The Pandemic has not just upended the world but also completely reorganized the way businesses operate.
B2B marketers must now develop creative strategies to retain their customers even during the pandemic.
The business landscape is always evolving and dependent on various external factors like cultural, economic, social, and political. And in such trying times, everything is uncertain.
The only certain thing is how most business owners, growth strategists, and start-up founders, are well aware of the significance of customer retention. It’s a known fact that acquiring new buyers costs more than retaining current ones.
Bain & Co. reports that a surge in customer retention by 5% can increase the company’s profitability by 95%.
Customer retention is what every organization must master, particularly during the current Covid-19 pandemic. That said, retaining your customers will be quite a challenge in such trying times. Lack of knowledge, experience, and prior tactics can make it even more challenging than it is.
With consumer spending falling low and the only touchpoint being virtual interactions, it’s essential to explore other retention methods that can aid your organization to thrive. Here are 7 proven customer retention tactics you can follow during the pandemic.
Strategic Usage Of Discounts
You can’t bring back customers with random discounts. You must use special discounts and offers to build loyalty. You got to offer appealing discounts that they can’t resist and also incentivize them to purchase more even amid the pandemic.
Another great option to boost customer loyalty would be the use of packages to upsell more products and products after the buyer’s first purchase. A one-time purchase isn’t going to create a loyal customer; that consumer doesn’t have a strong connection with your company.
This means they’ll likely go with another brand if it’s more favorable to them. Only when one makes multiple transactions, it’ll cement their loyalty.
Build the Relationship
Relationships are everything when trying to retain customers. According to research, buyers prioritize more on trusted relationships than the price. In fact, 35 percent of shoppers say they would remain loyal to brands they trust even if they need to spend more on the same products.
The shoppers will return only if you make them feel like they matter, so boost your communication through social media and email. This is particularly vital if you had to close down your business for weeks or even months because of the Covid-19 lockdowns.
Reducing consumer complaints is of utmost importance for customer retention, particularly during the coronavirus outbreak. By responding quickly and resolving their issues with concern and respect, you can convert a dissatisfied buyer to a brand ambassador.
If you fail to respond to your client’s feedback or set things right with dissatisfied buyers, it can ruin your brand as a whole.
Consequently, it’s critical to respond swiftly to customer feedback, complaints, reviews, questions, and whenever anyone mentions your brand. You can leverage reliable email automation tools to create automated campaigns that answer to specific email triggers at any time.
Improve CX Experience
At times like this, it’s very important to examine the kind of customer experiences you’re offering to your shoppers and look for areas that need improvements. It may be a good idea to personally engage with clients. In doing so, you can seamlessly streamline services and products and offer a wholesome customer experience. Start by studying your website buyer journey. Add polls or surveys on entry as well as exit points to not just engage but also to receive feedback from your shoppers.
The customer experience (CX) is critical for the growth of every business. Offering positive CX will make your clients happy, which will then help you in reaping additional revenue.
This is the right time to use technology. Virtual product-walkthroughs or services are becoming quite common nowadays. Sharing critical information with customers and walking them through your services and products can be useful for your business. In doing so, you’ll not just be able to retain your customers but also keep them happy amid the pandemic.
With remote working and home-quarantine becoming a norm, you must continue offering support if you wish to retain your customers. By delivering online tutorials, webinars, and podcasts, you can communicate with your clients in their homes and help solve their problems or needs. Inspect your business to determine how you can leverage technology efficiently to keep supporting your loyal clients remotely.
Redesign Your Site
Right now, Covid-19 is on everybody’s mind. When buyers go to your website, they’ll seek information concerning the necessary measures you’re taking to fight this crisis.
Your customers may have questions on whether your business is still open, the way you’re selling your goods, how the pandemic has affected your company, the precautionary steps you’re taking, etc.
Help your buyers by offering clear, concise, and up-to-date information to update them on how they can purchase your products and the things to expect. A proper FAQ section would be a great way to offer people specific information. Moreover, it’s a much quicker, convenient, and straightforward way of keeping your shoppers updated.
Additionally, you can also offer tips and advice. You can offer tips on how people who generally get their products from the store can opt for online shopping online. You can also provide the latest information on social distancing and self-isolation. Just make sure to offer insights matches with the current recommendations given by the local governments and CDC.
Deliver Re-engagement Campaigns
Another simple yet cost-effective way for retaining customers is to send re-engagement campaigns. You can win them over with discounts, special offers, or newsletters.
For any type of such mailouts, you can leverage email automation, particularly drip campaigns to send updates to all your clients in one go.
Even in the best of times, keeping the revenue going can be quite stressful and now that we’re in a pandemic, it’s even more daunting. Therefore, during such uncertain times, it’s imperative that you focus on changing your customer retention methods.
Only then, you’ll be able to improve consumer value and successfully retain them. Nurturing relationships with your loyal buyers with strategic discounts, responsive communication, and improved CX is always a good business decision.