As professionals we should consider all of our clients highly valuable, but in practice this isn’t always how we act. Unfortunately, when our customers don’t feel appreciated or well treated, they may jump ship in favor of a competitor – and that comes with serious costs for your company.
How can you prevent customers attrition when 95% of customers don’t complain after a negative experience? From independently seeking feedback to addressing errors without being prompted, it’s your responsibility to build stronger bridges between your business and your client base. Remember: the onus of relationship management is on you as the business, not on your customers. Step up and lead.
Small Actions Save Big Costs
When you lose a customer, your entire company’s confidence takes a hit and that can depress productivity across departments.
Luckily, one of the most powerful customer retention strategies you have at your disposal is inexpensive: good communication. Sending high-impact followup emails to clients lets them know that you’re thinking about them and that you’re concerned about their experience. This costs next to nothing, even to send highly-personalized emails, but it means a lot to your clients.
Focus On Value Over Price
It may come as a surprise, but putting too much of an emphasis on price is actually an effective way to drive customers away. Why is that?
Though customers want to know they’re getting a good deal, the price of your product needs to be competitive while your service needs to be outstanding and it’s service that’s going to ultimately keep customers loyal to your business. When your bring together a well-priced, high quality product and great service, then what you’re really offering is value and value lasts.
Ask For Feedback Regularly
Customer onboarding is an expensive process but we go through the process of building initial client loyalty because those costs are absorbed in the big picture of lifetime customer value. Unfortunately, it you’re not getting feedback from your customers on a regularly basis, you’re unlikely to play out their full lifetime value.
Develop several strategies for gathering customer input, including online surveys, interviews, and social listening. Then track the data. Customers not only appreciate being asked for their feedback, but then you have the opportunity to change course and act strategically in the future.
Your customer retention rate will make or break your business, so you need to be proactive about keeping valued clients on board. Though some degree of attrition is inevitable – clients die, may no longer have a need for your product, or simply begin working with the competition – you need to act if you want to keep those numbers to the bare minimum. Keep clients happy, keep in touch, and keep listening and you should be positioned for success.