What is the most effective way to expand a business?
Many of you will think selling to more customers enhances a business but, that’s only a single piece of the puzzle. The actual growth revolves around customer retention.
As per a survey, a 5% increase in customer retention correlates with at least a 25% increase in profit.
In this customer-centric era, many companies focus on customer acquisition while leaving their loyal customers unsatisfied. Lesser they know, they are the current customers who help to increase the profitability of their business.
Here’s why customer loyalty or retention is the key to your business’ success.
65% of consumers confirmed that the quality of customer service is a major factor when deciding where they make their purchases.
Providing positive experiences to buyers can dramatically impact business growth. For this, it is crucial to offer quality customer service. But many times, customer service takes a back seat while meeting the daily demands of the business. Hence, if you want to escalate the growth in your business, pay attention to customer loyalty.
The Role of Customer Service in Customer Retention
You will be well aware that the customer support team is the direct connection between the consumers and the business. Excellent customer service represents your brand image, mission, and business values. So, it is inevitable to focus more on it.
According to an analysis, 67% of consumers said that excellent customer service encourages them to stay longer or spend more money.
Customer retention is the by-product of customer service and experience. Thus, creating a good experience, that is consistent and predictable, and you have a shot at customer loyalty. The root of retention and loyalty comes from customer service.
We have noticed a significant evolution in customer service from the sixties to today. At first, the only points where a customer and a company could connect were in-person and on-phone. With the advent of the internet, we started connecting with customers and companies via email and live chat. Still, businesses had to rely on IT teams to properly route the channels and set SLAs to pacify the customers.
Today, social media has penetrated more for communications, and businesses are incorporating such platforms to their customer service support. With an ample amount of choices, the power is totally in the hands of the customers. They can control when, where, and how to contact businesses.
With continuous innovations in communication technology, everything can now be done with a click of the button. The concept of waiting – be it standing in line in a grocery store or for a video to download is diminishing.
So, how will you retain customer loyalty and capture their attention?
Today’s customers neither like to wait in a queue nor have time to explain to multiple agents who they are. They want to get their issues resolved on the go.
Here are some sure shot ways of retaining customer loyalty and capturing their attention towards your business.
1. Offer Personalized Customer Service
You can leverage the utmost advantage of technologies by collecting an array of data. This can be done by keeping track of personal, conversational, and transactional data. Businesses can analyze the buying patterns, support issues, customer behavior, and more with the relevant data. All these data provides a 360-degree view of your customers. It can help you a lot in delivering personalized customer service. Thus, they can build a strong connection with your brand.
2. Be Prompt in Responding to Your Customers
Customers likely come back to you if you solve their issues instantly. For that, you need to be present everywhere – email, live chat, call support, social media, messaging apps, review sites, and all the digital channels that your customers use. This creates a positive impact on customers. When they feel special, they speak to others about your business. Thus, delivering what customers prefer not only builds their loyalty with your brand but also makes them a promoter of your brand.
3. Create Loyalty Programs
It is found that 42% of customers will stop shopping with a brand that they are loyal to after two bad experiences.
So, to increase overall customer retention, companies require implementing loyalty programs and expand them from time to time. You can incorporate referral awards, points for user-generated content, customized shopping experience, gift vouchers, and more into customer loyalty programs.
Implementing a proper loyalty program can help your business –
- Increase in Revenue
- Save Money
- Gather Valuable Data
- Increase in Sales
- Enhance Customer Engagement
- Make Consumers feel appreciated
- Attract New Customers
4. Thank Your Customers
In this fiercely competitive business world, your customers always have options. So, the fact that they choose you – be it your reputation, pricing, or convenience – is something you must appreciate. So, show it by praising them or giving them thank you notes and gifts. Even recognizing them on social media for their loyalty can be valuable. Let them know how important they are for your business in words as well as actions. Make them feel special, and they will speak volumes for your brand.
Deploy Right Technology
Consumers generally expect fast response times from companies. However, the expectations vary by the channel they use. The last thing they would do is spend their time waiting to resolve an issue. They may also find a new brand that sells the same product as yours. So, you must deploy the right technology for customer retention solutions.
You can leverage technologies like chatbots or VoIP phone service that helps you provide high-level consumer support. Internet phone service providers like CallHippo offers a multitude of advanced calling features that engage your agents and aid your customers in reaching you quickly.
With CallHippo’s VoIP phone service, you can be sure of delivering the below services to your consumers as well as your customer support team:
- Redirect a connected call to the right agent with Call Transfer so that the representative can resolve customers’ issues immediately.
- Let your customer care agent join another agent on an ongoing call to solve the problem quickly with Call Conference.
- Call Queuing ensures that your representatives attend the first customers to call at first by following First In, First Out mechanism.
- Enable your supervisors monitoring the training calls to enter the conference bridge via Call Barging.
- With Smart Call Forwarding, you can forward calls to multiple phones at a time. If one agent is busy attending to a customer, the call will get answered by another representative. Thus, your customer never returns unanswered.
- Encourage your managers, support team, and clients to collaborate at one place with tools like Team Collaboration. This helps you make sound decisions for the growth of your business.
- Through features like Ring All, all your agents associated with a number will get calls simultaneously. Anyone of them who is available to attend can receive the call and talk to the customers.
- Monitor your customer support team’s performance by recording calls with Call Recording. You can help them improvise by solving their queries and training them on how to treat customers in a better way.
- When your agent is unable to receive calls, facilitate your customers to drop a Voicemail. Your agents can access them directly on their email and thus never miss any complaints from clients.
- Free your customers from listening to the annoying beeps when they are on hold. You can personalize the tone with Call Hold Music suiting your message or put a customized message informing the customers about your latest products, deals, and offerings.
- Keep an eye on your agents’ performance by analyzing their call load, the percentage of missed calls, and other relevant statistics with Call Analytics.
These are a few ways which can help you retain customer loyalty and capture their attention. With so many features and so many mediums of communication to choose from, customers have the power to connect with you the way they want. So, prepare yourself to remain reachable by your customers in the best possible way.