The term customer churn rate refers to the rate at which customers cease trade with a specific business during a specific period of time, and it naturally strikes fear in the hearts of business owners everywhere. A better understanding of why customers break up with you in the first place – and making adjustments in response – can go a long way toward improving your company’s bottom line. The digital marketing experts at The Web Guys are committed to putting our reserves of experience to work for your business.
Pushing Your Percentiles
Even a modest boost in your customer retention rate can lead to a significant profit bump. In fact, Bain & Company’s Prescription for Cutting Costs shares that even a 5 percent increase in retention can amount to an increase in profits that begins at 25 percent and can extend well beyond that number. With percentages like these, the advantages associated with putting your shoulder into keeping your current customers are obvious. Make new friends, but keep the old is just as applicable to Girl Scouts as it is to your business. Yes, adding to your customer base is paramount, but nurturing your relationships with repeat customers who continue to invest in your business via their purchases is equally worthy of top billing.
You Can Afford to Be Picky
All customers are valuable, but some are more valuable to your business than others are. The fact is that you have something special on offer, and this likely amounts to more than simply the best price going. Those customers who are motivated by price alone are very unlikely to remain loyal to your brand. If your sole hook is your low prices, it’s difficult to remain competitive. When you have more to offer than the lowest-priced widgets on the market, you’ll be better positioned to foster a customer base who returns time and time again. These are the kind of customers who not only make repeat purchases but who are also likely to recommend you to friends and family. All of the following can help you connect with the best (customers for your business):
- Honing your content’s unique voice
- Creating content that shares what sets your business apart and how your customers benefit
Keeping your eye on the customer prize and focusing your digital marketing efforts on that golden subset of customers who mean the most to your business
By carefully crafting your efforts to align with your marketing priorities, you can ditch the swinging single’s approach and get down to taking your relationships (with customers) to the next level.
When it comes to attracting the quality customers you deserve, it’s important to Keep It Simple, Silly, and this applies to every aspect of your operation. Your loyal customers are out there, but they don’t have time to dig around for buried treasure on your website. When you make the decision-making process easy for potential and returning customers, you greatly improve your odds of growing your customer base and of further nurturing those customers whom you’re already winning over. The following represent the basics of marketing simplicity:
- Keep your website streamlined and appealing. Even if your website is predicated on ease of use, if it’s cluttered looking, it can amount to an exhausting experience.
- Say what you mean in the clearest way possible. There is no reason to be fancy, but boring, overly complicated text can be the death knell of customer satisfaction. Find your voice and use it.
- Build easy-to-use comparisons into your site, so consumers can weigh their options right there on your site – instead of after they’ve done the necessary research and have landed on another website in the process. If you offer easily accessible information that answers all your customers’ questions – while also offering side-by-side comparisons – they won’t need to look elsewhere.
At Your Service
This isn’t exactly rocket science, but it is critical – customers (being customers and all) value excellent customer service, including things like:
- Speedy deliveries
- Fast, easy, and convenient returns
- Personalized services that resonate
- Readily available expertise
In the increasingly digital world we find ourselves living in, it’s important to get your head in the game when it comes to your online customer-service offerings. It’s not about creating a sublime website experience and then resting on your laurels but is, instead, about crafting an exceptional customer experience and continually tweaking from there. It’s frustrating when an online search becomes a journey, and because you only get one opportunity to make a first impression, you want your customer service-game to be everything it can be – every time.
If you are out there soliciting reviews and/or comments on your site – and/or if you are generating them elsewhere (which you ideally are) – you owe it to yourself and to your customers to respond in kind. A great review is a great review and should never be downplayed, but if a customer has a question or concern about a purchase or experience with your company, addressing the matter head-on by coming back with your most well-informed and best-intended response can be invaluable. Everyone wants to feel heard, and consumers are no exception.
Further, your timely reply not only addresses the customer’s specific review but also lets everyone who explores your website know that you put your customers first. While you may not be able to satisfy each and every customer’s wish, you can help ensure that every customer with an issue receives the respect he or she deserves. Businesses that carefully attend to their reviews tend to see an increase in stars overall.
Too Much Customer Churn? A Digital Marketing Expert Can Help You with That
Your customer retention rate is a big deal, and the digital marketing experts at The Web Guys are committed to putting our reserves of experience to work for your business. You’ve worked hard for the customer relationships you’ve forged, and we’re to help you keep those ties that bind strong. If you have digital marketing questions, we have answers, so go ahead and contact us at (317) 805-4933 to learn more about us and our digital marketing services today.