Every business owner knows that it’s more costly to acquire a new customer than retain an existing one. Moreover, returning customers, as a rule, spend more than first-time customers. The role returning customers play in growing your business is undeniable. If you’re interested in how you can retain your customers and get the best payment processing solutions, including an automotive merchant account, just read below.
Customer Retention, Automotive Merchant Account, and Business Funding
What is a customer retention rate? This is the metric showing how well your company can keep the lifespan of an existing customer over a period of time.
It’s highly important for businesses that provide a product or service to customers to find, target, and acquire new customers. These are among top priorities for any business. However, the act of treating your customers right after they make a purchase is equally as important as it’s before they make a purchase.
One of the easiest ways to grow your business is to keep your current customers coming back. Other important factors that affect your business growth have to the with the right payment processing solutions and business funding.
Thankfully, reputable alternative online lenders like FirstAmericanMerchant.com offer exceptional business funding and payment processing solutions. The latter solutions also include an automotive merchant account tailored to the needs of both traditional and high risk businesses.
Strategies That Can Help Retain Your Customers
The first purchase made by your customer is just the beginning. The real business should focus on retaining that customer. How to keep your customers coming back?
1. Go Beyond Price and Selection
Passionate, engaged employees can deliver personal customer experiences that result in customer loyalty. Truly engaged and passionate workers that are inspired by their company deliver great customer service and interaction.
2. Understand and Measure the Reasons Why Your Customers Are Leaving
Understand why your customers/clients are leaving. Once everything is clear, the strategy will be simple.
3. Focus on Strong Employee Loyalty
Treat your employees with respect. Provide them with all the necessary tools to do their job. Don’t fail to demonstrate they’re appreciated. Appreciated employees will go the extra mile for the customers they serve.
4. Create Loyalty Programs
Loyalty programs offer benefits like a frictionless user experience, as well as actionable insights for recency, frequency, and value.
5. Create Partnership With Customers
Find unique ways to create a partnership with your customers. Make your customers be involved in the game. Involve them in the design and delivery of service, as well as consider their suggestions and ideas.
6. Make Paying Simple
Avoid requiring your customers to fill out billing and shipping information every time they purchase. Don’t require them to remember usernames and passwords or figure out annoying Captchas.
7. Build Strong Relationship With Your Customers
Don’t make your customers feel like they’re just a sale. Make them feel that they’ve built a relationship with your business.
8. Focus on Personalized Experience
Customers are looking for products that are original and geared to individual wants and needs.
9. Keep Customers Entertained
Deliver entertainment to hold your customers’ attention. This is a way to attract new customers, retain existing ones, and deliver a lasting, multidimensional experience.
10. Engage and Respond With Customers
Use different channels to communicate with your customers. Consider email, Twitter, Facebook, Instagram, and more. Don’t forget to say “Thank You” to your customers: they like to feel appreciated.
11. Use Content Marketing
Content marketing can help you reach a wider audience of potential customers. Also, it can help you remain on the top of mind of your existing customers.
12. Use Target Marketing
Use the information you have on your customers to target them with personal and optimized marketing campaigns.
13. Don’t Avoid Phone Calls
Use the phone to create an impact on your customers.
14. Prepare Special Perks for Loyal Customers
People like to feel special and be a member of exclusive clubs.
15. Survey Your Customers or Get Feedback
Survey your customers to find out what’s in their heads. Their honest feedback can help you make improvements to your business. Moreover, you’ll keep your brand top of mind with customers.
Even a tiny change in customer retention can bring its positive impact on your business and multiply over time. The result will be long-term profit and growth.