Why Your Business is Losing Customers and What You Can Do About it

Many businesses put a huge amount of effort into chasing new customers, especially if they’re worried about a dip in sales - but what about the ones you already have? Customer retention should be an even bigger part of your business development strategy as we move into the post-corona era. Here are some of the best ways to keep your clients' eyes from wandering.

1) Sell the right product, at the right time, to the right people!

The equation is simple: If customers aren't happy with your product or service, they're likely to go elsewhere. Avoid this by ensuring that your product or service is what they want. You can get this under control by being sensitive and responsive to changing customer requirements, and by marketing your product correctly. If your advertising strategies are promising something that is not delivered, then customer disappointment is inevitable. Make sure your customers know what they are spending their money on, and give them what they want. Customer surveys are a great tool to find out how you are doing in this area. These can also be automated and sent out at set times during the sales and service process to gain feedback at each stage so it needn’t be time consuming. With tools such as Hubspot Service Hub you can automate the entire process so you set it up once and the software takes care of the rest.

2) It’s the details that count – get tough with poor service

‘Bugs’ and ‘glitches’ are terms derived from the IT and tech sectors, but have wide-reaching implications for all businesses. A bug or glitch refers to any minor service disruption, inefficiency, or failure in customer service. Customers usually have a certain amount of patience for glitches - but sooner or later, their patience will wear thin.

Late deliveries, missed calls, unresponsive support team, defective products, clunky billing system – these are all sources of frustration for customers that can boil over when times are tight. You should be actively looking to deal with these minor service problems as soon as they appear. Listen to your customers, too. If they report a problem with one of your products or services, be responsive and get on it right away.

3) Offer excellent customer support

Customer retention doesn't exist if you don't have good customer service. Your clients should feel comfortable contacting you, and be secure in the knowledge that you will respond promptly and proactively.

Make sure that your contact information is clear, up to date, and easy to use. Offer a personal touch wherever possible. Customers will feel happier when they can contact a human being with a name, rather than receiving generic emails from an unnamed customer service department. This being said, automated customer service technologies, including chat bots and email autoresponders, are a good way of providing real time customer support while trimming your staff bill. Look at creative ways to improve support levels while saving money by automating manual processes. This will increase your customer satisfaction and retention levels.

4) Engage with feedback from prospects and customers

Sometimes customers leave for reasons beyond your control - but there's usually something you can do. Feedback forms can be crucial, so you can nip problems in the bud as soon as they arise – and understand the reasons behind poor retention. It may be something you can fix cheaply and easily, or you may need to redevelop your offering to make the business more competitive. Many customers are ripe for winning back if you up your game and their circumstances improve, so it’s good practice to stay in touch with lapsed customers.

By engaging the services of a business development partner, you'll be able to tailor feedback forms better, so you can see clearly what your existing customers think of you. The results should be carefully analysed and taken seriously. You'll be able to see where your offerings may be falling short of expectations, and also get an idea of what other products or services customers want in the future.

Next steps

Follow these strategies, and you'll be able to improve customer retention AND brand authority. Remember, new clients may be an exciting addition to your business - but if they're not sticking around, something has gone wrong. Keep your customers happy, and your company will continue to thrive. Get in touch with one of our business growth and retention specialists today to find out more.

Image source: Pixabay