According to our reports, it takes approximately five times more expensive to acquire a new customer than to retain one of the existing ones. This is why retaining customers is by far one of the most profitable ways of growing your business.
Any customer is likely to return to the same store only when they enjoy its customer experience and overall service. In fact, according to research, 93% of the customers of a store are likely to re-visit the same store to make another purchase in the future if the service of the store was found impressive. But then again, how do you build such an environment that causes the customers to keep coming back for future purchases?
Well, the answer is quite simple- by building admirable and memorable customer service. And to help you with that, in this guide, we’re going to have a detailed look at how you can build fabulous customer service, retain your customers, and create a loyal customer base. Let’s get started!
First of all, why is good Customer Service so important?
You may have realized that we live in a hyper-competitive world today, and irrespective of which business you are part of, you always need to be a step ahead of your competitors. Here are some basic figures that shed light on how having excellent customer service can give your business an upper edge:
- 42% of American consumers are likely to stay loyal to a company if they experience friendly and responsive customer service.
- An average American is likely to tell approximately 12 to 15 people about the inadequate customer service of a company.
- Six out of ten customers will recommend others to engage with your business if they receive good customer service. However, four out of ten will recommend otherwise.
What’s the ROI from retaining customers?
- Well, approximately 90% of American customers thoroughly consider customer service as a major factor while deciding whether they want to engage with a business or not.
- Companies that offer excellent consumer experience are likely to earn 4-8% more revenue than their competitors.
- 74% of customers state that great customer service is crucial for them to become loyal customers of a business.
All these facts and figures tell us that customer service and retention truly go together. This is why working to create memorable customer service will definitely help you retain customers and enhance your business’s overall goodwill.
Here’s how you can retain your customers?
Now that we’re clear on the importance of retaining customers let’s find out how you can do it. Here are some of the most reliable and profitable strategies to retain customers.
Offer high-quality products at all times.
When you are in the production or repairing process, the customers cannot see the quality of materials you are using. But, you still can’t trick the customers by using cheap quality material, but sooner or later, the customer will find out the quality as and when they start using the finished product. That is why it is always best to use high-quality material and sell high-quality products only not to give your customers a chance to complain or form a negative judgment towards your business. Another healthy practice is to provide a warranty along with each product, to develop a sense of credibility for your company.
Trust goes a long way.
It is a recorded pattern that customers are most likely to interact with a business again and again if the business manages to earn their trust. The development of trust results from something called “value for money,” which lets the customers know that the money they spend on your offered products is worth it.
Simple ways of earning your customer’s trust:
-Maintain absolute honesty and transparency.
-If any product is not up to mark or will take time to be available, be upfront about it.
-Don’t hesitate to inform them about which is the ideal choice for them.
-Avoid making any promises that you are uncertain of or won’t be able to deliver.
-Exercise empathy whenever possible, as it will help you as a brand to understand the consumers’ needs better.
Have complete knowledge about what you sell
When it comes to gadgets, electronics, and technology-based products, know that the seller’s knowledge plays a huge role in establishing an appeal in the customers’ minds. This is why it is best to have in-depth knowledge about what you sell so that the customer understands that the seller knows what he’s talking about. Give a sufficient amount of technical knowledge, be it about the battery, operative system, adaptability, etc.
Treat the loyal customers.
If you are doing business right, and offering high-quality products and services, then you are bound to have a set of loyal customers. Make sure that you reward these customers in some way or the other so that they feel valued and cherished under the umbrella of your brand. This will also enable you to build long-term, strong relations that will ultimately keep you going in the long run.
Simple ways to treat your loyal customers:
-Give a freebie. You don’t have to go out of your way and give away expensive gifts; even small gifts are counted as a sweet gesture, so the customer remembers you.
-Allow them to get access to the latest products before everyone else. For instance, if you have new branded products at the store, offer them to use before everyone else, and ask for feedback.
-Build a special loyalty program to reward your loyal customers every time they engage with your business.
-Award exclusive discounts or gift vouchers to the loyal ones so that they can get their hands on the desired products without having to spend too much.
Remember, you can always track your loyal customers through your POS software by studying the basic consumer information that expresses how many times a customer has visited the store.
Even small changes in the way you communicate with the customers can go a long way in retaining customers. A positive tone and overall language will help you and your customers feel happy and satisfied with the service.
Let’s pick one of the most common situations in any store.
Suppose the product that your customer wants is not available; how do you communicate further? There are two ways to respond to such a situation.
- Negative- You simply say that “the product is not available.”
- Positive- You smile and state that “the product is currently unavailable. However, I will order it for you and let you know once it arrives.”
You see, the first one is not necessarily a negative tone, but it sounds highly impersonal, and it doesn’t seem like you value the customer as such. However, in the second statement, you can notice a sense of genuineness, concern for the customer’s demand, and a drive to meet it.
Help without expecting a profit
Each customer that visits your store has a unique set of requirements, preferences, and even budget, for that matter. However, as a seller, it is your prime responsibility to look after each customer with equal attention. Every customer must be valued irrespective of whether they are purchasing from you or not, regardless of how big or small their purchase is. Providing outstanding service is something that will help you build a loyal consumer base and, ultimately, a highly sustainable business.
How can we help your shop?
We are a leading mobile repair and replacement parts supplier in the United States, and we work towards offering high-quality products and services at affordable prices. In addition to extraordinary prices, you can also get your hands on an exclusive warranty. From wholesale phone parts or even basic and premium accessories, we have got it all!
In a nutshell
Retaining customers is all about offering memorable customer service. By producing a high-quality product range, effective servicing, building a positive and approachable image, and rewarding loyal customers, you can definitely retain most of your customers. Remember, it is your customers that can make and break your business, so it is absolutely crucial to make them feel valued at all times.