The Modern Science Of Customer Retention

The Modern Science Of Customer Retention

There’s so much fierce competition these days that just holding onto your supposedly loyal customers is a challenge in itself. More than that though, it’s being able to keep all kinds of customers that have shopped with you on board for extended periods of time, is the real uphill struggle. You have probably heard the term customer retention. It’s the ability to or the concept that focuses on making sure whatever interaction you have with your customers, you make it so that you hold onto them. They then may become future buyers again, and continue to see your brand in a good light. If only all businesses knew how to keep their customers, then there wouldn’t be a need for complex studies of what this concept is. However there have been extensive looks at how businesses can improve customer retention and even, do it so well that consumer retention becomes a reality.

The intellectual bridge

The understanding of customers is incredibly important. Not just what they like but why. In fact the why is more vital than the what, because that’s where everything else begins. Why do your customers like a certain product of yours? There must be a couple or a few solid main running reasons why they choose your products or services before anyone else. Could it be that you are just in their price range? It could be that you have an intricate feature that no one else has; this is something that Apple has dedicated it’s entire brand to. Could it be that you have cultivated an ecosystem whereby all your products and services have an amalgamation effect, where all of them can be accessed in one place? Crossing this intellectual bridge is done at a snail’s pace, but once you have the golden answer to why, you are set for life.

Personalization in all forms

Why should your customers not leave you right now, what is the best thing you can offer them with regards to interacting and using your business? Making what you give them, theirs is the best way to hold onto their business. Personalization in all forms must be looked at and implemented in your business. For example, Netverify by Jumio can make your business better by allowing customers to access their data, their accounts and more by facial recognition. Using their phones they just take a selfie and by complex software studying the facial features, they are immediately transported to their account. Here they can continue to utilize your products and services as they wish. Those days of typing up an email every time you want access to things you have already bought or signed up to, are dead and gone; thank god.

Customer retention can be summarised in just a couple or a few points. In order to keep your customers on board for longer, give them a way to personalize your products and services. This way they feel connected to your business but still feel like an individual and not just another number. Understand the specific reasons for why they use your business and not just how or what for.

Claire x

 

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