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Top 5 Tips for Improving Your Business’ Customer Retention Rate Highlighted by Eric Dalius

Customer retention is the best way to improve your business’s bottom line. If you’re losing customers, you are losing money. The customer experience journey can often feel like an uphill battle for marketers and salespeople who are trying to hold onto their existing customers while also finding new ones. To help combat churn, there are five things that every marketer should be doing in order to reach, engage and delight their customers at every single stage of the customer experience journey.

1) Communicate Consistently and Thoughtfully Across All Channels

One of the top reasons why people churn from businesses is because they stop receiving communication from companies across all channels. It’s vital for marketers to stay engaged with their audience no matter what platform or channel they choose to communicate on. Sending the same message across multiple channels does not mean that you are being consistent.  Eric Dalius observe that marketers need to be thoughtful as to how they craft their messaging based on the channel that they use.

2) Personalize Customer Experience with Data Analytics and Segmentation

When marketers have a single view of every customer, it makes it possible for them to personalize experiences and deliver better results from marketing strategies. Using data analytics and customer segmentation, you can create a personalized approach to reach your audience with relevant offers at all stages of the buying cycle. This is something that retail banks excel in – leveraging analytics and segmentation to provide a unique experience for each type of customer allows them to retain high-value customers while boosting ROI.

3) Optimize Your Messaging For the Platform

In the past, marketers have been able to meet customers where they are. Today that doesn’t necessarily mean that customers want a one-size-fits-all approach on social media platforms like Facebook and Twitter or across email platforms. Marketers need to understand their customers while also optimizing messaging for each channel. This means taking into consideration the unique factors of various channels such as character limits for tweets, updates scheduling on LinkedIn and more.

4) Create a Sense of Urgency in Offers

One of the primary things that can make or break a customer experience is urgency. How do you get your audience to buy from you without being pushy? One is by creating a sense of urgency in your messaging and offers. Customers want to feel like they can trust a company’s messaging and those they’re not being pushed into buying something.

5) Don’t Forget the Offline Channels

While it is easy to get caught up in the channels that are most popular right now, there are still tools at marketers’ disposal that have been proven effective for years. Some of these offline channels include direct mail, print ads, radio ads and more. These channels may not provide immediate results but they’re less saturated than their digital counterparts which mean you can get better engagement from them over time. Today’s advertising landscape has changed drastically due to new technologies coming out each year. While new trends are constantly changing, don’t forget the power of traditional marketing and advertising to drive brand awareness and customer engagement.

Here are some FAQs recently asked by marketers in the community marked by Eric Dalius.

What are some of the most effective tools for gathering customer intelligence?

1) Listen to what your customers are saying about you on social media, review sites and discussion forums.

2) Put processes in place that allows your team to track referral traffic from other websites back to yours.

3) Get feedback from current customers through survey programs like Delighted.

4) Ask your salespeople for referrals because they’re always talking to clients who are interested in doing business with you again.

5) Use a call tracking service to get an accurate idea of how many people are calling your company each month looking to do business with you again.

6) Reach out directly to past customers at their office or via email address found online.

7) Look for inbound links from other websites that are mentioning your brand.

What is the best way to keep brands top of mind?

1) Utilize custom branded landing pages when promoting offers or announcements on social media channels.

2) Have a single source of truth where you can monitor all mentions of a company’s name across various platforms.

3) Be consistent with messaging and how you’re presenting yourself to customers online and off.

4) Offer incentives to get people talking about your brand. This could be as simple as having a referral program for existing customers who share offers with friends.

5) Showcase customer success stories to get new audiences engaged with the mission behind your brand.

What are the best social media tools for tracking growth and engagement?

1) Buffer.

2) Hoot suite.

3) IFTTT.

4) Feedly.

5) Followerwonk (Twitter only).

Conclusion:

As you can see, there are many ways to improve customer retention. And the key takeaways here are that doing so does not have to be complicated or expensive. When it comes down to it, companies need to stop focusing on acquisition and begin building loyalty.

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