19 Jun Client Retention Techniques For New Businesses
It’s hard to build a loyal client base for any business, but new businesses definitely have a long road ahead of them. Without a long-standing reputation, it can be hard to gain the trust of potential clients. That’s why it’s so important to build solid relationships with every single customer you receive so as to ensure that they stick around and improve the overall reputation of your business. Let’s talk about some smart client retention techniques.
Solve a problem in the industry.
The world of business can be brutally competitive. You can either stand back and let rival companies overtake your business, or you can be brave enough to take the lead in your industry. There are only so many potential customers to go around in your specific market, so you need to attract consumers who are currently buying similar goods to yours from your competitors. That’s the key to client base growth. But the only way you’re going to achieve this is by solving a problem that consumers face when they buy goods or services from your competitors. Perhaps the price is too high, or perhaps they’re not getting a completely ethical service.
If you’re wondering what problems might exist in your industry then you should conduct some research. As Nicole Beckett over at the OPEN Forum said, you should know your target customer. And that means more than simply knowing that they’re looking for the goods and services sold by businesses in your industry; it means you need to know what they’re feeling and thinking. You need to fit into a focused and relatively narrow niche in order to really make an impact on the client base. Solve a problem that appeals to a very specific but marginalized portion of the target market. That way, you’ll be able to ensure that customers keep coming back to your business with its unique solutions. If your approach is too broad then you won’t be able to stand out from the sea of similar rival businesses. Solve a problem in a unique way if you want to improve your client retention.
So many new businesses fail to succeed because they don’t chase leads successfully. You might have a reasonably sizeable client base, but it’s not growing as you’d imagine because you’re missing many potential customers who are on the fence. The modern-day consumer finds it easier than ever to weigh up their opinions with tools such as the internet. That can make it hard for them to make a decision between multiple businesses for the goods they want; you need to chase up leads in order to secure those potential clients before they become attached to another brand. You might even want to look into a B2B Lead Generation and sales tool that can identify anonymous visitors to your website. If you can better analyze the traffic your business’ website receives then you’ll be able to follow up on those potential customers who slipped away. You could make an initial offer on their first purchase just to reel them in and sell them on the quality of your product or service. Chasing leads is about getting clients off the fence. Help them come to a decision before they forget about your business.
Focus on relatable branding.
If you want to gain and retain clients then you need to develop a relatable brand. As we’ve discussed before on this site, reputation can be a fragile thing. If you disengage with your clients or potential clients then you might lose them forever. First impressions really do count in any industry. That’s why it’s crucial to make an instant connection with customers and potential customers. You need to build a reputation that convinces consumers that they can trust your business. As a new player on the scene, it can be hard to attract customers and get them to stick around. You’re competing with established brands. Make sure that you relate to consumers in order to separate yourself from the crowd. Maybe you could be the most eco-conscious company in the industry. The modern consumer cares about getting their products ethically.
Build long-term relationships.
Finally, you need to build long-term relationships in order to retain clients. It isn’t enough to simply impress a customer once; they might not stick around after that first purchase. In fact, this study outlined customer retention probabilities based on a sample survey. After they’ve made their fourth purchase, customers are over twice as likely to return to the same business than they are after simply making one purchase. You need to give clients an incentive to return to your business, in other words. That’s the only way to retain customers in the long-term. You need to build loyal relationships. Show your clients that you care by offering them discounts or vouchers after their first purchase as a way of thanking them. This will increase the possibility of them returning and becoming a permanent customer.