The world of business is getting more and more competitive day by day. With this increasing competition, customers are also getting countless options. Therefore, customer retention strategies are getting is more and more important. But, how to improve customer retention?
So, today let’s see what is customer retention and how to improve customer retention with BizBook. But firstly, let’s see why customer retention is crucial for any business.
What is Customer Retention?
The ability of a company to keep the customer engaged with its services and products is called customer retention. Customer retention covers a good portion of customer relationship management as it aims to increase customer loyalty.
Customer retention strategies comprise VIP or loyalty programs, engaging with high-risk customers and setting a great value on customer services, and a personalized customer experience.
Customer retention is very important as it provides great support to any business and can be seen in the form of data. Moreover, this also provides a great amount of information on what is not working and what is working. Let us go through some of the benefits of retaining a customer good customer base.
- Retaining customers for a long period of time can be very beneficial for any business. It has been observed that customers spend around 70 % more by the 3rd year as compared to their first.
- Retaining existing customers is about 10 to 20 times cheaper than acquiring new customers. Therefore, it’s safe to say that Customer retention saves a good chunk of your money.
- Losing a customer can cost you an average of Rs 5000.
- It’s almost 15 times more difficult to establish a good relationship with new customers than an existing customer.
We should also keep in mind that customer retention is directly proportional to customer loyalty. Therefore, customer loyalty can greatly impact customer retention.
Now let’s go through some of the ways by which we can improve our customer retention:
- Currently Guiding and suggesting good quality products to the customer according to his or her needs.
- Use the existing data to determine the customer buying pattern and use it to pitch your customer.
- Provide updates to your customers from time to time, and set realistic expectations.
- Listen to customers, whether it’s by setting up a customer feedback form or by customer inquiries.
- Give your customers a personalized experience.
- Stay in touch with your loyal customers.
- Ask for your customer’s contact info before they leave your site.
- Give excellent customer service to your customers.
How BizBook can Help in Customer Retention
All of the above strategies are amazing however, they need to come into reality. This is where BizBook can help us. Given below are some of the ways in which BizBook can help you in Customer retention:
Seamless Data Storage
Data is one of the most crucial things for good customer management. BizBook stores the data of purchased customer goods and maintains all the history of customer purchases. In this way, BizBook keeps this valuable customer data. This data can then be used during the implementation of other strategies.
Just storing the data is not enough. You have also analyzed the data to use it in other strategies. BizBook analysis the customer data and shows you all the crucial information like buying trend of the customer, total money spent by the customer etc. This information allows you to implement customer retention strategies. Given below are some of the ways in which you can
- Personalized Interactions: With data stored in BizBook, you can send personalized messages to your customer. In this way, you will create a personal bond between you and the customer. For example, you can send a message using the first name of the customer or can offer a specific discount to the customer on his or her birthday.
- Gain Engagement: You don’t want to waste your time by sanding unnecessary massages that are not effective. BizBook analysis the ongoing campaign and lets you know whether the campaign is working or not. For instance, you can test three different pitching lines to see which of the three lines offers a higher opening rate. With the help you such insights, you can easily optimize your campaigns to get more results.
This is great news as according to the studies engaged customers spend about 50% on each transaction. Moreover, they are 5 times more likely to just buy from your business in future.
- Recognize Top Customers: BizBook analysis all your transaction data and filter’s out your loyal customers. This allows you to monitor your loyal customers. After recognizing these customers you can offer reward points to these customers to make these customers feel special. This activity contributes to a top-quality customer experience.
- Customer Spending Graph: Graphs are the best when it comes to showing data and determining the growth. BizBook analysis customer spending data and makes a graph using that data. So, with BizBook, you can easily inspect the spending graph of a customer. Moreover, you can get to know the buying pattern of customers when you perform different types of campaigns. With the help of such insights, you can greatly focus on your customers.
Till now you must have understood that if you want to grow your business, then customer retention is one of the most crucial processes. Customer retention is not only cheaper than obtaining new customers, but it also boosts up your revenue stream.
However, customer retention also requires some work from your side. You need to plan out customer retention strategies and use BizBook to execute these strategies. This will ensure the safety of your business in this ever-changing marketplace.
The process of planning customer retention strategies and executing them runs simultaneously. Therefore, you must become a master in using a BizBook app. BizBook offers you a lot of features, and you can use specific features according to your own requirements.
BizBook is one of the most important building blocks of your business. Moreover, BizBook is a perfect tool to implement customer retention strategies. Therefore, investing in customer retention through BizBook can be very profitable for your business.