• Home
  • Blog
    • Resources
    • Business Partner Magazine Archive
  • About Us
    • Cookie Policy
    • Disclosure Policy
    • Privacy Policy
    • Terms of Website Use
  • Contacts

Business Partner Magazine

Tips and advice for entrepreneurs, start-ups and SMEs

  • Business Success
  • Marketing
  • Finance
  • Employees
  • Technology
  • Start-up
  • Productivity
  • Communication

Interesting Strategies to Increase Customer Retention Rates

September 13, 2021 by BPM Team

Click here to get this post in PDF

Too long to read? Enter your email to download this post as a PDF. We will also send you our best business tips every 2 weeks in our newsletter. You can unsubscribe anytime.

Enter your NameEnter your Email Address
Smiling woman working as customer service

In business, it costs more to consistently bring in new customers, than it does to maintain your current ones. However, the road to earning a client’s trust and their repeat custom is a long and complicated one, so it’s hardly surprising that businesses in their infancy are more interested in growing their client base than nurturing it.

Believe it or not, you don’t have to invest vast numbers of resources into increasing your retention rates and earning the trust and loyalty of your customers. And when your customer retention rate is healthy, it makes other aspects of your business much more cost-effective. In this post, we’ll explore some interesting strategies that can help increase your customer retention rates. Read on to find out more.

Update Your Invoicing Process

How are you currently handling your payment process? It’s easy to think that once you’re requesting payment from your clients, that the battle has already been won. But in reality, it’s far from over! The payments process is the perfect opportunity to highlight your professionalism and how much you value your client’s custom. By using invoice templates like these ones from FreshBooks, you can create fully customisable, professional-looking invoices that are not only accurate but sent out automatically. With this software you can create invoices in minutes, helping you get paid faster and reminding your customers how much you value them. Customers want to feel wanted and appreciated and something as simple as updating your invoicing process can tick all the retention boxes.

Reward Your Customers

Your competitor’s website and services are only a click away, so it makes sense to nurture and reward your customers for choosing you over them. It also means they’re less likely to jump ship at a better offer. Rewarding the loyalty of your customers can take many forms, from discount codes and money off, bonuses and surprises in their orders or even creating a loyalty package for those who have been with you for more than six months. The possibilities are endless and the rewards, plentiful.

Work on Your Customer Service

Whether you’re in charge of customer service or you have a team of employees at the helm, persistently focusing on your customer service can go a long way towards customer satisfaction and loyalty. When clients feel dissatisfied with your services, they won’t think twice about looking elsewhere. By looking at your KPIs you can see elements of your business that your customers think are lacking and which ones satisfy them the most. Here you can make changes and ensure you’re perfectly in sync with their needs.

Communicate Regularly

Customers think long and hard about who they want to hand their hard-earned cash to, which means taking their money and severing all contact afterward can leave a bad taste in their mouth. On the other hand, suppose you want to work on your customer loyalty and retention. In that case, setting up communication benchmarks can help remind customers that you’re there and that you value their contribution to your business. Keeping in touch is crucial!

Final Thoughts…

Working on customer retention doesn’t have to be complicated or difficult. Simply putting the needs of your clients first can go a long way to pushing your success forward. 

You may also like: How to Improve Guest Satisfaction and Increase Retention

Image source: Dreamstime.com

Filed Under: Customer Service Tagged With: Customer Retention, Customer Service

  • Facebook
  • Instagram
  • Pinterest
  • Twitter
  • YouTube

Disclosure

We earn commissions if you shop through the links on this page.

Recent Posts

  • 5 Ways a Commercial Lift Can Benefit Your Business
  • Is There A Correlation Between Utilising A Management System And Productivity Levels?
  • 3 Ideas to Add to Your Client Retention Strategy
  • Top 5 Marketing Automation Tools To Boost Your Online Sales
  • Investing for Retirement: How Financial Markets Impact Your Future

Categories

Archives

Digital Marketing Agency

ReachMore Banner

Tags

Accounting apps bitcoin brand business growth business skills business success communication cryptocurrency Customer Service Data design ecommerce Efficiency employees Featured Article finance finances Health and Safety infographic insurance Investing investment legal legal services legal tips Management Marketing marketing strategy Outsourcing productivity property Real estate sales security SEO Social Media software starting a business startup Technology Trading Training website workplace

Disclosure

We earn commissions if you shop through the links on this page.

Digital Marketing Agency

ReachMore Banner

Business Partner Magazine

Business Partner Magazine provides business tips for small business owners (SME). We are your business partner helping you on your road to business success.

Have a look around the site to discover a wealth of business-focused content.

Here’s to your business success!

Copyright © 2023 - Business Partner Magazine·