Friday, 29 January 2016

Best Customer Retention Strategies for small business

The customers are the greatest asset of any business. One business secret of many successful entrepreneurs is their ability to create loyal customers.

Return buy and net promoter score are the main indices used in measuring customer satisfaction.
Net promoters score is the number of recommendation by a satisfied customer. Practically, one satisfied customer could bring in more customers. The key is good customer service and quality product.

Customer centric organization take proactive step in creating and retaining customers beyond excellent customer service. There are 3 stages of customer service; pre-contact, contact and post contact.

Excellent customer service Delivery focus on creating memorable experience at these 3 stages. From the first phone call or mail to the one-on-one contact with customers, and thank you sms or email.

Businesses are yet to fully leverage on post contact service; the greatest weapon to winning and retaining customers- Relationship Building and management

Dele Carnigie in his book 'how to win friends and influence People' explained the power of relationship.
The first step in winning friends is to honestly get involve their problem. Offer to help, and the person will become a true follower.

The key to create and keep a customers is to build relationship. Offer to always help, thank the customer for patronizing you, let the customer feel special.

Customer's Silent Score Card
Customers Rate businesses based on numbers of indices though done silently. The rating will determine a return buy or net promotion.

1. Kindness
Either online, walking centre, mobile and email, customers rates service representative to know the business's willingness to help. A low score could be an end of the business and the lost of more prospective customers.

2. Product quality
Customer expects a product to meet and exceeds expectations. The truth is that, your product may not be the only one the customer is using. Quality product rating could perform magic even with an average 'kindness' rating.

3. Organization
Customers silently rate businesses on organization. For instance, a driving school asked student to come by The student arrived promptly but the tutors doesn't show up till 11am, the car is not ready, the office is not clean, etcetera. The student(customers) will rate the driving school poor on organization.

4. Integrity
Customers Rate businesses on the ability to keep their promise. Customers want to know if they is product return policy

High ratings signifies customer satisfaction, return patronage and high net promoters score.

How to create and keep a Customer

Locate the Customer
The major success of any business is its ability to locate customers. Hang out with the customers on the various platform: Facebook, Twitter, community, Instagram, cinema, casino.
Identify their passion, speak their language and turn leads to real customers. 

Meet and exceeds their expectations
Every customer has expectations. The key to keeping Customers is to exceed their expectations. It could be an add-on or product superior performance.

Ensure Customer Satisfaction
Customer satisfaction is the function of excellent customer service, quality product and the ability to refund in case of defects. The overall customer experience determines the Net promotion.

How to keep unsatisfied customers
There are  2 types of unsatisfied customers
1. Those who walk away
2. Those who return and to complain
The second group is preferable for feedback and customer retention purpose. However, there is a strategy to ensure that both unsatisfied customers return.

Relationship Building and management

It is advisable for every business to create and sustain a good relationship with customers. Relationship performs magic in customer retention. It create cult-style customers and feedback.

Best Customer Service Strategies for SMEs  

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