Customer retention: Key towards your sustainable business growth

Customers are considered as the key aspect for business success. With the increasing competition, it has become difficult for businesses to retain their customers. Today, there are a number of options available for a customer, whether it be online or offline, it has become a cumbersome job to get the customers back to your business. Did you know, it is six to seven times more costlier to get a new customer than it is to keep your current ones? Thus, it’s important to retain your existing customers for sustainable growth of your business. There are various strategies developed which you can use to retain your customers. Let’s have a look at what exactly customer retention is all about!

# What is customer retention?

According to Wikipedia, ”Customer retention refers to the ability of a company or product to retain its customers over some specified period”. It is the process of engaging your existing customers to continue buying the products and services from your business. It is different from customer acquisition from the term that the person is converted into a customer at least once.

The customer retention strategy helps you to form healthy and long-lasting relationships with your customers who will gradually become loyal to your brand. Customer retention in turn helps to create the business a good reputation and goodwill in the market. It also generates a worthy Competition with the opponents. The customer retention acts as a best proof regarding the quality of products and services you are providing. You need to maintain that record in order to sustain in the market.

# Benefits of customer retention

 Focusing on customer retention will help your business in the long run. For instance, Think about your favourite clothing brand, you probably buy most of your clothing items from that brand each time you shop. You are considered a loyal customer of that brand. You’re most likely to refer this brand to your relatives and friends because of how much you trust and appreciate the product. Your value as a customer is high as the business gains profits from your purchases as well as your friend’s purchase. Thus customer retention helps to gain lots of benefits. Some of the major and basic benefits are as follows:

●Increased profits- Maintaining relations with existing customers earns a positive impact on your business bottom line. Data shows that increasing customer retention by 5% can increase profits anywhere between 25% to 95%.

●Brand ambassadors- yeah, it’s true! The best aspect of customer retention is that your customers act as your brand ambassador. They have the ability to give your brand a boost on internet platforms, spread positive messages about your services and thereby influences your consumer sales. The most effective are those who are able to act as spokesperson for your brand.

●Cost effective-. The prime advantage of customer retention is that it saves the cost involved in customer acquiring. Several researches have been conducted in the past which has proved retention more beneficial over acquiring. It helps to create a customer base for your business.

# Simple strategies to retain your customers

Your company's most valuable asset is how it is known to its customers. Always be loyal to your customers. They need to get an assurance that you are always available to solve their problems and find an appropriate solution for it within no time. When you try to retain your customers, the customer expectations tend to rise over a period of time. Try to meet their needs by conducting surveys and research to measure their level of satisfaction associated with your product. Try to find the reason behind your customer dissatisfaction and constantly work to improve it. A personal mail, phone call or message to know if they are satisfied with our services and if they are enjoying your product is one of the best ways to create a personal connection with the customer . Appreciate their loyalty by providing them gifts and discounts on special occasions. Reviews, video testimonials, conducting live webinars are some of the excellent ways to showcase customers exactly about how the product or service you’re offering can fit in their life and make it easy. It will thereby help build a trustworthy relationship with your customers.  These all-basic strategies can prove to be the best aspect for your business sales and its ROI.

To conclude, Customers are the important asset of the business. Thus, it is essential for a business to retain them. Applying the right customer retention strategy will keep your company growing if you know how to take advantage of it. Know your audience and build up strategies around your customer insights. 

Remember the Pareto principle, “20% of your customers are responsible for 80% of your sales.” Always be loyal to your customers. Be interactive with them, try to solve their problems by taking no much time. It will help to build a sense of belonging towards your business. One can always rely on customer retention strategies as it is not only cost effective but a safest way of creating strong relationships that stand the test of time.

ALL THE BEST!

References

https://www.helpscout.com/blog/customer-retention-strategies-that-work/

https://www.crazyegg.com/blog/customer-retention/#:~:text=Customer%20retention%20increases%20your%20customers,give%20them%20value%20in%20exchange.

https://marketingwizdom.com/strategies/retention-strategies

https://www.growcode.com/blog/customer-retention/

How to develop a successful marketing mix strategy for your business?

Ways to use social media for developing the business

Have you heard the term social media? Yes, today there is hardly anyone who is unaware of the power of social media! Though, social media may have started as a fun chat and share platform, but eventually it has provided a leading platform for businesses all over the world. Today, social media is the most powerful tool for business growth and development.

According to Statista, over 3.60 billion people were using social media worldwide in 2020, and it is projected that the number will rise rapidly in upcoming years. This emphasizes the popularity of social media and its ability to engage more and more people. This ability acts as an advantage for the business community.  Thus, it becomes easy for an entrepreneur to reach their targeted customers, build a brand and progress from all means. There are several ways to use social media for developing your business. Let’s have a look at it:

If you are an entrepreneur, you might be aware how branding of a product or company is essential and important to gain more consumers and attain a higher level of market share.  Being proactive in brand building through social media will lead to a better brand experience for reaching your potential customers while turning them into loyal brand followers. No matter what product you sell, social media can help you sell it. As the number of social media users continues to grow and social sales tools evolve, social networks will progressively become important for product search and ecommerce. You can successfully achieve your sales goal. If you want to promote your business in a cost-effective way, then there’s nothing better than social media platforms. Social media, with its massive reach and devoted core of adherents, may be the most successful way to elevate your business position online without investing a ton of money. It is one of the faster and easier ways of communication. Thus, a business can receive, review and respond to the customer grievances in a faster way than before. This will maintain your business, save time and help in managing the crisis. Ultimately, customers would develop a sense of belonging to your business.

  Today, the competition is increasing rapidly. Thus, social media acts as an effective tool to keep an eye on your competitors. You can adapt various strategies by learning from your competitors as you both tend to have similar aims of understanding your customers, improving productivity and maximising your earnings. Business should use a social media analytics platform to understand and improve its performance and work on its flaws. By analysing the recent social media trends, your business can build up some strategies based on that trend, this would help in promotion as well as in redefining your products. This will consequently fascinate a lot of users. Use keywords that are commonly searched for on Google for your social media. Using trending hashtags associated with your business on social media platforms like Twitter, Facebook, YouTube, Instagram and LinkedIn will attract more users to your business. This attempt would probably help your business and its posts to go viral.

To sum up, social media proves to be a powerful and cost-effective tool for any sized business. It can increase your visibility, establish two-way communication, enhance relationships with your customer and employees, and improve the awareness and reputation of the organization. You should create a smart social media strategy that comprises a cohesive plan of action to keep up with your competition. If social media is used strategically over time, then there’s nothing better and an effective platform for your real work. Your business can effectively and successfully acquire maximum gain by using social media initiative. 

References:

https://blog.hootsuite.com/social-media-for-business/

https://www.entrepreneur.com/article/330538

https://coschedule.com/blog/benefits-of-social-media-marketing-for-business/

https://www.businesswest.co.uk/blog/8-effective-ways-promote-your-business-social-media

Benefits of technology for the upcoming entrepreneurs

Google’s initiative for job creation: No degree? No problem!

“Earn a degree, and get a job”, Did you too grow up hearing these words? If yes, then you might be aware of how much importance is given to a college degree in our country. Our parents and teachers have always emphasized the importance and need of a degree to get a well-paid job. This mentality prevails because some years ago, almost every company required candidates to have a college degree (some of them still demand it) for recruitment. The success and dreams of a person should not be restricted because of expensive education. Fortunately, things are changing today. What if I say that you may get a job without a college degree? Sounds Interesting, right? Yes, this initiative is taken by the well-known tech giant “GOOGLE”

Anyone here, who doesn’t know about Google? Yeah, everyone knows! According to Wikipedia, “Google LLC is an American multinational technology company that specializes in Internet-related services and products, which include online advertising technologies, search engines, cloud computing, software, and hardware.” 

Walker, SVP of Global Affairs for Google, once mentioned in his blog that people shouldn’t need a college diploma to have economic security. “We need new, accessible job-training solutions—from enhanced vocational programs to online education—to help recover and rebuild.”

Companies like Google believe in practical knowledge and skill sets that you pursue and not emphasize on the degree you have. It has planned a training program that would help people to start and advance their careers. In this current pandemic situation, a lot of people became unemployed, this affected our economy adversely. During such circumstances, such initiatives become a boon for many individuals.

What is the initiative all about?

The tech juggernaut 'Google' has announced a new initiative called Google Career Certificate. It is offering a number of courses that are designed to teach people the specific skills and techniques that companies are looking for, in today’s times. The introduction of certificates comes under “The Grow with Google Career Certificates” education initiative. With this new initiative, the company will assist people in getting the abilities they require, to get a job or build their businesses. While a normal college degree takes years, these certificates tend to impart the skill in a course of around a certain number of months.

Why should one enrol?

Google career certificate is a training program available on Coursera. The special thing about this course is that you don’t need a degree to enrol in this program. Google has stated that the certificates are a route to jobs because the tech giant will directly connect the one who has earned the certificate, with top employers in their respective countries. Each certificate is designed in such a way that it helps an individual to become job-ready for high-in- demand and well-paid job roles. You can get a well-paid job on the basis of this certificate in more than 130 companies including Google itself. These courses can be finished in a period of six months and Google charges a nominal fee. Sometimes it is even absolutely free. The point worth noting is, that as it is entirely developed by Google, it can prove to be a game-changer for those looking to switch fields or have a great and advanced career in future. The advantage of such courses is that in a short span, they train and educate people with the practical skills. Such skills and certifications can play a very essential role in future.

What are the different certificate courses offered?

Google has developed a number of courses. One can choose as per his/her interest. Let’s take a look at some of the popular certificate courses developed by Google:

● Android development 

● Data analytics

● IT support

● UX design

● Project management

According to the data shared by Google, 82% of people who have acquired these courses, are able to get, either a promotion, a new job or a career upgradation within a span of six months. Isn’t it very attractive?

To sum up, today, to get a well-paid and an advanced job is not just restricted to the question of “whether you have a degree…” There are a number of opportunities created by various companies like Google where you can have access to the practical set of knowledge and get hired by your dream company. It is even beneficial for kick starting your tech start-ups. Not only the individual without a degree, but also the one who has completed a degree and is interested in this course, can apply for it.

 So why wait?  Your dream job is waiting for you! Just grab the opportunity and get hired by the best companies.

References

https://analyticsindiamag.com/why-google-believes-you-dont-need-a-college-degree-to-get-a-high-paying-tech-job/

https://www.thebetterindia.com/234001/google-it-courses-online-how-to-apply-details-eligibility-professional-certification-ros174/

https://www.upworthy.com/google-announces-new-plan-that-could-change-how-people-attend-college-forever

https://www.geeksforgeeks.org/top-7-companies-that-dont-require-a-college-degree/
https://www.indiatimes.com/technology/news/google-career-certificate-courses-520983.html