Customer Retention in 2018
Here’s an updated article about customer loyalty is the key to succeeding in business and growing the customer base.
Build trust with your customer
An unhappy customer will have no issue spreading the word of their negative experience with the business, and bad reviews spread rapidly for businesses and cause a detrimental impact.
In order for customers to be loyal to a company’s product or service, they must be able to trust the company and know that each time they give the company business; they will be returned with exceptional service.
Listen to your customers
A top way for a business to achieve customer loyalty is to accept feedback from customers.
Businesses, especially new businesses, make mistakes, but listen to the customer and work to improve the service. Customers need to feel that their feedback is being listened, and not quickly forgotten about.
Deliver superior service
If a business offers a product, then the business should have a generous return policy. Customers will be loyal to a business if they that they will accept back products that do not meet the customer’s expectations.
When a customer is purchasing a new product, they trust a business with their money, and in return expect the product to deliver quality and satisfaction. If both of those are not met, a business should happily give back the customers money, in return for a product that did not deliver what it promised.
Refunds are OK, Rewards are Better
Businesses should be wary of only giving back credit to the store, rather than the customers actual money back. Many customers will quickly grow aggravated if they cannot receive money back for a product that they are unhappy with.
Businesses should also offer promotions and deals to customers that have been loyal to the company.
A business that gives incentives for being a returning customer, will quickly notice more customers coming back. The promotion or sale does not need to be extravagant but should show the businesses gratitude towards the customer.
Using NCR Counterpoint, for example, you can create customized loyalty programs to run your business.