Does your company need a customer retention plan? You might think that it’s not really necessary but here are some statistics you should keep in mind:
- It can form a strong bond with a brand
Studies show that when customers have a strong emotional link with a brand it can be a bigger factor related to loyalty than other factors like ease. This is based on a study by Forrester Research. This isn’t to say that customer experience isn’t important and in fact it’s becoming more critical in the business world.
What’s important to note is that it’s even more important for customers to have an emotional connection to your company and brands. This will encourage them to pick your company instead of rival companies, which is a result you’ll certainly want.
- It can show loyalty problems
A major issue about customer loyalty is that many customers don’t even realize they have a problem with it. A Pathwwway Gambling retention plan can help to show these problems and allow them to focus on fixing those problems. That in turn can help boost sales and profits. Once your company starts focusing on retaining customers you’ll be able to discover why they’re actually leaving. You can then slow down the leaking and give them a reason not to shop around with competitors.
- It helps customers buy more often
The reason is somewhat complex. A customer retention plan can help to boost customer engagement and that results in customers buying 90% more often from your company. That’s based on a Rosetta Consulting study that also found such customers spend 60% on average per order. This results in more sales and profits for your company.
It’s important to note that it’s the customer engagement itself that results in bigger and more frequent orders. However, a retention plan can be one of the most effective ways to boost customer retention so it’s certainly an option worth considering. If your company wants to reduce how many customers leave then one way is to make sure you’re communicating more often with your clients and in a more meaningful way.
- It can help to boost customer engagement
A customer retention plan that that boosts customer engagement makes your company’s patrons 5x more likely to make future purchases. That boosts your company’s sales/profits and also boosts the shopper’s customer lifetime value (CLV). In today’s business world there’s a lot of talk about customer engagement.
However, many companies are searching for ways to become more engaged with customers. A retention plan is definitely one of the best options. If your business is taking steps to keep your current customers then it’s one of the best ways to interact customers. Your customer are much more likely to stay around if they feel like your company is taking steps to communicate with them more. That in turn can encourage them to place more orders since they’ll see they’re not just part of your company’s sales figures.