As most business owners know, it is more expensive to get new customers than keeping the existing ones. Securing new customers is believed to be 5 to 10 times more expensive. Having new clients is essential to every business but over time, acquiring new clients can get more difficult, which is why it is very important to find ways to retain your existing customers. According to recent studies by Harvard Business School, by increasing customer retention rates by 5% the earning potential of businesses can be increased by 25% to 95%.
Keeping your existing clients’ happy is critical to the growth of your business. Existing clients are likely to return again (and again!) if they have a positive experience, and if the experience is exceptional they may choose refer their friends and family.
Building customer loyalty is a great way to retain your clients. Establishing customer loyalty can be done by making sure that your clients’ concerns and inquiries are addressed quickly.
Here are some ways to improve customer retention rates:
1. Make sure that you engage with your customers. A recent survey showed that more than half of the participants said that giving importance to the customer’s time is one of the best things a company can do. This proves that in order to build customer loyalty, a business must be able to attend to customers’ questions and needs in a timely, accurate and friendly manner.
2. Give your customers real-time convenience. Having multiple ways for customers to get in contact with you is always a good thing! Being able to interact with customers while they are on your website makes it easier for them to ask questions and express interest in purchasing your products or services.
3. Provide WOW experiences to your clients. Exceeding customers’ expectations gives them an impression that you value them as a customer. It makes them feel confident knowing that you’re not just about making sales, but that you’re focused on providing excellent customer service as well.
To be able to do these things, you need a form of communication that will allow you to interact with them the quickest way possible. Having live chat service on your website will allow you to engage with your customers and provide them service that will surely exceed their expectations.
By adding LiveChatMonitoring.com to your website, your customers’ enquiries are addressed quickly and efficiently. Our experienced operators can interact with visitors and clients that will enable your business to build relationships and give them personalised service.
There are many ways to help you make your business grow and expand your clientele. Take the time to consider using LiveChatMonitoring.com as a form of communication and it will surely boost the effectiveness of your business’ customer service and lead capture.