Strategies to Improve Client Retention In a Post-COVID World (Part 1)
As global communities near the end of an unprecedented pandemic that has massively shaken the faculties of the international economy, political bodies around the world are taking collective measures to mitigate the current economic conditions from worsening, and to restart the battered post-COVID market. The backlash of this tragedy is largely felt by sole businesses and private establishments that are currently experiencing immense losses as large portions of their revenue are channeled towards keeping their business from having to shut down.
As the economy gradually reopens, many businesses are switching to survival mode whereby they maximise available resources in order to limit expenditure. Existing clients are a massive component within the pool of resources that a business acquires, and as the economy slowly revives, businesses should now be looking into ways in which they can manage client retention.
What affects client retention?
Drew Donaldson, founder and growth strategist at Grohaus highlights client retention management as a collective team effort whereby three elements within an organisational structure - sales, marketing and product - collaborate through various resourceful initiatives in order to ensure customer engagement.
As businesses and organisations prepare to reopen, it is critical that they engage in tracking the following metrics in order to ensure client retention management:
• Are various pain points being identified by the organisation’s marketing strategies?
• Is the organisation’s value being well demonstrated by various sales initiatives?
• Is the product or service offered able to satisfy the consumer’s current needs and wants?
Still looking for ways to retain your customers? Give these 3 strategies a try.
Boost Your Social Media Presence
One handy technique to ensure client loyalty and potentially acquire new clients is for the business to increase its presence across social platforms like Facebook or Twitter which they can use as tools to advertise for free.
Business.com highlights that there are 335 million users on Twitter, 1 billion users on Instagram and a whopping 2.23 billion users on Facebook. Hence, businesses should seize the opportunity to turn their social media platforms into popular communities bustling with activity that engage the company's pool of existing clients and to capture the attention of potential clients within the market.
Social media is an excellent way to create brand awareness, conduct surveys to identify the current demands of clients and an avenue to engage, communicate and interact within the community created. Hence to a large degree boosting business prence using social media as a tool not only saves the business on cost but it also creates a bond between the service provider and their clients.
Pivot According to Market Demands
Modern society is steered by the changes and advances in science and technology and these advances are dynamic and ever-changing. This phenomenon inversely causes a change in client preference. A product that a particular customer might have previously deemed beneficial might currently be irrelevant due to the fact that it is outdated. To ensure client loyalty, companies must pivot with changing times accordingly. Client retention management can be further established by providing meaningful service to customers. Businesses should identify current market demands and make necessary and pivotal changes to their products.
For example, an accredited online publication, Entrepreneur, mentions that Facebook and Youtube initially started out as dating websites but realised that the market within the particular industry was overcrowded hence causing them to make pivotal changes in order to capture a larger pool of target audience. This was a normal and necessary process to expand their market and recognize according to cultural shifts as well as kick-starting growth.
As post-COVID causes the global economic conditions to change, and government regulations to evolve, businesses should be motivated to seek new tools and processes for continued growth. It is essential for businesses to pay close attention to what is trending in the market. Keeping up with these trends and catering accordingly not only ensures the continued sustainability of the organization but it transparently and ethically ensures the interests of the client community thus establishing client retention management.
Provide Personalised Customer Experience
Providing and communicating a personalized style of client experience is a measure that has proven effective to convert clients into brand loyalists in no time. In order to ‘stand out’, service providers might choose to brainstorm on initiatives that create a blend of interactive processes with a personalised strategy that is unique to the specific client, therefore, creating a refreshing and unforgettable experience for the customer.
A case study that demonstrates this well is Maybelline’s virtual ‘Try It On’ feature which allows people to virtually try on makeup products before making a purchase. Through an innovative tool such as this, the customer experience is enhanced. This personalized experience using interactive tools also engages and allows clients to be a part of the personalization process.
Therefore, through the uniqueness of the customer’s personalised experience, businesses are not only able to secure customer loyalty but potentially further expand their growth within the market and stand out despite stiff competition.
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Enjoyed this read? Read up on more strategies for client retention in a post-COVID world part 2 published now on our .