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It’s like a game of “now you see them, now you don’t” with customers jumping ship to competitors in the blink of an eye if they don’t feel valued and satisfied. It is far more expensive to acquire new customers than to retain existing ones and brands understand that. But why is that a big issue?
Customerretention is one of the crucial aspects of business. Since it’s plain as sky that it’s harder to acquire a new customer than to retain one, most companies go retention. Now, the next hurdle is finding the apt tool or software to help with retention. And that’s probably why you are here, right?
One good strategy to boost customer loyalty is – the REWARDSprogram. Here’s how Starbucks does it with – Starbucks Rewards. In this program, you earn points with each purchase and get motivated to return and redeem those points for free items. How do they do it? But that’s not all.
This delivers customers more satisfying experiences, which promote higher retention, lower churn, and higher referral rates. A customer enablement program is a vital part of the customer landscape for B2B and SaaS companies that rely on customerretention for growth.
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Use digital signage, touch screens, and other interactive displays to showcase product features and benefits, offer product demos, and provide educational information about your brand and products. Build a Branded Mobile App A branded mobile app gives you another touchpoint to engage with customers.
Your brand’s mission, values, and vision will be easily recognizable to customers, leading to strong customerretention. Customers are more likely to make purchases and interact with the brand across multiple channels, ultimately increasing revenue. Click here to request a demo.
However, customer acquisition is something that demands focus! Customerretention is a particularly important concept where businesses use different strategies to retain their existing customers. B2B companies will have to bank on customerretention as a key strategy to achieve long-term growth.
For 80 percent of one-time customers, the contribution to the revenue is 20 percent. This stresses on the importance of customerretention and customer loyalty. Customers have the power to maximise profitable income and minimise the misuse of investment and assets. 80:20 Rule of Customer Education.
B2B companies need to focus on driving revenue and sales while incentivizing existing loyal customers. Customer loyalty is the base of customerretention. To create lasting B2B relationships, companies need to go the extra mile to keep customers and ensure retention. What is a B2B Customer Loyalty Program?
Customerretention is very challenging for businesses especially in 2020. The unprecedented times and business environment have made it uncertain for business leaders on what steps to take to retain customers. So, retaining customers becomes necessary for any company to sustain itself in this economic turbulence.
To improve the conversion rate, there should be a variety of things you should do. Content for the conversion stage: Offer trial sessions or demos to make customers experience your product. Share customer reviews and testimonials to build trust. This stat is a telling statement of the importance of having loyal customers.
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