Introduction:
If your sales projections and market research has gone haywire, let me assure you that you aren’t alone in this. The COVID-19 pandemic has left the world in a topsy-turvy state and reshuffled the ways of doing business. While pundits forecast the post-pandemic era of business to be substantially rewarding, it is essential to keep in touch with your customers and not lose them in these trying times. According to an acclaimed expert from a digital marketing agency, the times are tougher for a small business that has acquired a substantial fraction of its customers, expending much sweat and blood and is finding it an uphill task to retain them.
Client Retention Is Severely Important For Your Business:
According to a study conducted by an industry expert, the returning clients spend at least 33% more than the new clients. Therefore, client retention is equivalent to the long-term success of your business as client acquisition is something that amounts to an increased expenditure without the guarantee of success. It is exceptionally laborious, and then it might not always be so fruitful for you, as research conducted by SignalMind indicates that the probability of obtaining a sale from a new client is 5% to 20%. In contrast, an existing customer has a 60% to 70% chance of creating a business sale.
According to the experts of a digital marketing agency near me, client retention is especially valuable considering the global crisis that has exacerbated due to the ongoing COVID-19 pandemic. Small businesses and startups that had a windfall in the recent past might be wondering how to keep their existing clients stick to their businesses and not lose them in these adverse conditions. The digital marketing company experts point out that this harrowing trend is generalized. Most of the customers have put a leash on their spending habits and reconsidering ways to correctly invest their money. Thus, for big and small organizations alike, the pandemic has created a demanding situation where recruiting fresh clients is next-to-impossible. Therefore, the need to retain existing clients has increased manifold, to keep the business is operating and the revenue flowing.
Why Is The Present Scenario Perturbing For Small Business Owners?
A particular Angelique Rewers, CEO of The Corporate Agent, says that client retention is of paramount importance because if the consumers decide to hit the pause button right now, in all possibility, they won’t return to the same business and will migrate to an entirely new direction as the businesses recover from the global slump. The resulting mass disruption in buying behaviors can only be thwarted by retaining the existing customers by big and small businesses.
Small businesses and startups will encounter a particularly hard-fought battle because they will be competing against the bigger sharks in the tank. The latter have been hit similarly to keep their customers. The professionals from a reputed digital marketing agency remark that small businesses and startups who had amassed customers in the past using superlative products and services need to bank upon out-of-the-box strategies. These will allow them to keep the clients loyal to their brands and not lose them to industry behemoths who can opt for strategies like downsizing their prices to retain theirs.
Smart Strategies For Small Businesses To Ensure Client Retention:
When you are the owner of a small business, the onus is to create a climate where you can thrive and grow peacefully. Unfortunately, the ongoing pandemic might have foiled all your plans, and now you look for ways to stay afloat in the market. Going online and making use of smart technological moves can be a way to increase your reach. Still, a digital marketing company professional has curated specialized strategies that will allow you to survive the crisis and retain your existing pool of clients.
● Virtual Offerings:
Small businesses and startups need to pivot their products and services and provide virtual offerings worth value to their clients. With video chats and teleconferencing software, technological bliss allows businesses to connect with their customers remotely. Small businesses should utilize these technological boons to their advantage like a fitness coach gives his followers DIY strategies to sweat-it-out indoors without equipment.
● Social Media Engagement:
A commanding social media presence is essential for businesses to perform at the start of the year, recording 3.8 billion users engaging through social media platforms like Facebook, Twitter, and Instagram. Social media platforms are always buzzing with users communicating with their preferred brands by leaving comments, reviews, and making buying decisions. A digital marketing agency expert advises small businesses and startups to curate their business strategies by streamlining social media management. It would create a lasting impression and nurture relationships with clients through an effective engagement that comprehends customer preferences by learning about their actions and attaching worth to their reviews.
● Short-Term Focus:
With long-term commitments appearing far-flung, short-term actions are a new reality. Therefore, small businesses need to keep their clients excited with ingenious, short-term actions, and focus on the now instead of toiling for the unknown. Startups can also focus on adding an element of surprise to their promotional endeavors that would keep their clients glued to their brand for more similar stuff.
● Website Renovation:
With a brand new outlook instead of a traditional website, local brands can penetrate their clients more objectivity. Providing FAQs and recommendations on social distancing and the self-isolation norms in sync with the CDC, WHO, and the local governments will help the customers understand the present crisis and how shopping online or adopting safety measures will mitigate it. A digital marketing agency expert also recommends providing insights into your business and your efforts to combat the situation with your revised chain of actions.
● Rewards And Discounts:
Rewards are always endearing to a client, and now is the time to pour all the affection to your clientele by showering them with gift cards, vouchers, and attractive discounts. It is also a viable strategy to keep the cash flow trickling and luring long-term purchases.
● Company Value And Brand Initiative Promotion:
Digital marketing company executives have been emphasizing on creating personalized content that communicates the company’s value to its customers instead of generic emails and push-notifications. Personalized messaging that is compassionate and speaks about how the crisis impacts everyone and how you can have each others’ backs will not only communicate your brand’s value to your clients but also reinforce their loyalty. Reception of personalized messages, check-in phone calls, newsletters, and customized emails sit deep with a client. Small businesses and startups can also effectively employ this period to promote their brand initiatives and speak about their vision, mission, and the reasons for which a customer will connect personally with their brand.
● Helpful Content Creation:
Webinars, video tutorials, podcasts, and other helpful content that enriches your clients’ lives and teaches them various strategies to combat adverse situations are extremely helpful in this situation. Online events, contests, and live video streams will allow you to stay connected to your clients while engaging with them fruitfully, remarks a digital marketing company CEO.
If you look after your clients and extend your warmth, you will also receive their loyalty and retain them long-term in all probability.