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UNDERSTAND THE BASICS OF CUSTOMER RETENTION

You can better understand your customers' demands and increase loyalty with well-designed client retention initiatives. To treat consumers positively, you must provide exceptional customer service and cultivate interpersonal civility. Make your consumers feel like they are a part of your company by soliciting their feedback. Implement and accept their advice if you want to achieve the customer success you deserve.

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UNDERSTAND THE BASICS OF CUSTOMER RETENTION

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  1. UNDERSTAND THE BASICS OF CUSTOMER RETENTION Copyright © 2021 Stellar Digital. All rights reserved.

  2. AboutStellar Digital Stellar Digital first made its debut in 2015. The company primarily works in application development, digital marketing, and web design. Stellar Digital's goal is to provide solutions to all growing businesses through their wide range of digital services.  • To provide utmost satisfaction to our clients through quality • Mobile • Web app • Digital solutions in affordable prices.  • Consecutively modernize • Develop unique application services • Soar the future prospect of business. • 100% client contentment • Best service delivery on time is our priority. Copyright © 2021 Stellar Digital. All rights reserved.

  3. UNDERSTAND THE BASICS OF CUSTOMER RETENTION Before we start, let us check-out some remarkable customer retention examples and what results did they deliver: • Nike • Uber • Amazon • Walmart • By going through these, you perhaps have understood the significance of customer retention, right? Yet, here’s an overview for better clarity’s sake: • One of the most common fallacies for businesses all over the world is the belief that having a fantastic product or service which is sufficient for a good client retention strategy. The harsh reality is that this is only one component of marketing. There exist other crucial techniques for client retention. • While every business needs new customers, it is equally important to enhance customer retention strategy for small businesses, especially, because the cost of acquiring a new customer is five times that of maintaining an existing customer. Copyright © 2021 Stellar Digital. All rights reserved.

  4. THE REASONS WHY FIRMS PRIORITIZE CUSTOMER RETENTION If you own a small business, you may have prioritized client acquisition in order to boost income. Selling to your existing clients, on the other hand, is a far easier and faster approach to generate both sales and income. This is due to the fact that your existing customers have determined that they enjoy your firm and hence associate with you. Furthermore, established clients are 50% more inclined to test new goods introduced by your company. That implies you’ll have more chances to upsell or cross-sell to existing clients than to new ones. You will need to focus less on marketing if you focus on client retention. Your current clients are aware of the high level of service you offer, which is why they chose to work with you in the first place. The likelihood that they will buy from you again is pretty high, which means that you will not have to do much effort to persuade them to do so. According to Gartner, only 20% of your current clients will provide 80% of your company’s income in the future. Consider your earnings if you can keep 100 percent of your consumers. Copyright © 2021 Stellar Digital. All rights reserved.

  5. CUSTOMER RETENTION METRICS Here are three customer retention metrics to track your progress: • NPS or Net Promoter Score:Your Net Promoter Score indicates whether or not your consumers are likely to suggest your company to a friend or colleague. • CRR or Customer Retention Rate:Customer retention rate (CRR) addresses the question: what proportion of new customers do you receive and how long do they stay with you? • CV or Customer Value:Client value expresses the worth of a single customer to your company over a specific time period. Knowing the customer value allows you to determine how much that client will spend over the course of their engagement with your company (the customer lifetime value). Copyright © 2021 Stellar Digital. All rights reserved.

  6. CUSTOMER RETENTION STRATEGY It is critical to have consumer understanding. You should have enough information on their age, demographics, things they buy, products they don't buy, payment methods and so on. Therefore, instead of giving out a whole list of the benefits or types of your customer retention strategies would render, we have provided you an insight on the strategy that can inculcate the drive in your firm to succeed. • Determine why your clients are leaving. When you look at your historical churn data, you can construct a predictive model that will alert you when a client is ready to churn. • Divide your consumer base into smaller groups of customers that share similar characteristics. Segmentation promotes increased personalization, which leads to lower turnover. Personalized content increases repeat purchases from almost 44% of buyers. • Keep an eye on and assess your loyalty programs. Customers who actively participate in rewards programs make 90% more frequent purchases. They are also five times more likely in the future to associate with your brand. Monitoring your loyalty programs may provide useful insight into how to improve your client retention methods. • Client profiling is essential for understanding different customer categories so that you can sell to them more effectively and retain them in the long run. Copyright © 2021 Stellar Digital. All rights reserved.

  7. CONCLUSION You can better understand your customers' demands and increase loyalty with well-designed client retention initiatives. To treat consumers positively, you must provide exceptional customer service and cultivate interpersonal civility. Make your consumers feel like they are a part of your company by soliciting their feedback. Implement and accept their advice if you want to achieve the customer success you deserve. Copyright © 2021 Stellar Digital. All rights reserved.

  8. Thank You Copyright © 2021 Stellar Digital. All rights reserved.

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