Owning and running a business is not just a matter of increasing sales and generating high revenue. There should be some focus on stronger customer retention as well. Because, in the end, it is only customers who help in increasing business. Also, statistics show that small businesses have stronger customer retention, mainly due to the personalization they offer. Said that, there are still some measures that a small business owner can take to increase customer loyalty.
Being a small business owner, have you ever thought of deploying a customer retention strategy? And what about offering referral bonus and gift cards? Generally, customers like this kind of programs. What’s more, if these programs interest the customers, they tend to buy more from you. Several researches show that various customer retention programs increase sales by almost 20%.
Let’s take a look at a few tricks to retain customers.
Customer-friendly Loyalty Program
Users like being part of a loyalty program or group. It makes them feel they are associated with the business. Nobody likes doing a long signing up process. You need to keep your program simple and hassle-free. You can also make interactive by offering offers, like “sign up right now and win a voucher worth Rs. XYZ.” You can provide non-cash benefits as the customers feel they are saving money.
Referral Program
If your customers love your product/service, they will tell their family and friends about it. These people will check out your product and probably, convert from potential to actual customers. By offering them a referral program, you can provide them an incentive for which they will refer your business and products.
Additionally, you can also invest in a few marketing activities to attract more customers. Many business owners feel that investing in marketing strategies is a waste of money. However, it is not reality. And if you lack money for marketing, you can avail a business loan. Notably, investment in marketing is termed to be an investment for business expansion.
Involve Customers
Involving customers into the business is a good idea. You can make them a part of your daily operations, i.e., give them an ear. They are the best critics of the products and services provided by you. They are also the one with an honest opinion and can help you make your business better. Taking their feedback and implementing will help your business grow. You can consider to set up a suggestion box where they can put their ideas or suggestions.
Don’t Just Sell, Offer Experience
It goes without saying that every business aims to increase sales. But the concentration should also be on the product. It is your business, and you need to be knowledgeable about your product. When your customers ask for a suggestion, you need to be well-informed about products to help your customers make a sound choice. For instance, if you have a mobile store, and any customer asks for the best mobile in terms of internal memory, you should have enough knowledge to tell about the best mobile phones available. You also need to be honest with your suggestion as it will help you gain their trust.
To retain customer loyalty, it is essential to know your business model in and out. It would help you mold your business as per the customer needs and grow business efficiently and cost-effectively. Also, listening to your customers, taking their feedback, and implementing them into action shows that you care about your customers as they provide business to you.