The strategies of countless successful companies suggest that using creativity to retain customers the key to standing out. People are attracted to businesses that have a personality and a desire to stay in their lives long after a purchase is made. They want a reward for giving you their business, one that makes them feel “special” and continuously reminds them that they made a good choice in choosing you over your equally-hungry competitors.
The central purpose of customer retention is not so much to keep current customers but to give these customers something to talk about. Your business then becomes a topic for conversation among friends or family members who, like your current customers, are instantly transformed into additional salespeople acting on your behalf.
GETTING THE RIGHT HELP
Yes, you could technically just copy another business’s strategy but you must remember that no one knows your demographic better than you. Developing your own plan, however, begins with finding the right people to make it a reality. There are several types of hires who could help in this situation, but they all reflect the kind of personality you want to show your customers. For example, in an industry where customer service isn’t typically a strong point, it might be wise to look for new staff who have outstanding communicative skills, even if they know close to nothing about whatever it is you sell. A super-friendly and dedicated team of staff members is a surefire recipe for positive feedback.
Another option is hiring someone who specializes in customer retention strategies or social engagement. These are the kind of people who come up with content to post on your social media pages, launch email newsletters, creative ideas for rewards programs, and, most importantly, study the habits of your demographic to understand exactly what you are looking for and reveal how you can improve your products or services.
HIRING WITHOUT THE STRESS OF THE PAST
At United Capital Source, we understand that the need for new hires cannot be ignored or put off, since a single customer interaction can completely change a business’s future. This is why we specialize in providing small business loans that give borrowers the ability to increase staff as soon as possible. Our working capital loans and merchant cash advances (a.k.a credit card processing loans) can cover your business’s regular expenses for several months while you focus on these new efforts and let operations slow down for a brief period. These unsecured business loans can also be customized to adjust for other expenses that will likely arise as you obtain the tools required for your efforts.
Much like conventional marketing initiatives, customer retention strategies take time to produce results. But our working capital loans do not feature the same due dates, fixed payments and non-negotiable rules as traditional bank loans.
REWARDING YOUR BEST SALESPEOPLE
A common element of customer retention is free or discounted items. Such items can be made available for special rewards members, customers who perform a certain action (like write a review or make a purchase at a certain time of the year), or used as a holiday gift. Every business incorporates free or discounted items to some degree, and their value doubles when they are used in accordance with a reward that isn’t necessarily physical. Some examples include putting a photo of happy customers on your Facebook page or using social media to ask customers about the kind of products they’d like to see released next. This could be yet another job for your aforementioned social engagement specialist.
When you are expecting to give away a lot of items on a constant basis, you’d better have plenty of inventory to keep the promotion going. United Capital Source can help you accomplish this with our small business loans that are frequently used by restaurants, retail stores and cosmetics stores to purchase inventory in bulk before the busy season. Our experience has taught us the best times to purchase inventory for discount prices and how many items are needed for specific time frames. Merchant cash advances (credit card processing loans) are highly appropriate for investments of this nature as well because the items are only distributed to people who are giving you their business and therefore paying off your debt.
WE KNOW WHAT IT MEANS TO BE COMPETITIVE IN 2017!
As you can see, customer retention and standing out are merely a bonus of making the investments you need to grow your business in general. It all comes down to having something different to offer your customers, and countless businesses have found the solution to this mystery in the form of great staff members and unique gifts, from t-shirts to opportunities to try new flavors of frozen yogurt. If either idea sounds appealing to you, the business funding experts at United Capital Source are happy to show you what you need to make it happen as soon as possible!