Acquiring customers is vital but keeping them is just as — if not more — important. This is precisely why these 5 customer retention strategies for 2023 are so crucial for your company to get right.
Studies have shown that it’s significantly less costly to keep existing customers than it is to get new ones, and longer retention also increases the lifetime value of each customer as they work with you again and again.
We like to say that a happy customer is a customer for life.
And while you can’t neglect new customer acquisition, focusing on and investing in customer retention can more quickly and substantially support your company’s bottom line. Of the two, retention is certainly the more cost-effective initiative so here are the 5 customer retention strategies to consider implementing in your company now…
Your customers want to be able to get support using their communication channel of choice, not yours. This is why the omnichannel approach is a necessity in 2023.
Giving your customers the option to contact you via their choice of call, chat, text, or email helps them feel heard and valued. It effortlessly provides them with the assurance that they’ll get the support they need, when and how they need it.
The more you personalize the customer’s journey, the more important your customer feels. This inspires loyalty and improves retention and doesn’t need to be overthought. Personalization happens in everyday customer communication, within interactions with customer support agents and can be as simple as using the individual’s name or asking tailored questions.
What you track and measure, you can improve. When it comes to customer retention, you need to track, measure, and regularly review the key performance indicators that reflect the customer experience your customers are receiving.
For example, these may include:
- Customer satisfaction (CSAT) scores
- Total conversations per agent – How many people are your agents connecting with per day?
- Response time – How quickly are inquiries being addressed?
- Churn & Retention rates – How many customers stop or continue working with you?
- Customer Lifetime Value – How much is a customer worth to your business throughout the entirety of your relationship?
- Customer Effort Score – How much a customer has to do to gain resolution to their inquiry/complete a transaction with your organization.
- Net Promoter Score (NPS)
Ultimately, you won’t truly know how effectively you’re meeting your customers’ needs until you ask them. Customer satisfaction surveys are an excellent way to gain this valuable customer intelligence.
Knowing these strategies is the first step; it’s applied knowledge that is most powerful. They must be implemented, practiced, and the results routinely studied to maximize results.
It’s a lot, we know. We also know you don’t have to do it alone.
If you’d like to see how your company could utilize these customer retention strategies, we invite you to get in touch.
Use this form to book a call or you can reach us directly at 1-800-397-3515. If you prefer email, you can contact us at firstname.lastname@example.org.
You also can learn more about customer experience programs by reading the following: