5 Non-Invasive Ways to Succeed at Customer Retention

Customer retention is easier than finding new customers. October 21, 2019 6 min read Opinions expressed by Entrepreneur contributors are their own. You want your customers to keep coming back for more. And for good reason! A 5 percent increase in customer retention typically results in 25 percent more business profit, according to research by Bain & Company. Existing customers are easier to keep, they buy more often, and they already trust your brand. But how can you consistently stay at the forefront of your customer’s minds without annoying them? Won’t it get old, after all, if you send the same email over and over again to your audience? How can you keep your customers engaged without making them enraged?  To help, here are five non-invasive tactics that other successful businesses use to keep their customers coming back for more. Feel free to steal these strategies and make them your own.   Related: This $10 […]

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Loyalty Matters: How to Build a Customer Retention Plan That Really Works

Most people follow a three-strike rule when it comes to company patronage. Only about 33% of customers will drop you if you give them bad service once. Excellent news, right? Verily. We’re living in an age of excellent customer service. More than 80% of Americans report that businesses are meeting or even exceeding expectations in customer service. But is 80% enough? Would 80% be enough for you to trust your doctor-recommended birth control? Even that 99.9% success rate birth control sometimes fails. How do you beat the numbers? Customer retention programs, that’s how. Below you’ll find some of the best advice on the net on how to keep them coming back for more. 1. It Begins With Customer Service While customer service historically hurts rather than helps customer retention efforts, it’s still a hole you must plug. You might not gain customer loyalty, but you’ll be less likely to lose […]

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Signs a Customer Is About to Leave — and How to Prevent It

Churn proof your business by paying attention early. January 29, 2019 5 min read Opinions expressed by Entrepreneur contributors are their own. It’s disheartening to see a hard-won customer cancel their contract. Beyond being disheartening, churn can be an existential threat, especially for software as a service (SaaS) companies. The difference between positive and negative churn can mark the difference between successfully growing your business or struggling to stay afloat. With churn, like most things in life, an ounce of prevention is worth more than a pound of cure. Paying attention to the right leading indicators and acting decisively can make all the difference. Related: Listen to Your Customer: Turn to Data to Discover Their Truth Pay attention to early symptoms. While churn typically manifests itself when a customer’s software contract is up for renewal, the seeds are sown much earlier, and the symptoms start manifesting themselves as early as […]

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3 Essentials for Building a Loyal Customer Base

Contrary to popular belief, brand loyalty is alive and well — but you do have to earn it first. January 20, 2019 5 min read Opinions expressed by Entrepreneur contributors are their own. With consumers having the ability to research, compare and purchase products and services on the fly, it’s easy to believe that brand loyalty is an ancient concept. Yet according to a recent survey of consumers, more than 90 percent of them consider themselves highly loyal to their preferred brands. Not surprisingly, the quality of products and services was the leading factor in that loyalty. Consumers won’t repeatedly purchase products or rely on services from a company that keeps letting them down. Good deals and customer service also contributed, but consumers’ level of interaction with a brand outside of sales also weighs heavily in their loyalty. In the survey, 80 percent of consumers considered themselves loyal after just […]

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