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Churn-rate is a business term that reveals the level or number of customers that cut ties with a company or its service/product. A business person whose focus is success and growth should be able to prevent or minimize churn-rate by understanding that a customer with negative experience will likely complain and a customer whose complaint is not satisfactorily solved will always leave, the worst case scenario is when dissatisfied customers begin to spread their feelings and deterring one’s existing and potential customers from patronizing one’s business.
According to Bill Gate, “your most unhappy customers are your greatest source of learning”. There is always a lot to learn when you interact and listen to your customers, you will learn the source of their unhappiness or complains and make better modifications. It is proven that companies spend ten times the amount required to retain a customer in order to acquire a new one and retaining customers multiplies revenues as a result of repeat buying and referrals. Businesses only exist and operate when they can acquire, retain and grow customers. To retain customers and succeed in business, an entrepreneur must imbibe the following skills:
Wear A Smile Always
A smile is a warm reception on its own, it’s a friendly disposition. A smile most times induces impulse buying even when the customers hold no intention of making a purchase.
Create and continue to work on bettering the quality of whatever service/product your business offers. This practice has a way of improving a company’s reputation, patronage and customers loyalty.
Always Provide the Right Information
Product/service knowledge is very sacrosanct in order for a customer not to be misled or deceived into making wrong buying decisions.
Promptly and Satisfactorily Resolve Complains
Preventing a customer’s anger by promptly resolving his/her complains in a friendly and satisfactory way can increase a customer’s loyalty and will also serve as a re-assurance of continuous good service delivery.
Remember Special Days and People in their Lives
Customers are happy when you can be able to comfortably remember their children’s, spouse’s, friend’s and relative’s names. Ask after the welfare of their special ones when they show up alone. They also appreciate felicitation messages on occasions that are dear to them.
Discount as a term is as old as business itself. Customers enjoy deductions from the actual price no matter how little the percentage is.
Offer after Sales Services and Bonanzas
A little help after sales and free stuffs every once in a while goes a long way in keeping customers.
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