You're on top of the world! Your product or service is stellar. You're confident that your branding is solid. The first marketing plan has already shown promising results. Customers are raving. What's next? Keeping those happy customers!
Here are some interesting facts:
You should be motivated by now to learn how to retain your satisfied clients. Joseph Pigato Managing Director of Sparked tells us how these successful companies keep their customers:
- Know your customers. REALLY know them! You've probably already learned about your ideal customers and what they like. But now, dig deeper. Dollar Shave Club uses technology to understand what its 15 million satisfied subscribers, with data analysis that leads to outstanding customer service. The popular handmade art and crafts site, Etsy, knows that its customers love to browse, so it designs ways to offer new products, based on shopping patterns, that people might not have considered. Etsy executive Mike Grishaver says, "...look beyond the basic mechanics of what users can do on your site. Find the deeper experience that makes them feel more connected and then infuse that into every part of their experience with you."
- Use metrics to make changes. No matter how intuitive you may feel about your company and its progress, you need objective information to make adjustments that will keep your customers coming back. PlentyOfFish, a dating website with 90 million members, constantly makes improvements that have resulted in growing retention rates. Agata Osinska, Director of Product, says "We are methodical about testing. You need to be disciplined about setting tests up to give you clear, accurate results. You can't try to test too much at the same time or you end up with a jumbled mess." Cratejoy, a platform that helps merchants with subscription services, actually tracks customer retention rates as one of its key performance indicators. This means that all team members are responsible for reaching the goal of growing customer retention.
- Raise the bar. Many companies offer an initial discount to attract customers, only to find that customers don't return. MeUndies, maker of comfortable underwear, decided to try the opposite approach: By not putting the product on sale, MeUndies built a loyal customer base-and then offered discounts to its enthusiastic buyers. Along similar lines, Unbounce-a company that helps with landing pages-deliberately recruits high quality customers, instead of casting the wide net that always leads to fallout. Says co-founder Jason Murphy: "Startups have limited resources. Make sure you attract customers who really need your product so your time supporting them is well spent. Customers that aren't a good fit for your company often take a lot of your time, and leave relatively soon."
Take time to develop your company's strategy for keeping valued customers. Adjust as needed-and enjoy continued success!
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