Here’s the customer retention definition that will motivate your sales team, regardless of what industry you’re in!
Are you trying to find a customer retention definition to share with your staff that isn’t specific to one industry or another?
It’s simple: customer retention is the process and actions a company or salesperson takes to keep a client’s business.
Customer retention starts from the very first moment of working with your referrals and leads. In some ways, customer retention depends on customer service, but it especially relies on the relationships that are built and nurtured during the sales process.
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Now that you know the customer retention definition, why is it important to your business?
Customer retention is important for any industry. Why? If you aren’t retaining customers, that means you’re losing them. And if you’re losing your customers, that means your competitors have gained your market share.
What do you think is harder? Keeping your customers or working to find and capture new customers? They’re both equally important for growth, but if you’re losing customers, while already putting in effort to gain new customers, you’ll need to put in twice the work to make up for the customers you’ve already lost.
Actually, you might need to put in even more effort than that! When a customer leaves your company, it’s for a reason. It could be as simple as a slight discount they’ll receive by switching to a competitor, or it could be something more serious, such as perceived mistreatment by a member of your sales staff.
What you do and how you react to lost customers speaks for your ability to grow and regain your market share over time. Remember, your ability to attract new customers depends on referrals and reputation. If you’re losing customers, it will be much more difficult to gain new ones. If you have positive relationships with your customers, there’s a good chance you’ll keep a great reputation in the community.
Practice customer retention strategies in all interactions
Keeping customers for the long term starts with your very first interactions. If a lead contacts you, respond to them quickly, letting them know their needs are your priority. When you’re given a referral, follow up on it immediately. Be honest when working with any customers. Follow up with current and past customers to let them know you’re thinking of them, and appreciate their business.
It’s important to realize that customer retention is more than simply doing what the customer expects. To keep happy customers, you need to exceed their expectations, turning them into dedicated advocates for your company.
Here’s where it’s important to get your staff involved and make sure they understand the customer retention definition. Someone in your organization should be analyzing and documenting your customer turnover rates. Share them with your staff during your next team meeting. Since they are the people responsible for your customer relationships, have them brainstorm strategies to keep customers happy and loyal.
We may be able to easily explain the customer retention definition to you, but we didn’t say creating and employing retention strategies would be easy! While you’re working on keeping dedicated and happy customers, let us help.
We can automate your systems and schedule follow up emails and phone calls to your leads and customers. We can assign referrals to sales staff and even thank customers after they extend a contract with you. You’d be surprised by all the ways we can make your job easier so you can focus on what’s important – your customers.
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Keep current customers happy and engaged without spending your whole day in email. Sign up for a FREE 30-day trial of Blitz lead management and sales automation software, and automate customer follow-up.
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