How do you retain customers?

Customer retention is the golden nuggets for businesses, willing to sustain themselves in the long run. This is the mantra for every business especially for people in B2B sales. Retaining customers comes with a lot of benefits. It is a known fact that it costs businesses up to five times less than getting new clients. In the world of B2B, the cost of contracts are much larger in size compared to that of B2C.

The result of customer acquisition is much more clear when customer retention is achieved. If acquiring customers demands 100% efforts, then retaining them would demand 200%. But that doesn’t deem the value of customer acquisition any less. It is a well-known fact that highly satisfied customers are going to turn brand evangelists. In this scenario, a report published by the New York Times has discovered that 65% of new business is acquired through customer referrals. Hence in the world of B2B, companies are known to allot more space to marketing resources when dealing with lead generation and customer acquisition.

Here are the top 5 techniques employed to improve customer retention:

• Keep the interaction on 

When a lead gets converted into your customer, keep updating them about the offers, new products, business milestones and much more. Let them know that they are a part of your business in a sincere manner. This way, they will be aware that you need them. Remember, the more you communicate, higher the chances of customer retention.

• Offering points and rewards 

Similar to discounts, points and rewards are found to be straightforward. This strategy will prove successful for companies sticking on to the higher level of customer retention requirements. With reference to branding awareness, the rewards and points will vary. There could be choices such as branded merchandise, add-ons and product discounts.

• Respond to customer queries and complaints on time 

Negative feedbacks and comments are commonplace in businesses. Sometimes, it becomes frequent. The company has to focus on improving the quality of the products available in the market. But apart from that, it is very much vital that they respond to the impending complaints and queries without any delay. This will gain back the brand trustability.

• Exclusive product access 

B2B companies should be able to provide customers with exclusive access to any newly released products, the BETA version of the upcoming product and special services. They could also offer promos and coupons to enable better customer experience. This particular strategy is quite effective in terms of enterprise B2B for customers who need to retain their customers without fail.

• Customer tiers 

This is a low-cost way by which companies delight their customers by segregating the customers based on their contract size and value. Rewards and coupons are offered to the companies on this basis. the customers' would require to pass some level of service. 

• Leverage CRM Software 

Enabling CRM Software will ensure that you handle all your client activities properly without any hurdles. Be it client meeting or email campaigns, you have the best solution in hand if you enable CRM Software. A CRM Software will also ensure that the communication is ongoing with the leads. It is the silver bullet for businesses willing to convert the leads into customers.

Retaining customers is a must for long-run of the company. It is what sets them apart from their competitors and offers them a strong seat in the market. Enable effitrac CRM Software to retain your customers.