Excerpted from article: "According to the Harvard Business School, increasing customer retention rates by 5 percent increases profits by 25 percent to 95 percent. In order to help you increase your own retention rates, we’ve compiled a list of our 15 favorite tips (backed by academic research and case studies) on increasing customer loyalty, divided into five easy-to-browse sections.
- Communication It’s hard to create loyal customers if they aren’t paying attention to you. Given this fact, below are our favorite bits of research on clear communication with customers. 1. Stand for something; 2. Utilize positive social proof; 3. Invoke the inner ego;
- Selling If customers don’t enjoy your selling process, they’ll likely never do business with you again. Thus, selling to customers the “correct” way is an integral part of creating customer loyalty. Below are a few studies to help you improve the process. 4. Use the words they love to hear; 5. Reduce pain points and friction;
- Reciprocity Reciprocity is the social construct that makes the world go ’round… or in your case, keeps your customers coming back. The premise is simple: Go above and beyond for customers and get rewarded with repeat business. The execution, however, can be trickier, so below is a compilation of interesting research on how to improve reciprocity with your customers. 6. Realize that budget is negligible; 7. Utilize surprise reciprocity; 8. Make it personal;
- Support This one is a no-brainer: You can’t create a tribe of loyal customers without an exceptional customer service experience that keeps them coming back. In this section, we’re going to bust a few customer service myths wide open, as well as tackle some important things you need to keep in mind when offering support online. 9. Speed is secondary to quality; 10. Customers enjoy businesses who know them; 11. Choose the right platform; 12. Make it a communal effort;
- Loyalty Programs The key to creating customer loyalty programs that work is to know why customers use them and what gets customers to keep using them. Below you’ll find consumer research that answers these questions. 13. Get people started; 14. Get ideal customers to be VIPs; 15. Label your customers..."
HAVE you had a tough day and want to rush home to polish up your CV? Well, take note - and stop using these buzzwords to sell yourself. This was one of our top stories in the past year, so we thought we'd bring it out of the vault and help you out!
Technology is enabling us to get ever closer to the ideal of casual and seamless face-to-face communication over long distances. In fits and starts we’re pulling in more tools and options for communicating and getting us closer to a video-based ideal thanks to better devices and faster broadband connections.
Skype is reportedly testing video messaging options for mobile users today. The service would let people leave a video-based message for their friends. I can see a whole new variant on the “wish-you-were-here” picture messages I send that could involve panoramic views or the local soundscape (good for concerts and birdcalls, bad for when I’m in New York City).
A few weeks ago, Twitter launched Vine, to let people record 6-second videos and post them easily from their mobile, and Facebook is testing a voice messaging application that will let you leave a voice-based message for friends from Facebook. While the Facebook example isn’t video-based it drives home the larger point: Our web interactions are pushing forward to mirror our real-world interactions as much as possible, which means that our bandwidth demands and our mobile devices need to keep up.