Customer retention today is key in pioneering the long-term survival of your business because it drives more sales at lower costs. Wondering how? Customer retention is cheaper than attracting new customers and existing customers tend to buy more than new customers.
As a matter of fact, according to a study by Bain and Company, a 5% increase in customer retention can result in an increase in your profits from 25% to 95%. Furthermore, the chances of converting current customers into long-term customers are 60% to 75%. But the probability of a new lead conversion is only 5% to 20%, at the highest.
Customer retention is influenced by the customer’s experience with your business at every stage in the sales funnel. It’s this experience that either chases away or attracts the customer back.
Here’s how to retain more customers with an improved customer support:
Satisfy Your Customers
Customer satisfaction is the biggest driver of a customer to become loyal to a brand. You need to satisfy your customers with your services/products such that you win their long-term loyalty to your business. Why? Because satisfaction impresses your customers and quickly builds their trust for your business. This helps in keeping them from looking elsewhere and driving them back to your business.
With a live messaging service, you can achieve sustainable customer satisfaction as it is ranked as having the highest satisfaction levels than any other customer service channel.
Look at this:
According to eDigital’s Customer Service Benchmark, live messaging is ranked with the highest customer satisfaction levels at 73% as compared with 61% for email and 44% for phone. Thus, being an ideal tool for customer happiness.
Stand Out in Your Industry
The market today is highly competitive with various businesses emerging up in your industry. However, in order to win a bigger market share, you need to stand out among the competition by providing a golden customer experience to your customers that will attract them back.
Guess what? With live response to customers, you stand out because a few businesses embrace it. For example, a super Office Study about live chat reveals that only 9% out of 1000 websites have live chat for customer support. Thus, with a live chat service on your website, your business stands out, wins and retains more customers because of a unique customer approach.
Solve Customer Pain Points
Value customer feedback as it helps you in evaluating your performance and improving on your weak areas that your customers have pointed out. Moreover, solving customer problems shows that you care about their satisfaction and this bonds them with your business. On the other hand, you can promise to solve the issue raised later if it can’t be solved immediately. However, keep the promise and solve the issue as promised.
This gives your customers a great experience which they will even share with others. Look: according to the CEO of ThinkJar Esteban Kolsky, 72% of customers share their great experiences with others. Why does this matter? It increases on the chances of also attracting new customers because of the great reputation. Thus, hitting two birds with one stone.
Well, here’s the good news: with chat transcripts you can create a database for all customer complaints which you can use as a reference when solving customer problems. This ensures that no customer’s complaint goes unsolved. Remember, every customer’s issue solved equals to a happy, satisfied customer attracted back.
Upsell to Your Current Customers
Don’t let your current customers move on after a purchase because they are more worthy than new customers. Upsell to them more of your services/products to keep them engaged in your sales funnel.
It’s no wonder that by embracing a customer service app, you win an opportunity of getting to know more of your customers’ needs. And you can recommend your other services/products to your customers during the live chat sessions. This increases on their average order value as they keep buying more.
According to a research by Internet Retailor, Virgin Airlines used live chat for its business transformation. It upsold more products to its customers and converted them 3.5 times more. As a result, Virgin Airlines noticed an increase of 15% in its average order value.
Personalize Customer Support
Send to your customers support messages that are targeted to a particular individual. What does this mean? You should give each customer-specific information on what he or she is looking for. This is after you’ve understood their needs and problems. As a matter of fact, it brings happiness to your customers. And influences them to keep your business on top of their minds whenever they need to make a purchase.
Imagine receiving the exact information you need about products/services of a particular brand other than looking all over its website only to find generalized information. Can you leave that brand?
Best of all, live messaging software gives you an opportunity of having a quick look at your customer’s chat history. This helps you to spot your customer’s interests like designs/products which you can use to build a personalized approach tailored towards a specific customer.
And we don’t stop there: a study by Accenture reveals that 75% of consumers are likely to purchase from retailers that know them by their names. More so, those who recommend for them options based on their past preferences and those retailers who remember their purchase history.
Drive Sales with Customer Retention
Maximize your sales by simply moving with your customers throughout your sales funnel and giving them the best experience. Wondering why? Because this attracts the customers back into your sales funnel for more of your products/services.
Create a great lasting impression with the current customer because he or she is the first high-quality lead you should target for more sales. As this customer has already built trust for your business and that’s why he or she has closed the first sale.
But here’s the thing: with the best customer service app, you can retain more customers because of the exceptional direct and personal approach it gives to them. And 63% of consumers have higher chances of visiting again a website with live chat service.
Alex has founded Jitbit in 2005 and is a software engineer passionate about customer support. He holds a degree in computer science and is a Microsoft Certified Solution Developer