CUSTOMER RETENTION

HEY PEOPLE

Today I would like to explain what is customer retention and its importance. Customer retention means we maintain the best possible relationships with customers, for customer retention we need to provide a best value exchanging it creates customer relationships. and when you start a new organization your existing customers believe you and also support you, they can trust you with their money because you can give them the value of the exchange.

What is Customer Retention?

The Customer Retention definition in marketing is the process of engaging existing customers to continue buying products or services from your business. It’s different from customer acquisition or lead generation because you’ve already converted the customer at least once.

The best customer retention tactics enable you to form lasting relationships with consumers who will become loyal to your brand. They might even spread the word within their own circles of influence, which can turn them into brand ambassadors.

The Importance of Customer Retention:

You might have heard that it’s easier and less expensive to retain customers than to acquire them. The most recent statistics indicate that it’s true.

For one thing, you’ll spend five times less money on customer retention.

Additionally, at best, your probability of selling to an existing customer is at least 40 percent more likely than converting someone who has never bought from you before.

Existing customers also spend 31 percent more than new leads, and when you release a new product, your loyal customers are 50 percent more likely to give it a shot.

Those statistics should prove sufficient to compel you to build and test out a customer retention strategy.

Calculate the Customer Retention Rate (Customer Retention Rate Formula)

Few strategies and Techniques for Customer Retention :

• SET YOUR SALES GOALS
• MAP THE CUSTOMER JOURNEY
• TAKE A LOOK AT THE VALUE PREPOSITION
• COMMUNICATE WELL AND ENGAGE WITH CUSTOMERS
• EDUCATE YOUR CUSTOMER BY OFFERING GREAT CONTENT
• UNDERSTAND YOUR CUSTOMER PROBLEMS
• ASK FOR FEEDBACK
• TRAIN YOUR CUSTOMER RETENTION TEAM.