Bringing new customers in is very difficult but loosing old one is very easy that’s why customer retention is very crucial and necessary for businesses in long run. Always remember these three magic words you’ll never lose your customers again “Customer Lifetime Value” (CLV).
Customer Lifetime Value
Customer lifetime value (CLV) defines the total amount (in dollar) that a customer is investing in your business, taking into account their purchases from the very first day they purchase from you until their last business deal with your business.
Customer Lifetime Value is an extremely influential metric, and here’s why any minute increases in CLV can lead to vast profits in overall returns.
Below are the some customer retention strategies (Kundenbindungsstrategie) that will help you to retain your customers, you can start using them right away to grow your business.
No matter what, keep your customers happy always- If you’re not sure whether your customer is happy or not, you need to keep a track of customer satisfaction. There are many customers who won’t tell you directly about your services. In-fact unhappy customers who complaints about the product or service out of which some of them won’t say anything, they just leave silently. To solve this best thing you can do is send them mails and enquire about your services, send them customer appreciation gifts etc.
Use those words they love to hear- Not all words are shaped equally. There are words like free, new and instantly that encourage them to buy more than others. When customers hear these words, and the promises they entail are backed up, they will enjoy their buying more than they would have otherwise.
Don’t just sell them anything, educate them, tell them more about your product- Big successful entrepreneurs said that sales is often more valuable when you have a good relationship with your customer, and when you have already provided value. When customer buys anything the first thing they wanted to know is how a product can help them to achieve better results than the rest of the products. When you teach them, tell them more about the product or service they feel connected to it.
Try to remove or lessen customer efforts- In today’s scenario no one has the time to spend hours for buying anything online or offline they wanted everything in just 1 click. By making their life easier they’ll have a great reason to stick around. If you’re having any software product or any app, sign-up process should be as simple and smooth as possible with proper guidelines. Same goes with other products or services.
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