What Thryv’s Chief Customer Officer Can Tell You About Customer RetentionSandeep Babu
When you start your solo business, your first priority is to increase profitability. And customer retention helps you do that. What’s more, loyal customers also get you more word of mouth referrals. Interested in exploring proven strategies for customer retention?
Let’s dive into:
Strategies for Customer Retention
Grant Freeman oversees the software sales teams & client experience team besides retention & monetization of Thryv’s software clients.
He has suggested the following customer retention strategy for solopreneurs.
1-Take Care of Customers’ Expectations
Customers will come back to you again only if they get complete satisfaction from your products or services. And they will not only purchase again but also spend more after a good experience.
According to research from Harvard Business Review, customers having a positive experience are likely to spend 140% more than customers who had poor experience in the past.
Grant Freeman also pointed out,
It is a consumer-driven marketplace. And customers have choices.
If they’re not happy, they will not come again. So it is imperative that you take care of your customers’ expectations to retain them.
Here are key things customers expect from a business:
- Quality customer service
- Fast resolution time for complaints
- Omni-channel presence
How can you know your customers’ expectations?
Conducting online surveys, talking to your customers, keeping tabs on social media, reading reviews and testimonials are a few ways that can help you understand what your customers want.
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2- Implement Automation
You have to wear multiple hats in order to succeed as a solopreneur. You have to work as a marketer, accountant, customer support executive, and whatnot.
If you try to accomplish all the tasks manually all by yourself, you will not have enough energy and time left to find ways to better serve your customers. So you should implement automation to free up your time.
Grant Freeman believes solopreneurs must have some help to carry out a few tasks.
You have to find systems and processes that allow something to act as if it is a secretary or a team.
Here are a few tasks that you can easily automate:
- Accounting, invoicing, and taxes
- Social media management
- Data backup
- Email marketing
So make a list of tasks you can automate and start doing it.
3- Get Reviews
Having positive reviews and promoting them is one the best customer retention strategies for solopreneurs. Why?
Online reviews work as an extension to word of mouth publicity, so they build trust.
You can use reviews to retain customers in the following ways:
- Leverage positive reviews to increase customer engagement and increase buy in
- Use negative reviews to figure out pain points of customers and improve your offerings to better serve them
- Engage with customers to keep them onboard them while you implement changes driven by their reviews
When it comes to collecting reviews, solopreneurs should automate the process and make sure the review writing process is simple for customers.
Grant Freeman suggests,
You have to have a system that automatically sends your customers an email or a text when they are one click away. It’s all about simplicity.
4- Keep Your Customers Happy
It is costly to acquire new customers. So you should get the most out of every marketing dollar you spend.
As rightly pointed out by Grant Freeman,
Get the highest yield from the dollar that you invest in order to win customers from Google, Facebook, or wherever you pay to market and advertise yourself. You cannot serve them just once.
Customer retention is all about making your customers happy.
Here are some quick ways to make your existing customers happy:
- Make them feel important
- Give undivided attention to customers when they interacting with you
- Always ask customers what they want
- Never waste your customers’ time
- Reward loyal customers
Last but not the least, never take your customers for granted.
Customer retention is always cheaper than customer acquisition. Follow these customer retention strategies for your solo business to succeed.
*Quotes in the post have been edited for better clarity.
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