How to Retain Local Customers and Boost Your Business’s Growth
Customer retention and revenue generation are key factors defining the business’s strength and growth. When focusing on retaining customers, a reduced churn rate is the way to identify customer satisfaction. The more customer loyalty, the more the business has the potential to retain customers by offering quality services.
What is Customer Retention?
Before dividing into the details of how to find and retain local customers, understanding the concept of customer retention holds equal importance. When a business or product maintains its customers for a long time, it is said to have achieved customer retention. Businesses that have customers who stick with them and keep using their goods or services are considered to have a high customer retention rate.
6 Ways to Retain Local Customers and Fuel Growth
Most businesses introduce products and services that their customers prefer or have a need to purchase. It is mainly to retain customers by satisfying their needs and offering what they are looking for. Happy customers mean more business and improved customer retention. More returning customers than new customers determine a business’s growth. However, this does not mean the company does not value new customers.
Following are the seven ways to consider, given the importance of retaining local customers for business growth.
Digital Marketing Services
Businesses must adjust to the fast-paced digital world of today and prosper online to remain relevant and competitive. It is impossible to exaggerate the significance of digital marketing for keeping local clients.
Local companies are the foundation of every given community. In addition to generating jobs and necessary goods and services, they also support local economic development. Businesses must first comprehend the local environment and the preferences of their target audience if they hope to keep local clients. Agencies can then adjust their tactics by using the rich data and insights about client behaviour that digital marketing helps to obtain.
Since the internet has become accessible everywhere, the launch of new businesses continues to face increased competition, therefore companies must invest more in marketing their products and services. Before the shift of business to digital marketing, television commercials were one of the highly-demanded marketing strategies that has transitioned now into online marketing.
Promoting your business online whether it be through paid or organic marketing, allows businesses to grow exponentially – providing the strategy is correct. With digital marketing services you can market across a number of different marketing channels through holistic strategies to always have your brand seen when users may need you it most.
Search Engine Optimisation
Under digital marketing, one widely discussed method used to retain their customers is local SEO services. The understanding of SEO (search engine optimisation) is important because using it to retain customers as you continue to better their businesses. It is the process of making a company’s products and services more visible to search engines. So, the more impressions it receives based on user search, the more chances it has of lead conversion. Therefore, it is crucial to optimise your website’s visibility when it comes to local customers through SEO. Its role in keeping your local customers remains crucial, and its importance cannot be overstated.
Search engines such as Google mostly provide information that local clientele need for discovering specific types of businesses or products in their vicinity. A strong SEO approach will ensure that your client’s site appears on the first page of the search engine results.
Local SEO includes but is not limited to, optimising your website’s presence on sites such as Google My Business. It helps local customers find your physical address, contact information and working hours as they are often convenient to visit or call you.
Customers who are loyal to a brand will continue to utilise their products and services. SEO can improve customer retention by sustaining their current sales and continuing to grow as more of their products and services appear on the first page of Google. We may get more into this in another post.
Companies, including start-ups and the ones who are still in the development phase, face challenges in building transparent communication with their customers. Honest and regular communication is imperative to keep your customers informed about the changes and what is happening with the products and services you offer them. Provide thorough information about the services being offered and how it will positively benefit them. It helps customers to build emotional connections with the brands.
On the other hand, sharing details about any hidden costs, fees or taxes, also helps businesses retain customers based on trust. There are many instances where products are services are displayed as a certain amount and then after a customer shows interest there are other fees involved and GST to be added, etc which will definitely street away potential customers.
Client retention is significantly dependent on making sure reports are sent out on time. This also assists in transparency, trust, and good communication between a business and its clients. Timely reporting is indicative of a company’s willingness to take responsibility for its actions.
A good working relationship between business and clients depends majorly upon trust. Regular and well structured reports help customers to have trust in your firm. Such trust is crucial for cultivating long-term ties and building customer loyalty. Reports are used to assist clients in making sound judgments and decisions. Such information is received on time and helps both client and agency to alter strategy, allocate resources, or deal with problems at once.
Client satisfaction is dependent on effective communication. Prompt reporting is an avenue for honest communication with customers so that they can raise their queries, complaints, and suggestions. The result of such interchange will be stronger and mutually beneficial relationships.
Through consistent reporting that is clear and relevant, you will strengthen client relationships as you retain them overtime, ensuring your business’s future success.
Setting Goals and Key Performance Indicators (KPIs)
A business goal sets the direction for future growth. Without a goal, there is no direction. When a business lacks direction, it struggles with how it should align its business operations to expand its business, get more customers, or improve sales. Setting goals is like stepping up a success ladder. It helps a business to break one key goal into several small goals, which makes it easier to achieve. Setting clear goals and communicating them develops a better understanding of the business needs.
In addition to this, it is an established fact that goals are viewed as something more than a service that a business claims to offer. It depicts the business culture and the approaches they use to retain their customers. Also, customer satisfaction and retention affect business growth overall.
In addition to goals, Key performance indicators (KPIs) are a measurable value that determines how effectively a company achieves key business objectives. KPIs are significant in retaining local customers and business growth because they help compare past performance with present performance. Besides, KPIs are analysis tools companies share with their clients when sharing information about the factors that played a crucial role in their growth.
KPIs help an organisation better understand its performance and business operations. Based on the analysis, the company uses the data to modify its business strategy to achieve both their own and its client’s goals faster. Key performance indicators are essential tools that every business should use. It significantly gives an insight into the business and helps them in the decision-making process.
Branding and designing websites can give the first image that convinces the client to contact and stay with you. First impressions matter and the first contact that customers have with your business is usually through your website and branding. A well designed layout that is attractive and functional along with consistent branding, provides an excellent opening statement for visitors. It communicates being professional and thorough, which sets the standard for your whole business relationship with the client. Your brand identity incorporating logo, colour scheme, and website design is important as it creates a feeling of trust and reliability. A consistent brand identity when a client sees this image across different platforms, boosts the client’s confidence in your business.
You should have a professionally crafted web design and other branding materials to demonstrate how you are better than your competitors. You can use this to demonstrate to clients that you are of worth and have relevant professional skills hence they should continue working with you. Case studies are perfect for this and it can also help with your brand loyalty. Having clients connect with your brand motivates them to come back as customers or recommend other people to buy your products.
The above mentioned issues are some of the important factors in ensuring that local customers are retained and the business is grown. It is generally well known that customer retention is the factor that makes or breaks the success and growth of any business. Make sure you are always transparent with your customers, setting clear goals and expectations in addition to providing excellent service. This way, you will be able to see both your business and your customer’s business grow together.