In the bustling world of product management, one question always looms large:
how do we keep our customers coming back for more? Whether you're at the helm of a scrappy startup or a seasoned corporate giant, the quest for customer loyalty is crucial—it’s the lifeblood of your business.
What Does it take to Retain Customers?
Let's dive deeper into what customer retention means in today's world and how it impacts us.
So, picture this: I’m sipping my morning coffee and scrolling through LinkedIn Learning. I stumble upon a course on client retention and think, "Why not?" It’s an hour well spent, diving deep into the art and science of keeping customers happy. Here’s the an overview of important takeaways.
- Key Ingredient: Focus on building strong relationships and providing exceptional service to keep your customers coming back.
- Calculating Customer Lifetime Value: Understand the long-term value of your customers to better allocate resources and tailor your retention strategies.
- Preventing Customer Loss: Identify potential reasons for customer churn early and take proactive steps to address them before they leave.
- Leveraging Customer Data: Use data to gain insights into customer behaviors and preferences, allowing you to personalize experiences and increase loyalty.
- Bringing Back Lost Customers: Develop strategies to re-engage and win back customers who have left, turning them into loyal advocates once again.
Let’s Look Back
Back in the early 2000s, it was all about adding a personal touch to your service.
Growing up with bankers taught me that trust and strong relationships are crucial. Remembering names, checking in on families, and knowing preferences made a big impact on customer loyalty and experience.
In the last ten years, especially post-COVID, everything's gone digital. Now, instead of going to a branch, I can open an account online in minutes. It's a huge win for convenience!
In today's world, time is money, and we're all struggling to find enough time. We expect to get things done fast so we can accomplish more.
Let me share my take on one of the key ingredients for this article: "Building Strong Relationships" and “providing exceptional service”.
The Key Ingredient
First things first, let’s get real—everyone loves a personal touch. Think about it: do you enjoy faceless, robotic service? No way! Whether it’s buying a gadget online or picking up a trinket from a store, we all crave that human connection.
But here’s the kicker: most companies are busy throwing discounts and fancy product lists at us, hoping we’ll stay. Sure, who doesn’t love a good deal? But what really makes us stick around? What transforms a casual shopper into a loyal customer?
Some savvy companies have cracked the code who are customer centric at core:
It’s all about EMPATHY.
Yep, being genuinely human at the core. Customers aren’t just numbers; they’re people with quirks, needs, and problems your product can solve.
What Does It Mean By Being Human
Let’s break down what I mean:
Companies these days nail it by personalising customer onboarding or making sure their customer service truly listens and responds to create those “Aha!” moments for customers.
But I still wonder, what’s that extra something that could leave a lasting impression on the customer?
Story Time
Now, let me tell you a story. I have seen an amazing customer service example in my previous company. Meet Emma, She was a rockstar in our customer service team. One day, she sold an insurance policy to an elderly couple. Simple, right? But there was a twist—they needed their documents ASAP, and their internet was down so sending them an email was of no use neither was sending a courier, as it would take its due course of time minimum 3 days to reach. With a flight booked for the next morning, they were in a bit of a pickle. Emma, being the empathetic soul she is, didn't just shrug and move on. Nope, she decided to personally drive to their house and hand-deliver the documents. Talk about going the extra mile!
This wasn’t just a nice gesture; it was a game-changer. The couple was so impressed that their whole family now swears by our company, and they made sure to tell all their friends about the amazing service they received. Emma’s simple act of empathy turned them into lifelong customers. That’s the power of being human.
Conclusion
So, what’s the big takeaway here? Empathy and a human touch aren’t just nice-to-haves—they’re essential.
To wrap up, in the digital world, we can add a human touch and boost customer retention by doing the below, just adding my perspective in diagrammatic form:
Embrace them, and watch your customer loyalty soar.
Remember, in the end, it's the personal touch that keeps customers coming back for more.