There is always need to focus on how to stop losing customers by retaining existing Customers than attracting new customers and losing them over again.
Apart from existing customers already have trust with your brand, which relieve the stress of persuading them before they buy, there is still more reason why you must not lose them .
As you are here to learn how to stop losing customer, It shows that you value your customers and knows the impact of customers in the growth of your business.
First of all will we like you to also understand why Customers Stop Buying which literally result to losing them to your Competitors.
That will make you to know the problem, then to find solutions to fix it won’t be difficult.
Attracting new customers takes much time and extra money, they are also likely to spend less compared to existing customers which have a probability of making repeat purchases on daily, weekly or monthly Basis.
Let discuss briefly on “ what is Customer Retention and “ What is the Importance of Customers Retention? “ the process of you looking for ways on how to stop losing customers is also to give a result of retaining your customers.
Table Of Contents
What is Customer Retention?
Customers retention is the brand ability in creating a channel to maintain new and existing customers to become repeated buying customers.
What is the Importance of Customer Retention
- Win – Over Competitor: Customers Retention helps in winning over competition effect in the market, the brand win by retaining it’s loyal customers from switching to other brand in the market, Non-regardless of the price difference of the products or service.
- Bring More Customers (Referrals): When a customer become a repeat customer which continues buying your products or services, It shows they are satisfied with the expectations they get from the brands and they we be loyal to the brand by referring the brand products or services to their friends, relatives and neighbors and also persuade them to choose your brand over other competitors in the market.
According to statistics reveals by “ Retail Active ” in 2008, it says “ Referrals among repeat Customers are 107% greater than non-customers.
People tend to change their mind and have trust when someone very close to them recommend a brand products or services to them, It make them feel more safe that they we definitely get the results they want,
Through that more new customers are introduce to the brand from existing Customers.
- Reduce Cost of Acquiring New Customers: This is one of the major advantages of customers retention, it will reduce or cut down cost of spending on promotional activities in getting new customers, According to the “ White House Officer of Consumer Affairs” Statistics released in 2013, it’s Says “ It cost six to seven times more to acquire a new customer than retain an existing one ”
- Increases Revenue / Profits Generated
According to Murphy & Murphy report “ Customers Profitability tends to increase over the life of a retained customer because they buy more as their trust increase
And 80% of the Company’s future profits come from just 20% of it’s existing customers.
In reference to Right Now report, it says “ 86% of retained customers will pay up to 25% more for a better customer experience.
This will increase the company revenue and profit generated by the business.
So after you’ve now know what customers retention mean and Importance of retaining Customers to grow your business.
Let Move Further to disclose Quick effective ways on How to stop losing Customers, So that they can be Retained
4 Effective Quick Step To Stop Losing Customer
I understand that you are already losing customers that why you need a quick effective way on how to stop losing customers so as to win them back and retained them as your customers.
Note: Ways to stop losing customers is different from ways of retaining customers, thou when you stop losing customers, it give chance to retained them.
But presently you are losing customers that ought to be retained and it important you stop it on time before your competitors win them.
1. Provide Excellence Customers Service
This is the type of service that build good quality long lasting customer and brand relationship.
According to Kmov4advertising .com says “ 93% of customers are likely to make repeat purchases with companies that offer excellent customer service.
Nikki Govanni says “Mistakes are a fact of life, It is the response to error that counts”.
Brand can make mistake in the products or services they provide which will disappoint customers.
they we like to reach out, to let you know the experience they get. but if you fail to provide a customer service, how we they reach you?, definitely you will lose them as your customers to your competitors who’s provide excellent customer service
Qualities of Excellence Customers Service
- Be reachable :- Provide contact medium
- Be a good communicator:- Respect the Customer, Be entertaining and Understanding.
- Respond Professionally to their Complaints.
2. Figure out why Customer Stop Buying
Through the excellence customer service you provide, you get the opportunity to track which customers you are losing daily, weekly and monthly.
After that you can now see why the customer stop buying, it can be figure out through Reviews and feedback dropped, it necessary you find out what the customer Complaints are.
Since they’re already an existing customer, they won’t just walk away without dropping their complaints to your customers service because they will assume it just a minor mistake.
3. Send Out Apology Statement to Customer
This will keep you from losing the customer, it will make the customer to know you’re responding to their complaint and not ignoring them.
The apology statement send out will make them feel their assumption that it was just a minor mistake to be true.
Don’t be quiet after seeing or reading their complaints, let your apology come first before correcting the mistake.
4. Fix The Why
After you’ve pass those three listed above steps, you’ve 75% safeguard the customer from leaving.
What it requires for you to do now is to fix the why that want to cause you to lose customers, If it the quality of the products that was reduced, add more to it.
Conduct research to know what went wrong with the service and what customer want then fix it up professionally.
All the ways we’ve listed on how to stop losing customers are quick way to stop and also to recover back lost customers.
Always keep in mind those ways : Provide Excellence Customer Service always. Figure out why customers stop Buying, send out apology statement and Fix the why.
Practice all of the above and you will not lose your ranking in the market and keep building a good customer – brand relationships
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