Smart business owners spend a lot of time thinking about customer retainment. After all, a lot of time, money, and energy goes into customer acquisition — and keeping customers coming back is the best way to capitalize on this investment.
In order to optimize customer retainment, however, business owners would do well to devote a bit of consideration to the opposite side of the same coin: customer attrition. Why do certain customers, who have already been through your doors and purchased your products/services, opt to walk away and take their business elsewhere?
Here are six of the most common answers to that question, along with simple solutions you can employ to reduce such occurrences:
1.There Are Too Many Changing Faces At Your Business. Customer relationships with employees oftentimes have just as much to do with brand loyalty as your products themselves. Reducing employee turnover can help boost customer retainment by preserving those relationships.
2.You Abandon Customers The Second They Buy. Promoting customer satisfaction does not end when a purchase is made. Ensuring that your customers get full use/enjoyment from your products means providing an accessible customer support line, creating online customer resources, and generating solutions for any problems that may arise.
3.The Price/Value Ratio Of Your Products/Services is Not Competitive. From ultra-affordable products of passable quality to expensive high-end items — there is a market for just about everything. However, if a competitor is offering a similar value at a better price, you are bound to bleed customers.
4.Your Marketing Strategy Lacks Adequate Balance. The optimal marketing campaign achieves a solid balance between customer acquisition and brand loyalty. Of course, these two approaches tend to have significant overlap and to be mutually complementary. However, it is important to ensure that you are treating your existing customers right!
5.Product/Services Fails to Meet Expectations. Marketing means making big promises — and a big part of the reason why new customers walk through the door is because they believe that you can offer something that your competitors can’t. But if you find that customer satisfaction rates are falling, then the odds are good that you are promising something that you simply can’t deliver. Adjusting your marketing message and/or improving your product may be necessary.
6.The Customer Experience You Offer is Nothing Special. Customer satisfaction is about more than just the product or service itself. Though many consumers — and, worse, many companies — fail to realize it, the truth is that every business sells an experience along with their products. A few good examples of quality customer experience include:
- Making your store/office a beautiful, comfortable, and inspiring place to be.
- Ensuring that a person answers the phone as soon as a customer calls.
- Displaying your branding in a memorable yet tasteful way.
- Helping customers find the product/service that truly fits their needs.
- Rewarding customer loyalty with promotions/giveaways.