Businesses can struggle to keep their customer base intact during periods of high inflation. Fortunately, there are some strategies that can help you improve retention rates even with inflation. Here are five areas to boost to increase your customer retention, even with rising costs!
Boost personalization to build trust.
Nobody wants to be just another number! Personalization matters for customer retention because customers want to feel like they’re getting something unique from each interaction they have, especially when budgets are tight. For example, interior design in someone’s home is a deeply personal experience. It takes more than just funds and the latest fashions, but conversations and deep trust. That’s why, at Alisha Taylor Interiors, a new design project always starts with taking the time to get to know you and your lifestyle to design a home that perfectly fits you. While creating a beautiful home is one goal, they’re also focused on making the space as functional, livable, and comfortable as possible for each individual client.
Boost efficiency and ease with services.
Working with on-demand service companies can be a true exercise in frustration, even in strong economic times. That’s why efficiency counts more than ever in times of inflation; when customers feel like they’re getting something out of the relationship, they’ll be much less likely to leave. So, how can you solve your clients’ service needs faster, smarter, and better? A great example of a company increasing customer ease is the Print Authority in Nashville, Tennessee, which provides a mix of digital printing and offset printing solutions, along with a high level of graphic design services, bindery, shipping, and fulfillment services. For frequent customers, they design custom web-to-print portals that provide a one-stop shop for ordering, printing, and shipping to businesses nationwide.
Boost digital access through a custom app.
Custom apps for mobile devices help businesses retain customers by allowing them to interact directly with clients through messaging, location tracking, and other features. They allow users to access information quickly and easily, which makes them feel valued. Apps also allow businesses to provide better service and keep customers engaged longer, and customers who use apps tend to be loyal to the company since they don’t need to go elsewhere to find out what’s new! Any business can benefit from creating a custom app. For example, Cruise America has 127 rental centers across the United States, Canada, and Alaska. That’s why they developed the Cruise America RV App, the only RV travel app dedicated to RV travelers and Cruise America customers.
Boost video offerings to increase engagement.
Inflation or no inflation, the world is dominated by video, and smart businesses should take advantage of their power. Videos are great for improving customer retention because they allow customers to watch how your product works, what features it has, and why they should choose your company instead of another one. This helps them understand your business better, which increases the chances of them buying from you. Short thank-yous, product tutorials, or a quick spotlight on what’s for sale: these easy videos cost next to nothing and can engage your target audience like nothing else. Take inspiration from companies like The Lash Professional, who create and upload regular videos f on TikTok and YouTube and have an outstanding engagement rate with their audience.
Boost customer interaction through chatbots.
Chatbots are software applications that can converse in natural language using text messages, emails, phone calls, video calls, voice messages, or any combination thereof. They are designed to simulate conversations between humans and computers. Chatbots help businesses retain customers by offering them personalized customer service and support. These easy-to-implement tools can provide quick information about products and services, such as pricing and availability, which increases customer satisfaction. The bot can also be used for sales and service support. Not sure how you could apply one to your business? Take inspiration from a company like Saharacase, whose chatbot is available in the lower right corner of the website, offering answers to frequently asked questions, along with the option to enter personalized queries.
Inflation is inevitable, and that’s why it’s so important to retain your existing clients. If you’re concerned about losing your loyal customers, take inspiration from these boosting tips and businesses!