You’ve heard the adage “Pay attention to what’s right in front of you”. But have you ever applied it to your business’ consumers? A lot of businesses think acquiring fresh, new customers is the important part, when in fact successfully retaining your existing customers could more of an impact.

It costs five times more to acquire a new customer than retain an existing one. And returning customers are 50% more likely to purchase from you and spend 31% more on average than new customers. So if you get your customer retention strategies right, you could save your business money, increase profits, and save a lot of time and effort too.

Want to increase customer retention? Read on to discover our top tips, and find out how Cymphony’s services can help.

Why is customer retention so important?

When a customer feels appreciated, respected, and listened to, naturally they’re more likely to remain loyal to a business or service. And they’ll even recommend it to others, which is one of the benefits of customer retention. But did you know this can reduce your business’ marketing costs? Word of mouth marketing is a valuable marketing technique for any business and when done right, it can drive up to five times more sales than paid advertising. Happy customers = loyal customers.

4 customer retention strategies that actually work

From building trust with your customers, to offering the very best customer services, there are a few ways you can improve your business’ customer retention.

Top notch customer service

Providing the best customer service is key when it comes to retaining customers. At Cymphony, we understand the the importance of customer retention and specialise in outsourcing customer services to businesses just like yours. With a team of experts, specialist services, and high-performing technology, we can help you retain your customers by providing them with friendly, helpful, informative customer service. Interested? Take a look at our services:

The power of personalisation

In a recent study, Epsilon found that 80% of consumers are more likely to purchase from a brand that provides personal experiences. But personalisation doesn’t just mean referring to your customers by name. It can be anything from providing a human interaction via live chat, to recommending products over the phone because you have their history on file.

At Cymphony, we understand customers and customer retention, so we provide personalised customer services to increase customer retention. Head here to find out how.

Go above and beyond

According to Business.com, a customer is likely to tell 20 more people about a negative experience with a business than a positive one. So, keeping your existing customers happy and satisfied is key to your business and its future.

How to avoid negative experiences and increase customer retention? Always overdeliver and put time into your existing customers. We recommend gaining feedback to identify their pain points, then make positive changes.

Be trustworthy

Edelman reported that a hefty 81% of customers say trust is an important factor in their purchasing decision. Key to building trust is reliability, so your business should always be consistent, transparent, and supportive of its customers. Whatever your brand promise is, be sure to stick to it and follow up on your word to gain your customers’ trust, and boost your customer retention.

Ready to increase customer retention with Cymphony?

Find out more about how our outsourced customer services and experts can help, and get in touch with us today.

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