the transaction. This plays a vital role in aiding you to retain your customers.
Adding to the aforementioned feature, MailChimp has also developed a native application for popular mobile platforms namely Android and iOS. Customers can also download the application to their smart wearables such as the Apple Watch to get notified about the performance of their campaigns regardless of where they are.
Customers always appreciate unique innovations and personalized experiences while they are using your services. However, it can take a significant amount of time to know what works and what doesn’t. Owing to the Taplytics applications, you can know what appeals to your customers the most while providing them with the personalized user experience.
Taplytics allows you to test and validate different layouts and elements with its A/B Testing Tools. The platform also integrates the capabilities of Machine Learning and Artificial Intelligence to suggest you with the ideal choices while also optimizing the user experience for your customers. You don’t need to have extensive coding knowledge to change the layout for your business. Taplytics integrates a simple point-and-click visual editor which allows you to simply click on the suggested choices to effectively change the same.
Another defining characteristic for the platform is their inclusion of a digital assistant named Dexter which picks the most appropriate choices of products for a customer based on their behaviour. The same enables you to create unique and personalized mobile notifications which are pushed to your customers and their devices.
The data that you generate is also secure and safe. The same is only accessible by you enabling you to safely leverage the same to provide customers with the enhanced user experience. The unique feature that is exclusive to the platform is the fact that it allows you to use your own encryption keys for securing the data. This ensures that only you possess the right tools to read the generated data.
Taplytics has also developed a native application for mobile platforms like iOS and Android through which users can access the service and reports anytime and from anywhere.