Top 5 customer retention strategies

When it comes to handling the business, companies are required to take care of their customers, as it is truly said “Customer is the king.” Without any customer satisfaction, no business can top around world. But why do companies really pour down the investment on Management Information systems (MIS)? Is it really necessary to have a separate team to manage only the customers? Although, it seems negligent term, it is exactly what the company should be focusing on as to grow their business by following top 5 customer retentions strategies in their company policies.

What is the importance of customer retention strategies?

Coming back to the point of Customer is the king, refers to taking care of the customers in a way that, he comes back to the company and has a trust built upon that offers great advantage over the sale of the product compared with the competitors. If a company ignores customer’s request, appeals, suggestions and problems then automatically, company’s brand image hampers as the mouth publicity would be spreading more speedily than the light. Following are the top 5 customer retention strategies which can be applied to the struggling companies.

A) Email marketing

There are numerous kinds of communication techniques having free and paid option available. But now days Gmail and Outlook are being widely used for marketing purpose.  We can use emailer, infographics, send softcopies, sign digital signatures to authenticate the documents using email communication method. It is free to use and ,is reached in every corner of the world within seconds. Email marketing is also useful when a marketer wants increase sales, make any promotion of the product or service, or tracking the preferences of the customers. According to the study performed by Statista, following figure shows the number of email user from the year 2017 to the year 2025.

Conclusion

When a company struggles to sale their products or services is actually a result of lack of customer service and retention or wrong marketing strategies applied to wrong market. All things together make a company’s brand image stronger than any other useless strategies. The marketing and MIS team which help to understand the customers are the backbone of the company. Any which way, a company stood firm on its ground without having any proper retention polices is never going to gain any market presence. Whether you run a business or a company, you can’t cross the marks without exactly knowing your customer and the market. Even if you have the mentality that says, it doesn’t matter if this person goes away from the company, another will come, is never going to help grow the business in the market. The cost which requires to gain new customer is much more than retaining the old customers, as putting all the resources to gain an image in the mind of the new customer is harder and expensive. On the contrary, the retained customer always knows your business and has faith, therefore it invest low cost.

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