Loyalty and high retention rates should mean expressing the value of the brand to customers. This means specifying exactly what the company, products or services offer that cannot be purchased anywhere else. Customers are less likely to turn to competition if brand benefits are clearly quantified. Customer loyalty is vital to the growth and longevity of your business.
Around 82% of companies agree that it's cheaper to retain old customers than to acquire new ones. You want to break through the competition and create a link with your audience in a way that encourages their devotion. However, many companies don't know their retention rates at all. In our e-book Managing Retention to Reduce Customer Loss, we found that 44% of B2B leaders couldn't tell you about their retention rate.
This may seem like a fact, but it really isn't. According to our research, 44% of business executives don't know their dropout rate. However, to improve your loyalty, you need to know what your current performance is. At the close of the cycle, the faster the better.
Our experience shows that companies that close the cycle within 48 hours are more likely to boost retention. Learn to adapt to different points of view and communicate progress towards your goals. Improve your customer communication style and test and optimize the buyer journey to ensure that your online business adequately meets customer demands. That way, you can ensure customers' happiness and keep them interested in the relationship for a longer period.
When it comes to the decision to buy online, 30% of global consumers value the experience and reliability of the website above everything else, including price. At some point, you or your buyer will want to know where your relationship is heading. And that's why you need to have a solid plan to be able to provide an appropriate response. At the same time, it's important to work to take the “next step” by creating and reviewing the relationship roadmap on a regular basis.
Develop steps to achieve new goals and milestones. If your business is subscription-based, satisfaction with the entire experience is the main reason why 85% of customers will renew their subscription. Offering additional services (34%) and better rates (29%) at the time of renewal will further motivate your customers to expand their relationship with your brand. According to studies, if you hear any information, you'll only remember 10 percent after three days.
But if you combine the same details with an image, the percentage of recall increases to a whopping 65 percent. What this means is that the marketing content of your online store should be as visual as possible. Experiment with presentations, videos, images, memes, infographics and others to find out what is the best format for your brand to increase its conversion rates. At the same time, consider the needs of your audience and pay attention to your metrics to determine what attracts the maximum number of responses.
To build a loyal customer base, you need to make sure that your users know how to use your product to its full potential. Users who are confused and don't get the full value from the platform are much more likely to lose. As new features are released, you should ensure that customers can easily learn them. Many SaaS companies don't have enough staff to train each user individually, so they need to find the right cloud-based learning management systems to implement training automation for their customers.
Customer engagement is the actions that a company takes to establish relationships with customers, both through the product itself and the way in which the company's employees interact with these customers. Although in e-commerce, these programs usually involve the granting of points or discounts designed to encourage repeat business, SaaS B2B companies can create programs to reward loyal and engaged users. In addition to customer-initiated interactions with a company, the company's marketers (or “retention experts”) often run campaigns aimed at encouraging the customer to do more business with the company or to spend more on each transaction. .