Date post: | 16-Jan-2017 |
Category: |
Small Business & Entrepreneurship |
Upload: | grigore-raileanu |
View: | 165 times |
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But still...
44% of companies are focused on customer acquisition rather than retention
And just...
16% of companies are more focused on retention
So...
If you want to maximize profitability, the right strategy would be to focus on retaining customers, not gaining.
How do you retain customers and increase your Customer Lifetime Value?
Increase in Cash FlowThe money that customers pre-paid can be reinvested into your company and product
Reduces Customer ChurnYou have more time to demonstrate your customers the value of the product.
Predictable and Steady RevenueYou can forecast and do long-term planning
Cheaper for CustomersMost companies offer a discount
Advantages of Annual Billing Cycle
Take Advantage of Your Product’s Life Cycle
◎ A lot of the products we buy on a day-to-day basis are things we will buy again in a few weeks or months
◎ Encourage your customers to make repeat purchases through remarketing
◎ Send out weekly, monthly replenishment emails that promote the same product customer purchased
◎ There’s a higher chance that customer will purchase this product from you
The best type of emails to send to your customers are messages that remind them how you’ve helped them
If you provide accountancy services:Send an email email telling clients how much you’ve helped them save that month.
If you provide personal training services:Send an email to clients with their total weight loss or strength training progress for the month.
If you sell an environmentally friendly product:Email your customers to tell them how much less carbon dioxide they’ve produced than by using a competing product.
Make your email support as personal as possible to give customers the best possible experience.
89% customers began doing business with a competitor following a poor customer experience
Give customers a human voice as soon as they reach you, as dialpad menus are the most common phone-related support complaint.
44% prefer email 39% prefer phone
Quick Tips for Upselling and Cross-selling
◎ Offer bundle products
◎ Use a sidebar widget with popular choices
◎ Keep those recommendations limited
◎ Add complementary products at checkout
◎ Free shipping with minimum spend
● Gather reviews, feedback, and testimonials
● Identify promoters who love your company. Use them as a resource to spread the word about your business
● Identify detractors, your dissatisfied customers, and deliver follow-up designed to overcome problems to prevent negative word of mouth while transforming them into more loyal customers
● Delight your passives with excellent customer service to convert them into promoters
● Determine what your company is doing right and what it can change to improve its customer loyalty
What are the benefits of segmenting your audience?
Do you want to increase your CLV?
Retently NPS helps you retain your customers and keep them coming
back.
SEND YOUR FIRST NPS SURVEY
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