How to Keep Customer Retention During the Pandemic
It’s no secret that COVID-19 has caused economic insecurity across the U.S. Recent business closures and the rise of unemployment has led the customer to rethink their spending. Depending on one’s situation, families and individuals have had to cut back on their spending and only focus on the essentials. This means individuals have had to let go of certain services, potentially your own.
The good news is there are certain strategies your business can follow to keep customer retention. Customer retention speaks to a company’s ability to retain customers over a certain period of time. According to SignalMind, the probability of a sale from a new customer is only 5% to 20%. In other words, it’s best to nurture the following you already have in place rather than try to reinvent the wheel when it comes to clients.
Every successful business owes their success to customer retention. This is achieved primarily through great customer service and marketing strategies. The following customer retention practices will help you nurture and maintain a loyal following so you can worry less about the pandemic and focus on achieving your goals.
Before we dive in to best customer retention practices, be sure you know the formula. If you don’t know your current customer retention practice, then you don’t have much of a head start on improvement. Fortunately, once you know where your customer retention stands, you can implement the best practices to help you achieve your goals.
As a refresher, here is how you calculate customer retention:
photo courtesy of business.com
Now let’s begin!
Top Customer Retention Practices During COVID-19
Increase your presence on social media
There’s no better way to connect with your customers than through social media. Social Media Marketing helps you communicate your brand’s message in fun and informative ways across a variety of social media channels such as Facebook, Instagram, Twitter, etc. It’s best to post at least once a day. However, make sure your content is relevant and respectful. Inspirational posts are a great way to connect with your current customers. COVID-19 has led to an increase in anxiety and depression world-wide. Kind and helpful content is a surefire to help customers feel connected and safe.
Promote Your Brand’s Values & Initiatives
These are challenging times, and customers are looking for a positive message. Chances are your initiatives have changed since the coronavirus outbreak. Hopefully, your company’s values have not! Your values play a huge role in what makes your brand unique and how it can help people. Customers want to know that you are honest, informed, and caring. Consider putting your values on your homepage or creating graphics to promote on social media.
Offer Virtual Products & Services
Even before the pandemic, customers were taking their shopping online. If you’re fortunate enough to conduct your business entirely online, then offering your services online is an excellent way to maintain customer retention. Why not surprise your following with a fun and informative video, or post an upcoming contest/promotion to your social media stories? Customers are craving educational content. Sharing informative videos is a great way to keep them up-to-date and entertained.