Build your Business with Improved Customer Retention
Published on February 24, 2018
Published on Wealthy Affiliate — a platform for building real online businesses with modern training and AI.
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It’s a well known fact that it’s more expensive to attract new customers than to keep current customers, but what can you do about it?
Anecdotal feedback from one or two customers is a good start, but a comprehensive customer retention survey can be a key in saving money and keeping customers. If one customer leaves because you don’t offer a certain service, it might be worth looking into. Still, if every single one of the customers you’ve lost were looking for that exact same service, it’s definitely worth looking into!
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You might start to wonder -- how hard will this be? Stay calm! There are lots of templates and sample questions out there to get you started. Plus, no matter what kind of feedback collection system or online survey tools you need, a few quick points to consider:
Measure what matters: It’s useful to learn both what makes some customers leave and what makes others stay. If you only focus on lost customers, you’ll gain a different perspective. Those customers who have chosen to stick around are telling you something. Probably you’re doing something right!
Get specific: Just knowing that a customer was unhappy gives you some information, but knowing that a customer had a terrible time because of technical bugs in your online registration system gives you feedback you can act on. You can’t spend time asking questions about every single detail, but focus on key points that you know are high-impact: sign-up, payment, customer service, and other potential pain - or positive! - points.
Follow up: When you take action based on the information you’ve learned, put out the word! Maybe it’s letting current customers know about the change through your monthly newsletter, or maybe it’s updating your website with the details so those researching your organization online will see the good news when they check you out. Nothing improves loyalty for customers like feeling they’re really part of things!
Keep it together and build better, with customer retention studies. There’s a pretty good chance you’ll learn something useful, and all news is good news you can use when you’re looking to grow your business!
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