• Home
  • About Us
  • Services
  • Our Work
  • Testimonials
  • Fresh Ideas
  • Contact Us

Call us ! +91-9560923881

hello@insperme.com
Insperme ConsultingInsperme Consulting
Insperme ConsultingInsperme Consulting
  • Home
  • About Us
  • Services
  • Our Work
  • Testimonials
  • Fresh Ideas
  • Contact Us

How to maximize Customer Retention?

Home Customer Relationship ManagementHow to maximize Customer Retention?
How to maximize customer retention

How to maximize Customer Retention?

In our last blog, we talked about Customer Lifetime Value (CLTV). One of the key ingredients of growing your CLTV is having a planned Customer Retention Program (CRP). CRP is an initiative designed to increase customer value and encourage them to re-purchase your product or service.  It is also designed to increase the profitability of each existing customer. It is important to remember that customer retention begins with the first contact a customer has with a company and continues throughout the entire lifetime of the relationship.

Why is Customer Retention Management important?

The easiest & most predictable source of revenue for a brand comes from the existing customers who already know your company and the services you provide.

Here are 5 key points why Customer Retention Management is so important for your business:

1.   Better conversion rates

Your existing & loyal customers know your product or service & they will purchase from you again if you have not disappointed them. Your trust in them and vice versa makes it easier to identify their needs & predict their movies.

2.   Less marketing

As you are selling to your existing customers, you will spend less time and effort in finding creative marketing ideas. Building a long-term business relationship with a new customer can cost 16 times more than to maintain an existing customer.

3.   Room for improvement

If you have a good customer feedback service then you have an opportunity to improve your offering and overall performance. Just ask, listen & improve.

4.   Higher Profits

Selling to existing customers is less focused on price, as opposed to selling to new customers. And since your existing customers trust you already, it gets easier to convince them to become interested in even more of your products or services through up selling and cross-selling.

5.   Lower costs

Pitching out to existing customers will save you a lot of money. According to studies, attracting new customers costs 6-7 times more than keeping and existing customers.

Now that we know why Customer Retention is so important, let us now focus on how to have a strategic approach to increase it.

Today, customers demand competitive pricing, value for money and, above all, high-quality service. They are more prepared than ever to switch providers when they don’t get what they want and, thanks to social media, individual switching decisions can have rapid and widespread consequences.

Customer churn is a growing problem for companies in all industries. For example, in the telecom industry two out three customers have changed service providers in the last three years. While the rate of switching varies by industry, customer churn is clearly a cause for concern because the cost of acquisition is always significantly higher than the cost of retention.

Here are a few techniques on how to increase your Customer Retention:

•    Set customer expectations

You should set customer expectations early and a little lower than you can usually provide to eliminate uncertainty about the level of your service and ensure that you always deliver on your promises.

•    Reward customer loyalty

Consumers may have too many options to choose from, and they can sometimes suffer from choice paralysis. If you don’t want your customer to have choice paralysis, provide them with an incentive as a customer loyalty reward to buy from you again.

•    Use social media to build a relationship

Use social media platforms like LinkedIn, Twitter, Instagram, and Facebook to connect & communicate with customers and give them a space for sharing experiences with your company.

•    Build trust through your relationship

Build relationships with customers in a way that fosters trust. You can build this via shared values and fostering customer relationships.

•    Thank your customers

Taking time out to say thank you to your customers outside of an email campaign or a customer purchase, goes a long way towards building a brand that’s loveable and memorable. Saying thank you is a simple customer retention technique, which is a very effective one that distinguishes faceless websites from beloved brands.

Hope you loved this small but informative piece on why Customer Retention is so important & how to increase it. If you need assistance in this, reach us at Insperme Consulting and follow us for more updates on Branding & Marketing on our SME Knowledge Series.

Tags: advertisingblogbrandbrand leadershipbrandingbrochurescustomer lifetime valuecustomer relationshipcustomer retentioncustomersdesignecommercelead generationleadershipprofitsquality servicesuccesstarget customer
Share
0

You also might be interested in

How To Write The Perfect Business Blog Post

How To Write The Perfect Business Blog Post

Sep 26, 2016

In today’s content driven business environment, having a business blog[...]

marketing vs branding
Credits: Kissmetrics

Where Marketing Ends, Branding Begins

Nov 30, 2016

So you’ve got a business and you’re ready to push[...]

How to Create Your Personal Brand?

How to Create Your Personal Brand?

May 5, 2018

“A brand is a reason to choose.” People buy products[...]

Fresh Ideas

  • Marketing Trends 2023
  • The Future with Gen Z
  • Why Consistency is Key to Building a Strong Brand
  • 5 Digital Marketing Trends to Watch in 2023
  • Navigating the Digital Landscape: From e-Commerce to L-Commerce

Client Speak

  • During May 2020 Lockdown, we engaged Insperme and Mr Manoj Chandra for branding of Basics Architects including designing of our new website over numerous zoom sessions. For Mr Chandra, no assignment is big or small, it is an opportunity to create something and make a change. It is this thought process along with his  clear vision, a strong work ethic and an uncompromising attitude, that has made our collaboration with Mr Chandra something to be proud of. He will drive you till you find your peak, to deliver a product that every client is proud of. Thank you Manoj ji, for everything. Deepest thanks, more power to your business and will never hesitate to recommend you at every opportunity.

    Vinod Singhi & Ranju Singhi

    Vinod Singhi
    Managing Partner, BASICS Architects
  • Insperme has really helped us reinvent ourselves and transform from a product & production driven organisation to a sales driven organisation. Their team works like our extended arm. It is difficult to find someone like Manoj who is able think like and be your chief strategist and chief marketing officer with changes which not only have immediate benefits, but aligned to a long term strategy.

    Sameer Agarwal
    Managing Director, G.K. Winding Wires Limited
  • “I have been consulting Manoj for quite sometime now. I have found him to be extremely pragmatic and practical in his thought process. One quality that I found unique, was his capabilities to customise his advice and strategy to the scale of operations, stage and the nature of business that is seeking his guidance. His ability to quickly understand your business and challenges ensures that one can relate to his professional advice and actually implement those. I would strongly recommend his workshop and make use of the one on one session with him.”

    Siddharth Gupta
    Director, Bigg Pocket
  • “It’s rare that you come across standout talent like Manoj Chandra. He is an impressive speaker and a worthy leader, who is always committed to his profession. Along with his undeniable talent, Manoj has always been an absolute joy to work with. He is an impressive problem solver who is always able to address complex issues with strategy and confidence. I have personally benefited from his creative problem-solving, tireless work ethic, and willingness to do whatever it takes to create a difference amongst every stake holder he deals with.”

    Premdas Maheshwari
    Vice President, Amity University (Online)
  • “Manoj brought a fresh perspective to our business, his guidance and mentorship in devising our brand strategy, planning and directions have helped us grow 300% in one year.”

    Puneet Chandra
    Co-Founder, Skootr Global Private Limited
  • “Manoj is one of the best marketing professionals I know. What I feel is unique about him is his understanding of both traditional and modern digital marketing methods and channels. He has adopted technology like a 25 year old and thus is able to bring a balanced marketing mix on board.”

    Vivek Kumar
    Founder, Venture Garage
  • “Manoj is a remarkable 360 degree Marketing Consultant. he is a top notch professional and amongst the hardest working, most creative and innovative person. He knows his stuff, inside and out and has consistently delivered amazing results for us. I highly recommend his services.”

    Rajender Singh
    Founder, Credible Investment Solutions
  • “Outstanding Experience. Really valuable & practical advice. Manoj is a real marketing guru and his suggestions have really helped us grow our business.”

    Mohit Miglani
    Founder & CEO, TripOffbeat.com
  • “Manoj has helped us build our strategy for branding, marketing, sales, lead development, and using best technology to create our web presence. The knowledge and vision he brought on table was outstanding. I will undoubtedly recommend Manoj for any branding or marketing assignment, he is undeniably the best at what he does.”

    Atindeep Paliwal
    Managing Director, Zouten Pharma
Advertisment

Tag Cloud

advertising audience blog brand Brand Growth branding brand leadership Brand Marketing Brand Solution business business strategy Consulting consumers corporate communication customer relationship customers design digital digital marketing ecommerce entrepreneurship facebook human resources Identity influencer marketing infuencer marketing Insperme instagram leadership lead generation linkedin manoj chandra marketing Marketing Strategy marketplace product product management profits social media startup startups Strategies strategy success target customer

Find us on

Interested to get Results and be more successful. Avail our FREE Consultation.
Logo
Brand & Marketing Consulting Services

We help you GROW faster.
Get started today.

Contact Us

  • Insperme Consulting
  • 306-307, 3rd Floor, SS Plaza, Vikas Marg, Block A, Sector 47, Gurgaon 122018 Haryana India
  • +91-9560923881
  • hello@insperme.com
  • https://www.insperme.com

COMMUNITY

Fresh Ideas

  • Marketing Trends 2023
  • The Future with Gen Z
  • Why Consistency is Key to Building a Strong Brand
  • 5 Digital Marketing Trends to Watch in 2023
  • Navigating the Digital Landscape: From e-Commerce to L-Commerce
  • How society adopts to new technology such as ChatGPT?

Registered With

Logo

© 2023 — Insperme Consulting. All Rights Reserved.

  • Home
  • About Us
  • Services
  • Our Work
  • Testimonials
  • Fresh Ideas
  • Contact Us
Job Application Form