Improve customer retention the simple way.
And that is by adding value they desire that helps grow your business.
Otherwise what is the point?
Using simplicity means identifying what added value customers want that your business can successfully deliver.
What Is Added Value
It can be tangible that they will see such as such as a special hotline or a two day turn around on a project.
Or it can be behind the scenes that is not noticeable to your customers. Such as using a virtual assistant to handle email requests or software to schedule meetings easily.
Or it can be as simple as offering discounts to loyal customers and not only new customers.
Adding value to what you offer, how you offer it etc can help set your brand apart from competitors. It must also be of benefit for your business so it grows.
In all aspects it should come back to what outcome you want to achieve. In this case it is about how to improve customer retention.
Therefore keep it simple to focus on those strategies that add value for your current customers. They will have different needs and desires versus new customers as they have a relationship with your business.
It also needs to be included as part of your marketing strategy so it is never overlooked.
Successful businesses know that a key to added value is keeping it simple. This is for your business and customers.
How To Identify Added Value
You could ask for feedback from customers as a starting point.
However be careful if you do this as what they say often needs to be interpreted and not taken literally.
There are various ways you can add value and here is one approach:
- Understand what are the areas your customers value about the product or services you and your competitors offer. For example it might be service delivery which can give you a competitive edge.
- Make a list of what you are better or worse than your competitors ‘ products or services on these values.
- Remove any that add complexity and keep the ones that add simplicity to your customer’s lives.
- Select a couple where you could add extra value and work up a project time line to develop and introduce them. You can always start with a couple of simple ones to get you started.
- Choose the most appropriate marketing tactics to communicate the added value to your customers.
- Make sure you can identify the results you want to achieve otherwise it is difficult to see if your efforts are worth it.
- Finally track the results and get feedback.
You can even set yourself a goal to look for and introduce another added value each year depending on your market and customers. The key thing to remember is to keep it simple for your customers and business.
As I mentioned this is one way. Over to you, what other ways do you identify and deliver additional value to your customers.
See how I can help your business use simplicity to improve customer retention.