Customer Retention Tips for businesses

Customer Retention
Customer Retention

Relying only on very few customers can leave a business vulnerable. Losing just one customer  could mean huge crisis. By consistently focusing on ideas to boost  business, one can reduce risk of failure and can grow business in a sustainable way.

Here are few tips to help businesses to sustain.

  1. Know your customer: It is very essential to know your customer perfectly. Knowing your customer is the key to great sales, customer satisfaction and reputation management.
    In previous times shopkeepers used to know their customers by face and they knew everyone’s preferences.
    But now it is not possible to physically know every customers in business as customers can be many, millions or billions. To cope up with this situation  a Cloud Identity management platform/solution is necessary to implement.
    What it does is that it manages identities of users who get registered on an website. It stores them in secure environment and generates insights out of them.
    Generated insights are on basis of customer’s likes and preferences. There is a set of 600 data points which is used to generate insights.
    These insights are just like knowing your customers in real. Based on generated insights, businesses can separate their customers according to their business requirements .
  2. Give incentives to existing customers: Existing customers which are loyal to your brand need to be shown their value to the company in form of incentives or discounts or personalized offers. It is one of the best ways to say thanks to them. Customers too love such gestures from businesses.
    This also helps in acquiring new customers. Seeing such loyalty from business’s side attracts new customers.
    Offering discounts to existing customers makes them feel special , if the discounts are personalized, it adds up to a positive customer satisfaction

Retention of customers is easy. It’s just the ways a business choose to retain them.

 

PS: If you are an marketing fellow, do have a look at tips for using google spreadsheets as it’s the trend now between popular marketeers.

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