Question

7. You manage to convert a prospect into a customer. Knowing that it is easier to keep a customer versus attaining a new one, what should a salesperson do to ensure you retain a customer over the long term?

Answer 1

Strategies that can be adopted to retain customer over a long period of time:

• A salesperson can offer customer service surprises. This can involve giving special schemes or incentives to customers on special occasions like birthday, anniversary etc.
• Setting of Customer Expectations. Promise what you can do. Set expectations that you can meet. In the event that you’re not able to meet expectations, apologize and compensate your customers.
• Building trust through long term relationships. This may involve winning their confidence, having feedbacks about products and services, listening to their suggestions and complaints. Ideally, when you’re looking to build trust, use the customer behavior data to deliver enormous value in your product. That way, they will continually nod and accept your recommendations.
• Use of automation to communicate with customers. This involve use of software for sending automatic newsletters to customers, sending sms to new customers etc. All this will help in maintaining a healthy relationship with customers.
• Measuring Customer lifetime value. Customer Lifetime Value (CLV) is one of such important key performance indicators that show you the worth of your customers over a period of time. This helps in assessing repeated customers, loyal customers etc.
• Analysing and properly studying KPI's and online metrics related to customers. This may include keeping a proper record of metrics like reach, frequency, conversion rate, engagement level etc.
• Learn from Customer Complaints. Accept the customer complaints in a positive manner. Analyze their feedback and take steps suggested by them to improve product and service.
• Training and educating the customers about new products and informing them on how to use the new products properly help in building a stable long term relationship with customers.

To conclude customer retention and satisfaction is of immense importance for the success of any business.