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Costumer Retention
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Costumer Retention
By: Raquel Correa and Daniela Florez
What is it?
More that an ability its a processes in which companies maintain the customers interested, for example launching every year different products. Its a customer - company relationship. Its meant for a reduction in the number of customer defections.
What
Strategies
Proof
Facts
Are the activities and actions that companies do to maintain as many customers as possible.
Customer retention is a very simple way to sustain yourself economically. This was proved by Bain & Company who made an study which said that even retain only 5% of the customers, there will be a gain of 25 to 95%.
Works?
Strategies
1. Offer great service and great customer experience.
2. Stay on their radar (follow up with the customers).
3. Encourage a previous customer by email to buy from you again. (make them know that you exist).
4. Addressing customers with special offers.
Facts
You will spend 5 times more on acquiring a new customer than on retaining an existing one.
Retention customers spend 67% more on their products and services than new customers.
Examples
Ways to improve
Canva: Canva cares about its established customers, for this reason it creates practices and videos where it explains step by step how to use their products. Besides, they help you to improve your design skills and thus make the customers form a bond with the brand.
CVS Pharmacy: CVS Pharmacy uses marketing messages to make customers feel that the messages are addressed to them. For example, they send offers and coupons for items that customers are interested in, items that customers have recently bought.
Amazon: Amazon analyzes customer purchases and by knowing the tastes of the shoppers creates a list of suggested items that customers will likely want, offering comfort and achieving customer retention.
Starbucks: Starbucks uses the technique of offering rewards to consumers. For example, this company gives coupons, discounts, promises free food or drink when you return to shop consecutively. This motivates people to comeback and is a very effective way of keeping customers.
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Advantages
Advantages
2
3
1
Sometimes companies confuse customer acquisition with customer retention, but those are totally different, even customer retention its cheaper. Besides selling to familiar customers, it's much easier, you don't need to attract as much as you need to when its about getting clients.
2
Other important advantage is that when this companies focus on marketing retention, when marketing to customer that have bought and have an interest in the brand, facilitates the capitalization of their experiences with the company.
3
When an usual customer is unsatisfied, its would be easier for them to tell what's the problem, like that the company can remedy that inconvenient quicker.
Ways
Ways to improve
- Don't forget to comply your promises. It's important to have a “Trustful” relationship with your customer. He/She, needs to believe what the brand its promoting, for he/she keeps buying or using their services.
- Don't give higher expectations to the customers.if you are not able to exceed these expectations at a certain moment it's better to wait give lower and improve time by time.
- Have experience and great knowledge on the field you are in-charge of. These is super important in the way customers know that the company will advise them in a pretty good and professional way.
- All ways have customer services available. Clients will know the company its attentive to all the problems. This also helps to improve products and make them more appealing.
- Personalized services. This makes the experience personal, a greater bond besides the brand will know the expectations and demands.