Strategies to Improve Client Retention In a Post-COVID World (Part 2)
In a previous article, we shared with you part one of our two-part Strategies to Improve Client Retention in a Post-COVID World series. If you haven’t yet read part 1, you can do so here before finishing up the concluding pointers in this article.
If you have already read part one, sit back and enjoy as we wrap up the series with two more useful strategies to improve client retention in a post-COVID world!
Communicate Your Business Value Proposition
As a service provider, it’s important to understand that customers are the lifeblood of the business. Processes and strategies drawn up to keep the customer base intact must be revisited from time to time to allow for the management and its various departments to measure if these initiatives put in place still prove effective in terms of returns. The main motive in all of this is to convince existing clients that your product or service is all they need.
The first point of interaction between the customer and service provider is typically, the business website. It is important that the business website is comprehensive and well-rounded. This may range from customising the navigation pages, web pages, site description, site name, blog posts and so on. Similarly, content marketing also helps communicate company value and helps to position the business as an expert or thought leader within the industry. Similarly, content marketing not only improves brand awareness and recognition but it helps generate traffic to the business website therefore increasing the influx of lead generation. This is good news for the company as they are not only able to ensure client satisfaction and loyalty but also able to expand their client base.
Offer Virtual Products or Services
To keep up with the times, businesses are currently integrating technology to enhance products and services. An online source, Entrepreneur accounts that online shopping is expected to grow at a great pace, with 56% of Gen Xers and 67% of Millennials in the US being the most likely demographics to make purchases.
Virtual reality technology presents the opportunity for companies to utilize the currently trending ‘try before you buy concept’. This directly benefits the business and its various investors as they are now able to personally experience the product or service and access its measure of marketability value, performance, and quality therefore being able to make necessary changes to alter its efficiency before it is launched into the market. In this way businesses are also able to collect more robust information on how products are received by consumers. Marketers analyze more robust data that can be used to improve product quality and increase customer loyalty.
Retaining existing clients is crucial for the long-term success of businesses. It also helps to conserve costs as you don’t need to fork out as much for marketing or sales strategies to acquire new clients.
A report by SignalMind provides insightful statistics and points out that the probability rate for an organisation to acquire new clients is only 5% to 20% as opposed to converting an existing client which is 60% to 70%. In addition, existing clients are known to spend a whooping 33% more than new clients.
These numbers are a testimony to the importance of client retention management, particularly in a post-COVID climate where many businesses are grappling for survival. Furthermore, the strong link between customer retention rates and profit margins might just be the light at the end of the tunnel for most businesses.
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