You put a lot of time, money, and effort into winning your customers.
But a lot of business owners don't have any systems in place to help keep them.
The last thing you want is to put in all this effort just for 10, 20, or 30% of your customers to leave you just when you've got them in the door.
Achieving high retention rates is not merely a goal; it's a powerful strategy that creates long-term success and leads to significant growth and power.
There are lots of things you can do to increase customer retention however, here's a list of the 3 simple things you can put in place very quickly that will provide 80% of the results:
1. Leverage Exit Interviews for Actionable Insights
Think of your product or service as a bucket with holes. Every departing customer leaves for a specific reason. Each reason is a hole that many other customers will leave by.
When someone asks for a refund or cancels their subscription, make a point of you or someone on your team reaching out and finding out why.
Tell them you're trying to make your product the best it can possibly be and consider offering them a reward or bonuses for answering a few questions.
More often than not, the information they give you will be incredibly valuable to you and will help you take your product to the next level. You may even find customers are more than willing to return once a hole is filled.
2. Track Customer Activity to Anticipate Churn
If you track your customer's activity from logins to your members area to opening your emails, you will start to see patterns that lead to a customer churning.
Having this information allows you to spot potential churn before it happens. You'll be able to identify warning signs like inactivity or frequent issues and be able to intervene swiftly.
That's not all, by understanding your customers' journey, you can tailor your interactions and content to meet their specific needs, turning potential exits into opportunities for reinforcement and growth.
3. Implement Bonus Milestone Rewards
Who doesn't love gifts and rewards? By setting up bonus milestones you will tap into the rewarding elements of behavioral psychology and gamification. This is utilized by some of the most successful businesses on the planet, so you should be doing it too.
Imagine the delight on a customer's face when they receive a surprise discount on their subscription anniversary, or a free bonus after being a member for a certain amount of time.
These rewards build a powerful emotional connection, reinforcing positive behavior and fostering deep-rooted loyalty.
If you implement these 3 your customer retention will not only be incredibly high but your product or service will stand out amongst the rest and attract customers 24/7.
Obviously, these 3 assume you already have a working continuity/membership program…
If you want to learn some secrets on how to
Check out Russell's free book 'The Linchpin'. It shares the techniques we are currently using to add over 1,000 people per day to our continuity programs and keeping them happy!
Have a free copy shipped to you here → Free Linchpin Book
If you want to create an incredibly powerful membership or continuity program, this is for you.
You can also find out more via this video below (Russell also shares a few secrets):
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