In any business organization, retaining customers, especially the old set of customers seems to be the most difficult thing to do. However, it is not hard if the right steps are in place.

It has been recorded that 5% of customer retention can lead to a 75% increment in business profit. This is very true because customers are the most essential element in any business organization.

But how will you retain your old and new customers with ease? How will your brand continue to be in the minds of your customers? Will they continue to remember your business even after a very long time? Well, you can get answers to these questions by exploring the whole concept below.

What Is Customer Retention?

Customer Retention is the continual calculation of the flow of customers and how they relate to your business for a long period. It shows the capacity of your business organization to uphold and elicit their customers to make continuous purchases of your products or services.

Also, it is pertinent to know that Customer Retention is essential for the growth of any business. Once your business services or products are still capable of satisfying your customers, your customer will still find their way back to your business.

This involves the activities and the steps put in place by your company to ensure the stay of your old customers and convert the new customers into loyal customers.

How To Calculate Customer Retention Rate 

Calculating customer retention rate should be the priority of every business brand as it helps to measure the capacity of the business to turn their old and new clients into continuous buyers of their products or services.

Hence, to calculate your customer’s retention state, you can divide your active customers at the end of a given period by the overall total of the customers purchasing from your business at the beginning of that stipulated time.

10 Strategies To Retain Customers For Growth

Here are the strategies to retain customers for growth:

1. Provide Outstanding Customer Service

When you provide outstanding services to your customer that goes beyond their expectation and desire, there is a high tendency that such a customer will continuously stay loyal to such an organization. Trying to get immediate solutions to customers’ needs is a great way of getting their loyalty.

2. Offer Personalize Customer Experience

People tend to engage in stories that can relate well to their experiences or current situations. When a brand shares a personalized story that resonates with its target audience, there is assurance that the customers will love to patronize the brand. Thereby becoming a loyal customer to the brand.

3. Engage Relevant Communication With Customer

Constant and consistent communication between any client and the business representative will go a long way in maintaining the retention of any client. Another way of having relevant communication is by using clear and polite words to clarify any issues that seem to be the pain point of the customer.

In essence, a communication that shows that you know the exact solution to their needs is a way of retaining your customers.

4. Offer Loyalty Programs And Rewards

Loyalty Programs and Rewards are those set-aside systems or methods that are used to retain customers. It involves the giving of discounts and special gifts for being a loyal customer.

Most times, a company can decide to give out certain rewards to their most active customers which can call the attention of another customer.

5. Deliver Quality Products And Services

The most essential goal of any business organization is to ensure that there is delivery of quality products and services to their clients.

When a requested product or service is delivered to the purchaser in good condition and with quality, this will increase the chance of prospects coming back to regular customers of the brand.

6. Be Responsive To Customer Feedback And Complaints

Ensure you diligently attend to customer’s feedback and complaints. Also, your business organization gives a pleasant response to their complaints even to the most crude feedback or complaint. As a means of retaining your customers, separate quality and sufficient time to start to their complaints and feedback.

7. Go The Extra Mile

When clients see your sacrifices and diligent services to attend to their needs without wasting time, this will pass a message that your company is a reliable one. You can add extra services in addition to the customer services received by your client.

8. Offer Exclusive Deals And Discounts

As a business, there is a need to create a strategy where there will be an offer of deals and discounts to their most active customers or clients.

Your organization can arrange exclusive deals like offering free delivery of goods to the first set of people to purchase a particular product. This can help in retaining your customers.

9. Surprise And Delight Your Customers

Always remember that your customers are humans who want to be valued. Ensure you delight your customers with things that will benefit their needs.

Also, surprise your customers with pleasant things as an addition to the customer service provided by your organization.

10. Always Keep In Touch With Customers 

Another interesting means of retaining your clients is by always keeping in touch with your customers either by engaging them about the new updates about your newest products or services through social media handles.

Your business customer support system can reach out to your old customers to know how to help improve your services to them.

Conclusion 

Customer Retention strategies are a system that every business organization needs to take as a special element that can contribute to their business growth. When you input those above-mentioned methods in your ways of approaching both old and new customers, you will get delightful results that will boost the growth of your business.