What are the most important factors for retaining customers in your company?

A customer would buy from you only when they feel some value is being added to their purchase. And that value doesn't only come from the quality, but brand loyalty too. If you’re offering what you’re promising, then your customer is bound to come back to you. But if you do the opposite, you’re not just letting go of the previous customer, but also creating a bad image for your brand. This is where branding as a strategy comes into the bigger picture and helps you with customer acquisition. Building a relationship with customers also goes a long way because when you understand them, you know what will make them keep coming back and you can keep giving them that.

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Understanding customers is crucial for any business that wants to succeed. It allows you to tailor your products, services, and marketing to their needs and preferences, ultimately leading to increased sales, customer satisfaction, and brand loyalty. Here are some effective strategies to understand your customers: - Gather customer data - Create customer personas - Analyze customer feedback - Conduct market research - Emphasize customer empathy - Observe customer behavior - Utilize customer relationship management (CRM) tools - Continuously improve your understanding

Not all customers are created equal. As product marketers, part of what we do is ensure we reach the right audience for our products. The best customers have high adoption and product engagement--they get a lot of value from what you offer. In order to determine if a target audience is worth pursuing, we need to analyze the churn rate and the average revenue per account against our baseline metrics. Create opportunities to feedback and connection to your customers throughout the journey to ensure you know your customer best.

As per my experience as a Marketing Manager, excellent customer service, consistent communication, personalized experiences, loyalty programs, and resolving issues promptly are crucial factors for retaining customers. These efforts build trust, satisfaction, and loyalty, fostering long-term relationships.

I was heading the B2B e-commerce for Walmart Bestprice (now Flipkart wholesale). We were selling to resellers and Horeca segment. The products were commodity so pricing was key differentiator. We added more dimensions to our offering to take value beyond price. Some examples were free credit, faster turnaround for orders which lowered order MoQs, assured inventory for future orders to enable customers to cut their buffer inventory etc.

ABC – Always Be Closing – is a popular refrain in Sales and, in part, in Marketing. …Then what? In sports, the ultimate prize is awarded anew every season. No one wins back-to-back championships without re-earning it. Back in the business world, the same mantra needs to apply: Always Be Winning. Don’t be content with the close. Retain clients and customers by continuously winning their business.

Delivering value to customers is the cornerstone of any successful business. It's about providing products or services that meet or exceed their expectations, creating a positive experience that keeps them coming back for more. Here are some effective strategies to deliver value to your customers: - Understand your customers' needs and wants - Focus on solving problems - Provide high-quality products and services - Offer competitive prices - Provide excellent customer service - Build strong relationships with customers - Exceed customer expectations - Continuously innovate and improve - Measure and track customer satisfaction (NPS) - Empower your employees to deliver value

One of the best communication tool is a satisfied customer, as you manage your customers needs and requirements, doing the needful will not always be the as a customer is expecting at list to get for what he as paid for. A sales team that is always going behind expectation while delivering is making sure that ??plus?? is making the difference between him and the competition. This is how you can start a good differentiation strategy on you market.

It's important to deliver new value for existing customers (and pipeline prospects) with a regular, frequent cadence. It doesn't always need to be big shiny feature additions, bug fixes and enhancements delight users, too. Increasing the velocity of value delivery is a magic bullet for closing deals and upsell/cross-sell, and the x-factor for reducing churn. But here's what many forget and the key to it all - you need to tell everyone, and then tell them 100x over again! New value and features are rarely self-apparent. Point out the new stuff in-app, in blogs, videos, email campaigns, support calls, on-boarding, etc. Show them the value and then remind them of it often, but not in an overly hubristic annoying way.

Get to know your customer. Be proactive. Learn what the customer’s needs are and provide options. Look for those moments where the customer needs urgent support and go out of your way to support them. Be available and that sometimes means outside of working hours, depending on the market you are in. When they see you as a partner, and you have their trust, you should have this customer for a long time.

I was heading the B2B e-commerce for Walmart Bestprice (now Flipkart wholesale). We used to sell commodities like Edible Oil, Sugar, Rice where the prices would fluctuate everyday. When customers would order these commodities at times the prices would fall post the order and before the delivery. This meant an instant loss to the retailer or reseller. So we at Walmart would absorb the hit and pass on the price drop benefit to the retailer on fully paid old orders. This ensured a very high level of trust between the retailer and Walmart.

Building strong relationships and trust with customers is crucial for any business that wants to succeed. It fosters loyalty, encourages repeat business, and enhances brand reputation. - Transparency and Honesty - Open and Clear Communication - Active Listening and Empathy - Keep Promises and Deliver on Commitments - Go the Extra Mile - Personalize Interactions - Seek and Value Feedback - Address Issues Promptly and Effectively - Show Appreciation and Gratitude - Build a Community and Foster Engagement Remember, building relationships and trust with customers is an ongoing process that requires consistent effort and dedication.

Loyalty programs are great at driving retention but are too rigid in nature to stand out of the crowd. That’s why companies like Starbucks, Uber use Gamification complimenting the loyalty program like Personalised time bound challenges to drive repeat/new behaviour.

One simple equation that helps while creating a referral mechanism, Referral Rewards > Effort Required + Social Risk Effort Required → Am I getting enough incentives, and is it worth the effort? Social Risk → Can I have better social capital from friends I refer it to? Will they consider me as a thoughtful friend? This ensures that participants find the effort invested worthwhile by comparing it to the incentives received

Cracking the loyalty program code is no easy. One of my all-time favorite examples is the Amazon co-branded ICICI credit card. Users receive x% cashback on every transaction made on Amazon and y% on every non-Amazon transaction. The best part? Users enjoy direct monetary benefits in their wallet as cashback, leading to both high retention rates and a substantial increase in LTV.Another example is Traya, where users earn points by simply logging into the app daily. These accumulated points can later be redeemed as discounts during the checkout process. According to my perspective, a successful loyalty program should not only excite customers and enhance stickiness but also strike a balance to ensure it aligns with the business's financial.

Your competitors will launch new and better products and services. You need to continue to improve and innovate to prevent from falling behind. Customers yearn for better value, better quality, better service. You need to constantly “listen”, from verbatims and data to progress further.

As a growth marketer, daily measurement and optimization are non-negotiable tasks. Every step in the funnel, as illustrated in the Myntra repeat order example – from Page landed > Explore > Add2Cart > Order Page > Successful payment – is crucial for assessing campaign success. Improving any metric can boost conversion, and vice versa. Measurement - Tools like Clevertap aid in push metric measurement, while product metrics benefit from tracking product events. Optimization strategies involve refining push copies through AB testing and enhancing UI for a smoother user experience, ultimately reducing funnel drop-off. The key is flexibility – find what works best for your users!

One thing that isn't talked about at all and surprised me + comes from first hand experience on several projects: ?? Your positioning affects retention. The way you present your product, the way you put it in context for the user, doesn't just help the user acquisition & converstion, but seriously improves retention as well. So if you have retention problems, I suggest you check your positioning as well. Send the user down your typical journey (show them ads, landing pages, have them navigate the product) What's the context they are getting? How are they reacting? Do they get the value of the product? Do this a few times and you'll see the changes you need to do to improve retention.

I was heading the B2B e-commerce for Walmart Bestprice (now Flipkart wholesale). Transparency on how mutual benefits can be obtained was key to sustained relationships. For example we did not take Credit or Debit cards as payment source on our website. The logic was wahy pay Mastercard and Visa 1%. We asked retailers to do a bank transfer to us and we split the 1% savings with the retailer. For the retailer who retains 3% as net margins, an increase eof 0.5% is effectively a 18% increase in profits for him. All driven by transparency.

A customer-centric business strategy, which focuses on building long-lasting relationships and fostering trust, provide competitive advantages, increased customer loyalty, better retention rates, enhanced brand reputation, business sustainability, growth, and customer-driven innovation