Customer Retention Strategy: An Effective Approach to Profitability.

When a door closes, there are the windows of opportunities that blow open! Just like that, the coronavirus pandemic has led to a shutdown and remodeling of all the older policies for the businesses. CIO’s are exploring unique methods and strategies to reimburse the pillars of their ventures and also to sustain the livelihood of all the employees concerned. 

It is correct to consider that the business value derived from an ongoing customer engagement is far more than what you can extract from a new lead. This, however, calls for committed retention tactics suited to meet the need of the hour.

Here is the list of ways to craft solid customer retention:

Customer Retention Strategy: An Effective Approach to Profitability.

  • Continuous and consistent experience: With the massive fragmentation in the way customers access content (smartphones, tablets, and laptops), the key is to provide an experience that is seamless across form factors, across devices, and operating systems. What if a customer adds some items to the cart on mobile and wants to make payment through a laptop? This kind of omnichannel retail solution is sure to propel customer loyalty up by several notches.
  • Modification: A lot of businesses make the mistake of remaining firm in their policies, citing reasons of brand valuation. This pandemic will ask you to be a lot loquacious with your products. This will give you an edge over the competitors. Draw a comfortable margin to move around for both the company and the customer.
  • Social media: Increase your brand’s social media presence, as this will not only bring forth new customers but also attract old customers. Indulge them in activities with some lucrative incentives.
  • Loyalty Programs – It’s an essential program that is based on reward – mostly thanking consumers for continuing to support your brand. Consumers not only appreciate the better deals and price cuts; they appreciate the sentiment.
  • Customer Service:  Allow provisions for customers to reach through social media.

 Drew Donaldson, founder and growth strategist at Grohaus, said three primary groups play an integral role in customer retention management: sales, marketing, and product. 

“All three groups should always be involved in this process, as they will each need to adapt their operations to optimize customer engagement better,” Donaldson told business.com. “Is marketing addressing pain points? Is the sales team able to demonstrate the value? Is the product solving the client’s problem? Knowing and tracking those metrics are critical to optimizing your business to retain customers.” 

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