client retention

In this article we talk about:

client retention

In this article we talk about:

Customer Retention
If you had to choose between searching for new clients or focus on current ones, what would it be?
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In this article, we are going to give you info that will make you understand the power of client retention and some tips on how to make it happen!!

Obviously, you don’t have to choose between these two options, but here are a few facts that will make you think twice before putting all your effort into getting new clients neglecting this SUPER key area “Client Retention”.

What is Client Retention?

Client retention is the ability to keep the customer engaged with the business after the acquisition of a product or service. Extend relationship with the business for a long period of time, making a better return of investment (ROI) from multiple customer purchases.

Do you remember the effort necessary to get new clients? how many ads you had to show, how many free tests, and how long did it take for that prospect to convert?

On Average, getting new clients costs you five times more than retaining existing clients, when your business already has a customer base and all you must do is build and nurture that relationship.

It’s easier for clients to buy again or renew the contracts if they are happy with the service and if they appreciate the value of your product/service.

It is also easier to get referrals or new customers from that one. So, for every engaged customer, you will have 2 + costumer.

But for all this to happen, keep in mind that you must make them achieve the goal they had in mind when they subscribed to your service or purchased your product, so they can continue with you and be open to referrals.

4 Pillars of Client Retention

A good strategy for retention is to focus on how to extract more value from your customer base… how to keep them engaged and interactive

It has four pillars:

  • Affordability – to find ways to spend less to get interaction or client satisfaction
  • ROI – now that he is with the company, how would be possible to make them buy more
  • Loyalty – understand the values of the company and embrace the brand and what it has to offer
  • Referrals – make them invite friends or tell them about the value they get from your product or service.

After understanding the value, you provide, they are willing to buy more often or spend more. 

Remember, if they leave, most certainly they will not come back. And they will share their unpleasant experience, and it will make your life more difficult.

4 strategies to retain clients

Here are some tips on how you can improve your client retention:

  • Improve customer support- it’s not only about the good journey when they buy… but also making sure they are happy with what they got from your business… and if something is wrong, they must know that your business is there for them.
  • Rewards – Reward your top customers or occasionally give something free to show them that you appreciate them. You can also use your database to get birthdays and automate messages, and birthday wishes. Send a handwritten post… a small gift… just be present on an overly sensitive day.
  • Emails- It can be used not just to spam your products, but also to ask for reviews or express their experience using your product… feedback, and so on.
  • Make them remember that it is time to renew or reorder a product because its life span is about to expire (For example, HP with ink slots.)

These are just some high-level strategies that are possible to use.

Knowing how to build a strategy to retain customers and how to measure customer retention is key to any business, and at NUELLTECH we will help your business to do just that, reduce costs and grow your revenue getting more value from your customer base!!

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