In a recent study released in November of 2016, GetApp Labs found that the largest concern for small businesses is currently attracting and retaining clients. This area of interest won by a landslide, with over 57.5% of small businesses surveyed reporting it to be their number one priority. While other items found their way to the list, like cost reduction, product improvements, and time management, customer retention was clearly more important than any of these combined.
Why is it such a huge factor? Because, aside from being the revenue source that keeps these companies afloat, retaining customers is the basis of business improvement on a general scale. With repeat customers your business is privy to innumerable benefits — you will receive more customer feedback, have a bigger buyer base for new product releases (and older standard products), and you’ll be able to build and improve your company reputation over time as more and more people stand behind your company name.
With such an emphasis on customer retention, it’s not an overstatement to say that prioritizing your customers is tantamount to having a successful business. Some of the best ways you can improve upon your customer retention rates are as follows:
- Be flexible. Give your customers the service they want in the way they want it. This means being able to provide multiple different customer service channels like live chat, e-mail, phone-based support, and others. PhaseWare’s software is prepared to provide exactly the type of channel your customers are asking for, no matter what that may be.
- Be fast. Speed of service is one of the number one factors in pleasing customers — and thereby, retaining them. Giving your customer service representatives the tools to answer questions quickly and correctly will help ensure that customers come away from their interaction with your company feeling satisfied and well-informed. This means creating a heavy-hitting, quickly searchable knowledge base, prepping your agents on what to expect with customer inquiries, and giving your agents the proper workspace and work environment to encourage their positive attitudes.
- Be fruitful. A company which never changes, never grows. One of the most overlooked, under valued approaches to pleasing your pre-existing customers is to give them the power to change your company — meaning, give buyers the right avenues to provide feedback, and listen and act on the feedback they provide. Be visible with your choices and let your customers get involved!
GetApp’s study proves that creating a lucrative, long-lasting business is about valuing the people who get involved and being open as a company, instead of just focusing on your products and processes. Investing in your customers is to invest in your own success.
PhaseWare can provide all the support you need to get to the heart of what your customers need and want. Get started today with a free trial to start heading in the right direction.