Each week I read many customer service and customer experience articles from various resources. Here are my top five picks from last week. I have added my comment about each article and would like to hear what you think too. 10 Ways To Keep Your Existing Customers Around for the Long-Term by ASBN Newsroom (Atlanta […]
Each week I read many customer service and customer experience articles from various resources. Here are my top five picks from last week. I have added my comment about each article and would like to hear what you think too.
(Atlanta Small Business Network) The biggest marketing cost most small businesses face is that of acquiring new customers. Few business owners, however, pay anywhere near as much attention to customer retention, even though keeping an existing customer for longer is a far easier way to grow revenue.
My Comment: This week, customer loyalty seemed to be the big topic. I read numerous articles on the topic, so I decided to make customer loyalty the theme. So, our first article includes a list of ideas to get your customers to come back again and again.
(Retail Customer Experience) Top brands know that providing a great in-store experience is key when it comes to brick-and-mortar success. Not only does offering great customer service, product demonstrations, in-store events, and more attract new customers and keep them coming back. Customers desire great in-store experiences, as 92% said they missed shopping in a store during the pandemic.
My Comment: Loyalty and repeat business belong together. Getting a customer to come back moves them closer to being a loyal customer, not just a repeat customer. So, how do you get customers to come back? Give them memorable experiences. It’s the memory of the last interaction that gets the customer excited to come back. The author has featured eleven brands, including Apple, Nike, Target, and others, sharing what they do to create memories that get the customer to say, “I’ll be back!”
(Advertising Specialty Institute) The ability to attract customers is what makes or breaks a business. Consumers want to buy from companies that surpass their competitors when it comes to quality, price, dependability and morale. Businesses that can fulfill those desires are ones that clients will return to time and time again.
My Comment: Here are six more ways to create coveted customer loyalty. Pay extra close attention to number six, which is to “Scope out the competition.” You need to always know what competition is up to. They can potentially eat away at your market share. What are they doing that you’re not? Is it something you should be doing? If so, try not to just copy them. Modify it and make it your own, if possible.
(Forbes) It often takes five to 20 times the amount of resources for businesses to obtain a new customer than to retain an existing one. Despite this, customer retention strategies often get ignored in favor of plans geared solely towards brand-new shoppers. While casting a wide net works well for fishing, one-time clients will not keep a company from treading water. With that in mind, this article shares 14 must-know customer retention strategies that will work in 2022.
My Comment: And here are eleven more ideas to foster customer loyalty. I like number 14 on the list, which is to become difficult to replace. If you can find something that others don’t do or that you do better, you will be in an envious position. Remember that even if you do something better or have a better product, you still need to deliver a good customer experience. If customers don’t get that experience, even with a great product, they could start looking to do business with someone else.
(TechFunnel) Investing in customer retention and loyalty rather than acquiring new ones is a proven business strategy. Customers can be retained for 7 times less money than new ones, according to a well-known statistic from Bain and Company. Additionally, companies that increased their spending on customer retention over the past 1 to 3 years achieved a 200 percent higher probability of increasing their market share!
My Comment: We close out this week with an article that claims to be “A Definitive Guide.” While a two or three-page article might not truly be considered definitive on a topic that entire books have been written about, there are plenty of good ideas and reminders. In addition, there are some suggested tech tools to support your loyalty initiative. I would expect nothing less from a blog tidied “Tech Funnel.”
Shep Hyken is a customer service/CX expert, award-winning keynote speaker, and New York Times bestselling author. Learn more about Shep’s customer service and customer experience keynote speeches and his customer service training workshops at www.Hyken.com. Connect with Shep on LinkedIn.
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