Top Payment Processor Shares Customer Retention Strategies
Electronic Merchant Systems, based in Cleveland Ohio, is pleased to announce that they have created a blog that shares tips and strategies for Small Businesses to improve their customer retention. Some of the strategies discussed include making a fantastic first impression, delivering a high standard of customer service, offering gift and loyalty programs, sharing customer surveys to raise awareness, following up with customers for continual nurturing, and being involved in the community. Learn more here: https://www.emscorporate.com/news/strategies-to-increase-customer-retention.
Companies must always attempt to stay ahead of their competition in this digital age, the company asserts. A key way to ensure this, however, is to retain the existing base of customers. This is often not an easy task, as customers will always become more aware of competitors that offer similar products or services. A fact to be grateful for is that, once most customers make their first purchase at a given company, they already have them in their hands. However, a customer’s loyalty must be earned and retained. To quote the blog, “Your customer retention refers to the act of deterring your clients from moving to another company that offers the same services or foods. While customer retention can be one of its key performance indicators, many company owners and marketers focus their efforts on acquisition rather than retention.” The post highlights a common mistake, where companies focus on acquiring new customers while neglecting focus on the customers they must retain. Studies, such as one done by the Harvard Business Review, have also shown that it is more costly to acquire customers as opposed to expenditure on customer retention.
One strategy for customer retention is quite self-explanatory: it is to make an excellent first impression while providing outstanding customer service. First impressions go a long way in determining whether a customer will do business with a company or not. It is not unheard of for customers to refer to their first experience of a company after the hype of a new product or service has worn off. Therefore, a business makes it easier for a customer to find them memorable by providing a good first experience. In addition to this, a proper acquisition process, such as a hands-on and customer-focused approach, is likely to retain the customer for many years to come.
Another strategy that tends to go underutilized is conducting surveys. Sending a customer a short online survey can help a business gain insight into what works and what does not. Surveys can also help a business identify patterns that can be used to improve products and services. Many businesses fail to give enough consideration to the power of customer surveys.
Next, one very effective strategy is to reward loyal customers. A customer who feels unappreciated is more likely to choose another service or product from a competitor when the opportunity is given. It is crucial to keep loyal customers engaged and feeling appreciated. This can be achieved in numerous ways, such as by implementing a gift or loyalty card program. A business may even send a bonus gift at certain intervals to their most loyal customers. A loyalty program would also keep a customer in the loop, particularly when perks are accompanied with short messages which highlight a company’s appreciation of the customer. A company can also provide discounts, or even promotional or special offers. Electronic Merchant Systems highlights their EMS Gift and Loyalty Program as an excellent example of this.
A key step in establishing a relationship with customers is to follow up frequently. To quote the post, “You need to establish and maintain a strong customer relationship. Therefore, you need to start seeing your customers as people rather than numbers.” The personal touch is often an important factor to customers who stay loyal to a company. For example, with a product purchase, a follow-up could help a customer set it up and start using it as a part of the onboarding process. Addressing common issues brought up by customers can also be very effective to retain them. Engaging in community activities is also an effective strategy. People are becoming more socially conscious, and companies can tap into this movement through community-centered projects and charitable actions.
Electronic Merchant Systems is one of the leading providers of payment processing and merchant services. Since 1988, the company has helped business owners achieve their full potential, with offices and agents across the nation serving tens of thousands of retail, internet and start-up businesses.
To learn more about Electronic Merchant Systems, interested parties may visit the company’s website. Bill Felberg of EMS may be reached for further details as well.
For more information about Electronic Merchant Systems, contact the company here:
Electronic Merchant Systems
250 W Huron Rd #400
Cleveland, OH 44113