There is a bulb glowing atop your head, which means that you got an excellent startup business idea. You’re planning to act on that idea and start your own business. However, this world is quite a challenging one to navigate. Unless you’re planning to open a gas station on the side of a highway where customers have to come whether they like it or not, you have to consider building a base of happy clients who won’t choose anyone else over you.
The best thing to do would be to start this discussion with a few reliable facts. According to the researchers[1] of Harvard Business School, if you can retain a measly 5% of your clients, then your profit rates can increase by up to 25%. Sometimes, business owners can also earn profits up to 95% with appropriate customer retention strategies.
Most marketers understand that it’s one thing to hook customers, but it’s another entirely different battle that you have to wage to retain them. Improving customer loyalty by looking for ways to keep them happy should be your priority. Otherwise, those customers that you worked hard to convert would vanish even before you realize what went wrong from your side.
If you want to find out how to keep your clients and customers happy to increase your retention rates, then you have to go through this write-up. Here you will find information backed by academic research and case studies.
Communication
No matter how good you are at what you do, if your clients and customers don’t pay enough attention to you, then you’ll never be able to retain them. Therefore, you should attempt to communicate properly with your customers.
- Take a stand: The fastest way to stop your customers from ignoring you is to stand for something, as understood by the designers of a Professional Invoice Maker App website. One study conducted by the Corporate Executive Board that included around 7000 consumers across the United States found that 64%[2] of them liked to engage with a brand that shared its values.
- Use positive social proof: Negative social proof can dissuade customers rather than encourage them to purchase from a specific brand. On the other hand, positive social proof can motivate clients. Building positive social proof can often be the most effective tactic to make your customers listen to you.
- Rely on your ego: When it comes to the Trend of Invoice Application, the designers of the best invoicing app can suppress their ego while competing against their business rivals. However, your ego becomes mandatory in running a business and retaining customers. Most people want things that resemble them in one way or another. It’s a cognitive bias that experts call “implicit egotism.” You have to keep it in mind while communicating with clients. If you want to attract them, then you have to identify your targeted clients and know everything about them, including their problems, aspirations, and objectives. Only then you can craft a brand message that appeals to them.
Selling
Your customers have to like the way you sell products and services. If it doesn’t happen, then they won’t buy anything from you ever again. Understandably, relying on the correct way to sell is integral to creating customer loyalty and keeping them happy.
- Find out what they love to hear: You know that all words aren’t equal, especially when it comes to persuasive words. A few of them encourage clients to buy more than others. Words like “free,” “instantly,” and “new” are extremely effective in attracting attention. When your clients hear these words, then they will enjoy buying from you. Of course, you have to back those words with appropriate deeds.
- Destroy their pain points: Every business, regardless of the type of industry, has to sell to three different types of buyers. The creators of a Professional Invoice Maker App quote what neuroeconomics experts[3] have to say in this matter. Almost a quarter of those buyers are conservative spenders. They won’t shell out a penny if they don’t find a deal worthwhile. A specialist from Carnegie Mellon University recommends business owners use bundles, reassuring words, and reframe their methods to sell accordingly to those conservative purchasers.
Reciprocation
The act of being reciprocal or reciprocity affects everything in this world. In your case, it makes your clients and customers keep returning to you. If you can go the distance to satisfy your buyers, then they will reward you with repeat business. Then again, executing the same can be tricky. It isn’t like making the Trend of Invoice Application popular among business owners, as they know that such an app or software program will make their tasks easier.
- Understand that budget is insignificant: While returning something to customers can be incredibly expensive, it would cease to remain so if you follow the right steps. You need to embrace the art[4] of wowing your clients with economical tactics. Experts say that you can build reciprocity with even the smallest of gestures.
- Utilize surprise reciprocity: Indeed, reciprocity works perfectly well on its own. However, researchers found that it would be more powerful if you make it a surprise. For example, someone did something really nice for you in the past, and you intend to return the favor. The other person probably knows that you will do something for him/her, but if you do it without informing the individual, then he/she will like it even more.
- Go personal: The Journal of Applied Social Psychology contains a study that says if waiters of a restaurant return to a table to supply post-meal refreshments[5], then they can increase their tips by almost 23%. This approach isn’t magical. It’s all about creating a personalized experience for the customer. You should do something similar.
To conclude
If you’re in the service industry, or if you run a small business, then you know that nothing is more important than keeping your clients happy. With the information given above, you too can keep your customers happy and make them return to you every time. Of course, there are many other ways to earn their loyalty. However, if you use the ones given here, then it should prove enough.
