Customer Retention: Savior Strategy Amidst Uncertainty and Vulnerable Economies

Since last few months we have been talking a lot regarding how sales is one of the most important business functions for any given business. Till date, we have had a discussion regarding a lot of dynamics of sales function including sales enablement, significance of content in selling, team building, management, people and their traits, etc. Today, continuing with our exercise to bring value to all those who are looking for it, we are going to talk about how you can retain your customers and end the scenario where you have been losing them all this while.

According to my humble opinion there are 5 basic reasons why businesses lose their customers. Those might be:

1.      Lesser Quality Products or Services

2.      Huge gap between ‘Promised’ and ‘Delivery’

3.      Incorrect Pricing Strategy

4.      Market Conquering Strategy by Giant Competitors

5.      Products or Services being outdated

To avoid few things out of this is quite a possible strategy. However, it definitely needs diligent approach towards it and lot of planning followed by effective execution characterized by consistency. In my view, if businesses adopt following strategies with enough effort, they can increase retention rate while gradually reducing customer loss rate.

Every customer of yours is at the end of the day a human being. He or she does feed on certain impulses, emotions and more. While following ethical practices, businesses can utilize distinguished strategies to retain their losing customers.

1.      Be grateful:

This is one scenario where no one is angry on another. Sales reps really need to start saying thank you for everything that customer does and really mean it. I agree that we always express gratitude towards them through email and more. Do we mean it? If we really mean it enough, do we say it enough? Every once in a while, businesses shall be in contact with their customers who have already purchased their services or products. This makes them aware about the fact that you care about them even after you get your share of money out of last transaction.

2.      Share news:

As much as you want to keep in touch with them, they also wish for the same. A lot of businesses do not really understand this and turn themselves invisible right after transaction of purchase till the time they reach the stage where they have to scavenge through older customer database for revenue generation in quick intervals. Instead, what shall be done is, sharing each and every good news with your clients through e-mails or other platforms including LinkedIn.com, Facebook and more of such nature. This can be anything from your newly appointed Vice President – Business Development to your newly bought office space equipped with technology tools, convenient work set-ups and premium design.

3.      Bring value:

There are lot of things that you have to do if you want to retain your customers before they go to your competitor for their next purchase. Many businesses don’t seem to be get bothered about their customers after initial purchase. This is also one of the strategies to concentrate on new customer acquisition instead of retaining old ones. However, acquisition always has higher costs associated with it and retention can really happen just with the help of some content, empathy and keen interest to accomplish more. Bringing value for older customers is possible thing without attempting to sell them more. This includes routine content sharing, offers information and more.

 So, while we think of something new again start being prompt and eliminate procrastination right away. Till then, Gracias!??

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Author Bio: Kaustubh Arun Athalye is a Young Indian talent filled with perseverance, adaptability, linguistic skills and will to chase dreams. He is working as Senior Content Writer and Human Resources Manager in a growing market research start-up from Pune, India known as Qurate Business Intelligence Pvt. Ltd. His approach towards learning, optimism, positivity, and belief in values makes him stand different in the crowd.