Improve Customer Retention With Added Value

improve customer retention added valueImprove 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.

 

11 Responses to Improve Customer Retention With Added Value

  1. Thanks for posting this great article. Adding value for our customers is one vital goal that every business persons should set. Customers pay us value for money. It is our responsibility to give them the value they want for their money.

    • Hi Vic,

      Very true they do pay us for value especially these days. I had a quick look at your website, looks good and sure your readers get value from it.

      Thanks for commenting.

  2. Creative Greetings Susan,

    I “liked” this post because…

    This post offered valuable and practical information regarding the importance of understanding what ones consumer market finds valuable.

    It emphasizes the importance of accommodating client needs through understanding “the market as a whole”…and the importance of communicating this understanding.

    • Hi Catherine,

      Thanks for ‘liking the article”, appreciate it. Understanding is key and does make marketing a lot easier. Thanks for your comment.

  3. Value comes from speaking to the customer’s pains and fixing them in the most efficient and more importantly, the most empathatic manner possible. Authenticity and transparancy are key to edging out the competition.

    • Hi Keyuri,

      Like the words you used – efficient and empathetic and I bet that is what your customers receive.

  4. Valuing customers makes a great impact to every business. Sometimes customers are patronizing products because of good quality service that they had experienced.

  5. Susan

    Value is so important to building great customer relationships and increasing retention.
    I do see alot of value missplacement in business, ie..the owner giving their definition of value rather than what would be most valuable to the customer.
    This was particularly noticable in the IM space, where bonus upon bonus was thrown at the poor buyer. I’m sure many of them bought just out of sheer overwhelm.

    Just reinforces that you need to understand what is going on in the minds of your customer, to have the best business you can.

    • Hi Jackie,

      Totally agree with you about the owner giving their definition. Sometimes I have to wonder if the IM ever track whether their bonuses are ever used. The problem is when inexperienced businesses follow without thinking.

  6. Great idea for a blog topic, Susan (and thanks to Delena for getting the gears turning!).

    Value-added customer services are becoming more important as simple price comparison is becoming easier. The VALUE of what you can offer a customer is often much more important than the monetary cost. After all, people may be searching for products or services, but what they truly want is a solution.

    That’s why I think being involved in social media and blogging is such a critical component of helping companies and organizations thrive. If you’re not accessible to receive feedback on your products and services, how can you know what your customers value?

    Nice post and great step-by-step outline.

    • Hi Jana,

      Yes social media can help and you can also use it to see how your competitors compare on the different values. Good point about price comparisons.