Customer Retention Strategies Post Covid-19

The pandemic has been a game-changer of sorts, having said that not only it has brought new practices into perspective but also re-emphasized upon our basic values, i.e. Customer is the king. Any business in any field has to focus on not only developing but also retaining their existing clients; it is because of these existing and loyal that your business can stay in the long haul.

Returning customers always tend to spend more than the newer ones, the reason being trust and loyalty. It is important to channelize your team efforts into the right direction to sustain over your existing clients; yes it is indeed a team effort because it needs persistent efforts, new strategies, and ideas to be able to do so, successfully.  Why are returning customers important? Simple, as per a report by SignalMind, the probability of a sale from a new customer lies between 5%-20%, whereas for a loyal customer it lies somewhere between 60%-70%, you can see the massive jump here. This doesn’t mean that you should put in fewer efforts to acquire newer customers because otherwise it will lead to stagnancy but simultaneously you ought to put efforts to retain your older customers too. Discussed below are some ways for you to retain your older clients:

1. Communicate the values of your company- You can retain your consumers only when you both are in sync with your organization’s value, as that was what had initially pulled them to you. Instead of spamming their mailbox with generic and not so useful mails, especially during the current times, you can send them valuable emails sharing some productive insights and offering help if feasible to overcome such strenuous times. The deal here is to promote and provide valuable resources to them, assuring them that you all are in there, together.
2. Offering E-services or products- Revolving around your products or services, you can offer them virtually to your consumers. For instance, in today’s time’s technology has made it possible for businesses to stay in touch with their customers, for instance, if you run a hospital or a clinic then you can offer telemedicine or others can stay in touch with the help of video-conferencing. Many businesses offering a varied range of services have come up with innovative ways of staying in touch with their existing clients, for instance, fashion houses are giving their clients a virtual walk-through of their clothes as well as virtual trial sessions. Therefore, it’s totally your call as to how to use modern technology to give benefits to your clients.
3. Productive use of social media- Social media is one channel that encompasses a huge sect of various virtual platforms, and the use of which has multiplied in the current pandemic times. In today’s times, it is hardly a possibility that your existing clients won’t be present on social media, be it on Instagram, Facebook, Quora, LinkedIn, Twitter, etc., this is where you ought to target them by displaying curated content and thought engaging posts, which should be reflected at the top of their feed. Businesses should ensure that their target audience is engaged with these posts and that can happen if the posts are shared on a regular basis and are of value to the clients and most importantly, a channel of open communication is maintained from the company’s side, ensuring doubt clarity and responding to other client requests.
4. Play with discounts and gift cards- Discounts and gift cards aren’t only a strong attractive point for the customers, which they believe is a reward for their loyalty but also ensures that the businesses too stay afloat and at the same time have a great relationship with their existing clients. You can offer discounts to the customers if your business model allows you to do so or offer new services and facilities to your existing clients, for instance, if you run a Spa and Wellness center, then you can offer discounts to acquire new customers and offer additional packages of massage or therapies to your older clients.

 Another way of maintaining customers can be via issuing gift cards or vouchers or coupons to the customers, not only does it bring in liquid cash immediately but also ensures customer repetition; it is important to note here that the consistency and value of services provided have to be maintained at great standards, because if the customers feel cheated then no amount of discounts or freebies can get them back to you. Remember the deal here is to be trustworthy, loyal, and yet remain successfully afloat in the post-pandemic market.

 We really hope that these points can give you a header into how to retain your existing clients successfully, many of you would have been doing that and many would yet have to start, but the deal here is to start doing that because post-Covid-19, the market has become highly competitive and if you don’t offer any value-based experience to your customers then there will be no incentive for them to carry on with you. It need not be always something extravagant but even small personal gestures can go a long way to help you retain them. Therefore, it’s important to always value and keeps your priorities at the top of your mind.