There have been countless surveys on customer retention over the past decade. The number one finding is that retaining customers is the top priority for organizations everywhere. Everyone from the CEO of a major corporation to the owner of an SMB will tell you that a happy customer is a loyal customer.
If an organization has strong customer retention strategies in place, they’re far more likely to find and keep customers. In today’s increasingly competitive marketplace, everyone from competitors to new startups encounter disruptions that even the best customer retention plan may not be able to foresee.
Many organizations are noticing a decline in customer loyalty, despite having solid strategies in place. Increased competition is one of the reasons for this. It’s also leading many business owners to adopt plans that have one foot in the present and one in the future.
So besides increased competition, what else is causing disruptions for businesses and affecting customer loyalty?
The Explosion of New Technology
Most business owners are well aware of the myriad of new technologies available today. For instance; cloud computing allows a business to quickly and easily set up affordable subscription-based service as opposed to the more expensive, and outdated, hosted technologies.
This is a case of, “If you can’t beat ‘em, join ‘em.” Embracing new technology will keep your company competitive along with improving the efficiency of business activities overall.
According to a 2015 survey by KPMG, the number one concern of CEOs is still regarding competitors and new businesses taking away customers. This could just as easily apply to SMB owners. Implementing new technology as part of your customer retention plan is one of the many ways you can hold onto the customers you have.
Using new technologies to your advantage is an important first step towards retaining customers. But that’s just a small part of a successful customer retention strategy. An organization should look to the future. Engaging your customers helps you prepare for trends that may come up in your industry.
Help Your Customers Achieve a Goal
When a customer uses your products or services, it’s to achieve a goal. Whether it’s buying a gift for a loved one, solving a problem, or for their own personal enjoyment, a customer has a goal in mind when they pick up the phone. If they’re provided with a number of choices on how to achieve this goal, such as placing their order online or on their mobile device, they are far more likely to follow through with it and remain loyal.
Convenience is another part of customer loyalty. If they have choices that fit their schedule, like placing an order online any time they want, they are far more likely to stick with your business.
Stay Ahead of the Curve
Though trends can seemingly change in an instance, it is still recommended that customer retention strategies include looking at least three to five years into the future. Failure to anticipate future trends could mean that a competitor steps up and takes customers away from your business after harnessing that trend first.
Dropping irrelevant or outdated practices is another obvious way to remain competitive. Most importantly, don’t fear new technology. Embrace the information age and find ways to utilize it to best serve your customers.
As the leading provider of outsourced call center solutions, 3C Contact Services offers partners a number of customer retention strategies. For more information on company service, visit the web site.