5 Tips to Help Customer Retention in a Crisis

As much as attracting new customers to your business is vital, retaining existing ones is also essential. In today's over-saturated market, numerous companies struggle to keep their audience engaged and give them a reason to stay. But when an economic crisis occurs, this becomes increasingly difficult. Suddenly, you're not only thinking about maintaining your business and staying "in the game" but also trying to keep your customer base intact. What can you do?

I've been fascinated with how companies worldwide approach this crucial aspect of business. In my Senior Consultant role at Awards International, I'm in regular contact with our entrants and their initiatives, learning a lot from them. When the pandemic started, companies were forced to deal with a new crisis, adapt to it - and make the best of the "new normal". However, the challenges didn't stop there, as now we also have a global economic crisis.

That being said, so many companies managed to adapt to the new reality and recreate themselves. They tweaked and improved their business and found out how to retain customers in a crisis. Inspired by many of these initiatives, I've made a list of my favourite customer retention tips based on many winning entries we welcomed at our various awards programmes.

Double down on your social media presence

People love being updated with the latest news and upcoming changes. Good communication is essential for maintaining your customer base, and social media is perfect for keeping them in the loop. My advice here would be to use social media, not just for promotional activities but also to engage in meaningful conversations with your customers. Discuss the changes and create content that entertains, educates and brings value to your audience.

Don't make them have to wait for a response

Our attention span has gotten significantly shorter with the internet and social media. Simply put, people don't wait for anything too long because they have plenty of options. And if they have to wait on a response from the company they put their trust in, that might become exasperating - and you can risk losing those customers for good. The best winning companies I know quickly respond to any customer inquiry (via email, social media, chatbots, consultants) and provide relevant information.

Give incentives and create loyalty programmes

If your customers trust you and want to do business with you long-term, it's wise to reward them for their trust. Therefore, a smart tip would be to develop a loyalty programme and give incentives to your most loyal customers; this can also include various discounts, freebies, special deals and promotions, etc. If customers feel valued and their time with you is valued, they will be more likely to keep shopping with you and remain in your most vital customer base.

Improve your customer journey to perfection

People will be more annoyed or distracted if your customer journey isn't simple and hassle-free. This is why removing any blocks that might hinder them from visiting your website or engaging with your products and services is crucial. Conduct regular assessments with your CX team, and survey all aspects of the buying process to spot any errors, hindrances or dodgy touchpoints. Remove everything that's impractical, not helpful and low in value.

Be proactive in handling customer complaints

An unresolved complaint can be very harmful and affect your brand image, NPS, customer retention, and position in the market. This is linked to our second tip - good responsiveness; but at the same time - complaint handling means even more. Do your best to give helpful information and focus on each inquiry, ensuring that the complaint has been resolved successfully. It will show that you genuinely want to help your customers and that you cherish and respect them.

At the European Customer Experience Awards , we have several categories revolving around customer retention and doing business in the crisis, among which are:

• Customer Experience in the Crisis
• Best Customer Loyalty Programme
• Most Improved Complaint Handling

You can?find out more about all the categories ?and choose the ones to match your initiative. See you at ECXA? '23!