Corporations are struggling in an uncertain business landscape thanks to the disruptions caused by the pandemic.
Customer retention has emerged as a new challenge, as people adapt to new ways of living, again, thanks to the pandemic.
Here’re five customer retention strategies that can catapult your efforts into success:
Top Five Future-Proof Customer Retention Strategies
As per research, the cost of getting a new customer is an estimated 5-10x more than keeping an old one. So here’s how to go about it.
1. Products, Services Should Speak for Themselves
When your products and services are of superior quality, they advertise for themselves.
People often share their experiences with products and services among themselves.
On the other hand, good services encourage people to recommend the company’s product to peers, but inadequate services may lead to defamatory reviews.
2. Surprises and Lucrative Offers
It’s impossible to find a person who doesn’t like surprises, and brands can leverage this to retain customers.
These surprises and offers can be in the form of cashback, offer coupons, freebies, or a special offer on the customer’s birthday, etc.
Always remember, a valued customer is a loyal customer.
3. Invest Time in What Won’t Change Over Time
Let’s take the example of Amazon, they focus on fast deliveries and easy returns, and no time will come when people will complain about rapid deliveries or easy returns.
Having such a service is a win-win strategy for Customer Retention. Hence, invest in perfecting time-resistant aspects of your business.
4. Subscription with Benefits
There is a considerable demand for subscription methods, and people will subscribe if a company provides excellent value for investment.
Take, for instance, Amazon and its Prime Membership. Customers subscribe to such memberships, and in return, receive benefits like free deliveries, better shopping experience, among others.
5. Fast Customer Service System
Customers’ perception of a company is based on the quality of post-sales service provided and how it handles complaints. In that case, AI Chatbots are a boon to companies.
In addition to speeding up customer service, they also reduce company personnel costs. Reducing company personnel reduces operating costs.
Therefore, businesses can choose to automate their customer service using conversational AI that can dramatically reduce efforts and costs for customer service while boosting ROI.
A One-Time Investment
Insync can help you with world-class Customer Service Automation. Our state-of-art conversational AI is deployable across tech stacks.
Our conversational AI chatbots can resolve up to 75% of all customer issues, reduce over 35% of support cost and give up to 6X ROI.
Currently, we are providing services to big brands like Disney, Verizon, Berkshire Hathaway, and many more. You could be one of them. Contact us today.