Many of the web hosting companies provide similar plans, so what could make a business stand out from the crowd? The answer is customer support. Not only does it improve your reputation in the market, but also enhances your sales and profit. It costs around six times more money to convert a sale through a new customer rather than retaining an old one.
Reasons you should care about existing customers-
- Improves sales– Since they are already subscribed to your plans, they would buy again unless they had a harrowing experience.
- Less marketing required– you would spend less on marketing as compared to acquire new customers.
- Improve brand image– A loyal customer would suggest your brand to others, boosting your brand image.
Steps you should take to improve customer retention-
- Leverage more on customer support– Improve customer support and resolve their queries on time. Hire staff who are friendly, efficient and helpful. Answer their questions efficiently on social media and avoid making them wait in queue for long. Tackle the initial challenges of supporting your customers and leverage it into a fruitful long-term relationship.
- Promise only what you can fulfil– Do not make false promises to your customers involving too many terms and conditions. Set realistic expectations if you want them to become repeat customers.
- Understand your customer– Use surveys and interviews to elicit feedback from your customers. Find a way to incorporate their suggestions and feedbacks in your business setup. Research suggests that 68% of the customers leave if they feel undervalued by the brand. Give your customer tailor-made offers at the right time. This could do wonders for your customer retention objective.
- Loyalty Perks– One of the best ways to retain customers is to set up a loyalty program to reward your customers. Giving exclusive offers, gifts and customer discounts would work wonders for your business.
- Dynamic content creation– Write quality content on a regular basis to capture their attention. You could also provide tutorial videos teaching them to setup up their control panel. Write blogs to lure customers to your website and specify customer’s testimonials.
- Monitor Key Performance Indicators (KPIs)- Monitor the performance of your employees and team. Improving behind-the-scenes performance could lead to higher customer retention.
- Utilize your E-mail list– Email marketing remains one of the simplest methods to achieve better customer retention. Send them welcome and friendly reminders about their subscription plans.
- Have a good renewal and refund policy– The primary aim of the business is to make a profit, but do not have unethical refund policies if you want to retain customers in the long run. Avoid asking for money on a regular basis.
Acquiring new customers for your reseller hosting business could be more difficult rather than retaining old ones. Show your customer you genuinely care about them but offering them exclusive and tailor-made plans for them. While some customer churn is very natural, follow the above 9 steps to keep the tide in your favour. Following these steps diligently would lead to more loyal customers renewing their subscription plans.