3 Unique Customer Retention Strategies

November 23rd, 2016

Attracting a new customer costs five times as much as retaining an existing customer. This statistic gets thrown around quite a bit, but at this point, only 40% of companies have an equal focus on acquisition and retention. It is important to get new customers in the door, but it may be even more important to keep them around.

Relationships with customers are always a two-way street. If they are not mutually beneficial for both parties, they can quickly fade away. That’s why it’s vital for companies to not just maintain these relationships, but to also help them grow and evolve. The three following strategies can be implemented to build relationships and help ensure that customers will stay with you.   

Capitalize on Complaints

Everyone likes to be complimented, but constructive criticism can be invaluable—not only for improving your business, but also for retaining disgruntled customers. In fact, if you resolve a complaint in the customer's favor, that customer will do business with you again 70% of the time.

With InMoment’s Resolve, customer concerns are flagged immediately and directed to the employee best suited to solve the issue. This allows businesses to not only rescue individual customers, but also understand root cause.

Surprise Your Customers

Whether it’s a kind email, small gift, or a simple act that goes above and beyond, surprise your customers in the best way possible.

A study from the Journal of Applied Social Psychology found that even a minor gesture could have a large effect. In a restaurant setting, when servers offered extra mints after the meal, they saw a 21% increase in their tips. If you go about exceeding expectations—even in the smallest way—you will stand out as a company that truly cares about its customers.   

Take Time to Really Understand Them

Make it a priority to gain a deeper understanding of who your customers are. InMoment’s text analytics and various feedback channels can give you a chance to see customers as real people rather than just numbers. And if you know who your customers are, you’ll know what they want.

“With InMoment, we have authentic, contemporaneous feedback from real members that allows us to understand their needs in real time and make changes quickly, often in less than 24 hours. We can also address longer-term trends and opportunities, all based on exactly what customers want and need from us.” — Ralph Cumbee, Senior Vice President and CXO at Solarity Credit Union.