It can be rewarding to develop a solid client base, but it takes work to keep customers coming back to your business, especially when they have other options. Instead of taking a back seat and hoping that people like you enough to return, you might want to implement a strategy. Doing so can give you peace of mind, knowing you have a plan in the works to maintain your customer retention rate.
Building brand and customer loyalty
BusinessInsider.com reports that in today's market, customers have a short attention span and word can spread fast when it comes to a company's reputation. That being said, building customer and brand loyalty can go a long way. It will encourage consumers to see past the little slip-ups and keep coming back for more, giving your beading company a second chance.
Customer loyalty programs
One tactic that many entrepreneurs use to keep consumers coming back, is customer loyalty programs. This can be anything from store credit to coupons. BusinessInsider.com notes that there are two types of loyalty--paid and earned.
Earned credit is typically defined as when customers become hooked on the shopping experience and appreciate what the company is doing to provide them with satisfaction.
Paid loyalty can be defined as actual store credit or money that can be used to do further business with a company. One example of this is frequent flier miles that airlines offer to customers who fly with their company often. Incentive-based programs can keep consumers coming back to reap the benefits over time.
Allowing customers to be social
Every shopper likes to be able to read a testimonial or review prior to making a purchase for peace of mind. In order to give your customers this option and improve your retention rate, you might want to think about keeping the lines of communication open.
This means allowing customers to be advocates and giving them the option to write reviews, whether it be on your social networking profiles or store website. Sharing stories can make your company seem more personal and likeable.
Consistently show your appreciation
SmallBizDaily.com reports that one way to make sure your customers are always happy and willing to return, is to regularly show your appreciation for their business. This means responding to calls immediately and making customer service a priority within your beading company. Doing so can show your clients that you truly care. Even making sure that your employees have a smile on their faces when completing a transaction can go a long way.
As you begin to develop a profit and improve your overall sales rate, you will likely have a bit of room in your budget to splurge--on your customers, of course. SmallBizDaily.com recommends offering gifts to your loyal patrons once in a while in the form of a discount or a free item after spending a certain amount on a purchase. Although you might initially think that this will result in a loss of funds, try to keep in mind that you will be improving your customer retention rate. This means more money and sales in the future.
Keep track of your customers
A way to show your appreciation and add a personal touch to your customer services is to try to remember everyone's name, according to BusinessNewsDaily.com. Tracking your clients and remembering small details can go a long way when it comes to making them feel right at home when it comes to your beading company.
Continue to expand your goods and services
The Missouri Small Business and Technology Development Centers states that one way to continue to keep customers coming back to you is to offer more goods and services later down the line. Innovation is key when it comes to maintaining an edge on competitors and improving your client retention rate. For instance, you might start out simply selling just beads, but choose to offer other jewelry-making supplies as well in the future to provide variety.
Although it will require a full effort to keep your customers coming back for more, doing so can yield positive results. Additional profit and a positive reputation are just some of the benefits that come with making an effort to improve customer service to your clients.
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