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You're Reading:5 Best Customer Relationships Strategies

5 Best Customer Relationships Strategies

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Sep 23, 2021

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As a start-up or entrepreneur, you probably already know the importance of having a good relationship with your customers.  Customers are at the core of every decision and strategy you make as a business.

To not be customer-centric in today’s competitive markets is a sure way to fail.

Studies show that 86% of consumers will stop doing business with you if you have poor client relations. Alternatively, 81% of businesses with strong client relations are shown to outperform their competitors.

Fortunately for companies, there are many strategies you can employ to build and maintain your relationships with your client. Here are five of the best strategies.

5 Best Customer Relationships Strategies

Write Effective Newsletters

Newsletters, when done correctly, are extremely effective at engaging new customers. These emails can convert an interested consumer into a lifelong customer.

To increase their efficacy, personalize your newsletters and refer to the customer by name. Similarly, you can offer discounts or free trials to reward them for signing up for your newsletter.

Announcing an exclusive sale through your newsletter is another great way to make your existing customers feel valued.

Newsletters are an excellent way to communicate with your clients. Providing updates and special offers to your customers through newsletters establishes good communication with them. And everyone knows that communication is key to any good relationship.

%

Consumers that will stop doing business with you if you have poor client relation

%

Businesses with strong client relations that are shown to outperform their competitors.

Prioritize Customer Service

A sure way to develop a strong relationship with your customers is through prioritizing customer service. This means catering to the customer’s needs and complaints as a business.

Going above and beyond the customer service offered by your competitors will help you stand out from the rest. Moreover, a customer’s experience with a company’s customer service is a determining factor in their loyalty. The better you treat your customers, the longer they’ll continue to do business with you.

Studies show that 70% of consumers are willing to spend more with businesses that provide exceptional customer service. In addition to helping maintain customer relationships, prioritizing customer service as a business can generate more profit.

%

Consumers that are willing to spend more with businesses that provide exceptional customer service. I

Encourage Loyalty Through Rewards

According to the Harvard Business Review, it is anywhere between 5 to 25 times more expensive for businesses to acquire a new customer than to retain an existing one.

Similarly, boosting customer retention rates by just 5% can improve profits by anywhere between 25% to 95%.

Creating a loyalty reward program provides customers with the incentive to continue purchasing from your business. In addition, it’s a great way to show appreciation for existing customers.

Although developing a reward program as a small business can seem like an overwhelming task, it doesn’t have to be. A loyalty reward program could be something as simple as a points system in which customers earn points for every purchase.

These points can then be applied for a discount on future purchases. As a result, loyal customers will feel increasingly valued as they purchase more from your company and acquire greater discounts.

This is a very effective strategy for maintaining a great relationship with your existing customers.

How many times is more expensive for businesses to acquire a new customer than to retain an existing one.

%

Boosting customer retention rates by just 5% can improve profits by this percentage

Use Various Social Media Channels To Engage Customers

As the number of social media users continues to rapidly expand, it’s important for businesses and entrepreneurs to keep up with these platforms.

Create accounts on every platform you think your ideal consumer would use. For example, if your target audience is younger, engage with them through a TikTok account.

Many Gen Z and Millennials use apps like TikTok and Instagram daily. On the other hand, if your target consumer tends to be older, ensure your business is actively engaging with them on platforms such as Facebook and Twitter.

On social media, there are various strategies companies can try to attract new customers.

One way is to hold a giveaway.

You can set the conditions of the giveaway, but most choose to require their followers to share their posts, follow them, and tag a friend in order to enter. This encourages customers to engage with you in addition to sharing your account with their followers.

Request Feedback And Actually Listen

To reassure your customers that you value their opinions, request feedback from them. You can do this by emailing a survey after a transaction. Many companies incentivize customers to fill out the surveys by rewarding them with an entry for a raffle or giving them points on their loyalty reward system.

After collecting feedback from your customers, actually, listen to them. Listening to the opinions of your clients helps build trust and strengthens your relationship. It demonstrates to your existing customers that you care about them and what they think.

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Conclusion

As a start-up or entrepreneur, there are plenty of ways to build and maintain good relationships with your customers. Since customers are at the core of your success as a company, it’s crucial you focus on not only attracting new customers but appreciating your existing ones.

Jenny Williams

Jenny Williams

Business Marketing Specialist & Writer

Jenny Williams is a business marketing specialist and writer at Term paper writing services. She often writes about marketing strategies and other tips for growing your business.

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