How to stop losing customers and win new ones
Have you ever asked yourself why your customers run away from your business and don’t come back? You are probably on the verge of shutting your business down.
I encourage you to take a leap of faith and, don’t! Of course, not everyone that leaves means you don’t serve well or have a bad product or service.
People have various reasons not to stay or stay, however, it’s important to realize why others leave after they just interacted with your business for some time.
According to Harvard Business Review, ‘it is from 5 to 25 times more expensive to acquire a new customer than it is to keep a current one’. Isn’t this statement stating the obvious if you keep customers there is a high chance of increasing profits by more than 25 per cent? This also shows retention and acquisition are inseparable to the success of your business.
The online world offers the opportunity to analyze and report on customer behavior, especially if you have a blog, social media or website that they interact with. Stay with me to find out more on how to stop losing more customers and bring back those who already left.
Is your business still relevant in the minds of customers? Let’s face it, no one can buy anything if it doesn’t meet their needs.
Take a look at your business to see if customers have stopped using it or your business solution has an alternative. If it’s the latter then learning from your competitors can help you reposition your business strategically.
For instance, since customers are actively found on the web nowadays, competitors might have invested in Google search or display to create more awareness. Are you also doing the same? Are you doing it right? Do you have the required talent or skill to do so?
How you treat your customers will determine whether they stay or not. Consumers are not only concerned about your prices while accessing your products/services but also ideals or values your business stands for.
The superiority of your business doesn’t necessarily matter in the 21st century.
You need to connect with them emotionally. It will help you build successful business and personal relationships with them. Moreover, you need to let them into your organization by often educating them about the business. People might just continue to buy from you even when prices keep rising.
Ease customer’s purchasing journey, don’t let them get lost in between. In today’s world, businesses that interact with their customers across multiple channels both – online and offline have a high chance to succeed than those that don’t.
Experts (Aberdeen Group) suggest that ‘companies with the strongest omnichannel customer engagement strategies retain an average of 89 per cent of their customers, as compared to 33 per cent for companies with weak omnichannel strategies’.
Therefore, consistency in customer communication and satisfaction across devices and platforms are key to win new customers and bring back those that left.
Sometimes all you have to do is do more or go beyond their expectation. I am pretty sure most people love surprises. So why don’t you create suspense and excitement the next time customers interact with you.
Use Google analytics to see how many people didn’t check out on an item at your online shop. Later, you can decide to put an incentive (i.e. discount coupon for new shoppers, etc.) to make that purchase happen.
You have now half way from bringing new customers to you, all that is required from you is first understanding your customers. Afterward, subtle investment techniques are required to personalize their experience.
