The price of acquiring a consumer is high. According to research, acquiring a new customer can cost five to twenty-five times more than keeping an existing one. Because of this, businesses of all sizes must build a solid client retention strategy.
Small firms may feel they are at a disadvantage when dealing with the big players. However, many areas where small businesses naturally flourish coincide with effective customer retention techniques when it comes to retaining consumers.
tactics for keeping customers happy – the LocalIQ feature
The golden rule—treat your customers as you would like to be treated—is the key to long-term customer retention. You have a better chance of creating enduring relationships with your clients if your company can give them individualised, considerate service.
Want to discover how to develop enduring customer relationships and unleash your small business superpowers? Six customer retention techniques are provided here to help your business succeed over the long term:
Make it your own
Build a community
Be receptive and request input.
Express your gratitude
Let’s examine each of these client retention techniques in greater detail now so you can see how they can significantly benefit your small business.
- Personalize it
Customers now anticipate personalization since it has become the marketing industry’s gold standard. 90% of customers reported being bothered by irrelevant messaging from firms, according to a recent Statista survey.
The trend of personalization plays straight into the advantages of small firms. In search of that customised touch, many customers flock to regional companies. People adore getting a handwritten thank you with their online order or being welcomed by name by the barista at their favourite coffee shop.
Fortunately for you, brand comprehension of certain consumers is now simpler than ever thanks to new marketing techniques. Customer behaviour across platforms can be followed with CRMs (customer relationship management tools). In one consolidated database, you can see what each individual consumer orders on your website, emails your sales team about, and calls your customer success team to inquire.
Keep it traditional even if you don’t have a decent CRM application. Put a little notepad beside the cash register so you may record the name and usual order of returning customers. You may also jot down details like the dog’s name for your new client in the notes app on your phone. Remembering the smallest things for a customer’s subsequent visit goes a long way toward developing rapport.
Build a community
The function that small enterprises play within a community is another advantage that they have over large organisations. Consider Sam Malone or Luke Danes from Gilmore Girls or Cheers. A small company isn’t a faceless, nameless corporation. It can become a pillar of the community, a location where everyone knows your name, and a fixture in the area. And that has a big advantage in terms of forming lasting connections.
Think of innovative methods to complement your product or service. What chances do you have of creating a community around your services or area of specialisation? Gather your greatest clients online, even if your internet firm is little.
Make a Slack channel or private Facebook group where clients can gather. Say you are the owner of a pet wellness company. Maybe ask a vet to organise a webinar where they provide advice on pet nutrition.
Make sure your best customers have access to this online community’s resources in addition to those they may find online. This could be exclusive handouts or swag, early access to items, knowledge and skills, or early access.
Whatever you decide, make sure to give your neighbours the respect they deserve! They develop a deeper sense of loyalty to your company when you go above and above to make them feel like they are a part of the family. They can’t compete on the personal relationship you’ve developed, even if the bigger guys charge less for the same goods or services.
- Return favours
The capacity to give back is a crucial component of community involvement. Here’s one more option for small companies to compete with household names. You are more familiar with the demands of a particular community as a member than a company could ever be.
Whatever that means for your brand, look for chances to give back to your community. Consider planning a day of service at your local food bank for your staff if you own a small business in the region. If your community is online, consider volunteering for a group that shares your ideals. For instance, that company’s pet wellness line might donate to the ASPCA or another group dedicated to improving the welfare of animals.
Giving back provides practical economic advantages in addition to being a lovely thing to do. These advantages range from fostering community links to enhancing respect and reputation. Customers are happy to support your company time and time again when you establish yourself as a positive presence in your neighbourhood.