What is Customer Retention?
Customer retention is defined as the number of tasks and activities undertaken by a company to reduce its bounce rate and retain more customers on their website. These activities help companies to retain their potential customers and reduce their customer deflections. This helps build customer loyalty towards the brand.
Your practices for customer retention must begin from the time you launch your company. A lot of e-commerce companies end up spending a major portion of their budget on customer acquisition. Although customer acquisition is an important part of any digital marketing strategy, customer retention is a more long-term and budget-friendly option.
Furthermore, customer retention is also a more effective and economic way of growing your company. This is because loyal customers are more likely to spend more time on your website and purchase a large number of products and services. Moreover, customer retention also saves you a lot of time and allows you to focus more on your business.
This is because you don’t need to put in any effort and money in acquiring new customers and educating them about your business and brand. Furthermore, when you already have a customer base that loves your product and service and can vouch for its quality, you can grow your business in a sustainable manner.
How Can You Improve Your Customer Retention?
OneDios believes that customer retention is an economic way to grow your business and reach new heights of success. It is a known fact in the business world that your business can earn more profits from a retained customer over a period of time than a new customer. If you want to use the resources of your company to your advantage, then you need to work upon customer retention. Here’s a list of some successful customer retention tactics that can help you grow your business:
- Ensure that your customers know from the very beginning about the quality of your products and services. This helps to set up expectations for the customers from the launch of your company. It also helps your customers to trust your brand and believe that you’ll always deliver on your promises.
- Before you move on to customer retention, you need to build a relationship with your customers. This can be done only if you are able to help your customers to connect with the background story and purpose of the brand.
- The no. 1 step towards customer retention is gaining the trust of your customers. Make your customers understand that you’d always give them the right advice and solutions to their problems.
- The metrics for customer satisfaction can provide you powerful insights into what your customers expect from you. Working on the weak points of your customer care based on this data can help you to retain your customers for a long time.
- Nowadays, everybody loves to interact on social media. You must use this to your advantage and engage more with your audience through your posts and live videos.
- People love goods and services that are especially curated towards their likes and dislikes. When you provide your customers with personalized customer care, you can build customer loyalty effortlessly.
How to Measure Customer Retention?
Just like for customer acquisition and customer satisfaction, there are some metrics available to gauge customer retention too. One such metric is the Attrition rate. Attrition rate measures the percentage of customers that a brand has lost over a definite period of time. 100% minus the Attrition rate can give you your customer retention percentage. For example, if the Attrition rate of your brand is 40%, then your customer retention rate will be 60%.
There is another mathematical formula that you can use to calculate your customer retention rate.
Customer Retention Rate = (Total customers at the end of a definite time period – New customers acquired during this time period)/ Number of customers you had at the start of this time period.
Multiply the calculated number by 100 and you’ll get your customer retention rate. It is essential that you try and practice using this formula over a period of time so that you can gain an insight into your customer retention metrics and use them to your advantage. Doing mathematical calculations for this formula might look a little bit tricky at first, but you’ll get the hang of it over time.
OneDios believes that building customer loyalty and improving their customer retention rate over a period of time has helped them provide better customer care solutions to their customers. The company is well aware of the struggle faced by customers when they need to get their product serviced. With the internet being flooded with several rookie and fraud customer service providers, OneDios provides a reliable solution to all its customers.
The OneDios platform provides its customers with the contact details of the Bosch Customer Care. If you’ve purchased a home appliance from Bosch that needs some repairing, you just need to visit the OneDios website and submit a simple service request for it.
Bosch is a highly sought after brand for home appliances which is why the brand provides excellent customer service to all its loyal customers through Bosch Customer Care. The best part about Bosch Customer Care is that you can set a repair appointment according to your timetable without worrying about any public holidays or weekends. Moreover, the customer service provider does not charge any fee for scheduling the appointment.
OneDios platform is designed to make the life of every customer of every brand easier through a one-stop reliable customer care solution. OneDios understands how good customer care can not only lead to happy customers but also a happy company. Using the OneDios platform, customers can contact a customer care provider of their choice in under a minute through a simple service request. The platform strives to improve the customer satisfaction of various brands through the support of its staff and customers.