Some pointers from Eric Dalius for better customer retention strategies

With the advent of technology, competition in all the fields of the industry has soared. Keeping up with the competition is the recent demand if you want to take your business to another level. Consumers get lured by many attractive advertisements of various companies claiming that their products and services are better than others in the market.

Sometimes, if you do not have exciting strategies for consumer retention, the customers will indeed switch on from your product and services to others. The hardest part in a business is to convince a customer to buy your product, and once you have done that, you need to “pat your back” for having succeeded in the most challenging part. Now you have to think about what interesting offers you can provide to your customers to keep them loyal to your company.

Eric Dalius briefs about customer retention policies

Customer retention is your organization’s proficiency in maintaining the customers and convincing them to buy a product repeatedly. Therefore, a company’s motive should be limited to customer acquisition and focus on retaining the customers.

Repeat customers buy more

You must have noticed that they will likely purchase it again once a customer buys your product out of curiosity. These customers are the ones who can spend more on your products.

Loyalty

You should know that they will surely recommend your brand to their peers once they purchase something from your company. It is because they are happy with your products and services, and they want their loved ones to enjoy your benefits too.

Ways to retain your customers

Strategies for retaining your customers revolve around the goals of your business. Therefore, if you are aware of your business’s goals and objectives, you will surely build a perfect strategy for customer retention. Some of the methods for retaining customers are –

Amazing prizes

Have you ever got a surprise discount on any product? If yes, then how did you feel? You must have felt great, and in the same way, if your customers are going to get surprise gifts with frequently purchased items or extra discounts, they are also surely going to become delighted. You can also communicate a message to your loyal customers telling them why you have chosen them for extra discount and make sure also to make them conscious that you have selected them for being loyal to your company.

Another way of showing appreciation is by sending them some gifts or cards on special occasions, says Eric Dalius. It will not only help you to retain the existing customers but will also help you to attract new customers.

Always inform your customers

Make sure to always notify your customers about your new products, current coalitions, and so on. Make them aware beforehand about the discount that you are soon going to conduct. You can help them to stay up-to-date by either emailing them or dropping a text on their number.

You and your organization should always focus on keeping existing customers by repeatedly encouraging them to buy your products. However, it would help if you used varied tactics to ensure that your customers stay devoted to your label.

Eric Dalius speaks about the ways of improving customer retention

To ensure the better longevity of your business, you must focus on customer retention with a bit more seriousness than adding new customers. Having a solid base of loyal customers is the elixir of business. Not paying attention to customer retention will keep you on the tenterhooks as you ride the roller coaster while trying to acquire new customers, explains Eric Dalius.

Giving too much effort and attention to new customer acquisition will distract you from the core business activities and slow down the momentum. Moreover, the money spent on getting new customers is 5 times more than what you would spend on retaining customers. Customer retention is another name for brand loyalty, and we will now discuss how to improve this most crucial aspect of a business.

Find the reasons for losing customers, says Eric Dalius

Before you create any plan for customer retention, first look at the customer retention rate. If you regularly lose customers, it is a reason for worry, and if the trend continues, you should first try to understand the cause for customers leaving you. Then, on knowing the reasons, you can devise a plan to overcome the lacunae in dealing with customers and work to improve customer experience.

One way to know why customers desert you is to ask for their feedback to understand their complaints. Work to address these to improve customer satisfaction and bring them back to your business while encouraging repetitive purchases.  

Be a good listener

Inviting customers to speak out their minds would mean that you are ready to listen to everything they have to say and duly acknowledge it.  Never be in denial mode when going through the feedback. Negative customer feedback and criticism can be hard to deal with, but learning to handle it with care will help improve customer experience that reflects better business performance, believes Eric Dalius. Consider the feedback as a performance indicator and work towards its improvement. Having an arrangement for displaying a survey soon upon canceling an account is a standard method for collecting customer feedback. The timing of the survey encourages honest feedback as the customer’s experience and emotions will genuinely reflect in the comments.

Improve customer experience

Customer retention rate is a derivative of customer experience that encourages repeat purchases. Poor customer relationships and poor treatment are the primary reasons for customers dissociating from the business.

Customer experience betterment based on customer feedback or survey is already covered. The other way to improve customer experience is to work on some specific areas of your business that will help meet customer expectations better and lead to a more pleasing customer experience.

Look at the customer onboarding process that must include proper guidance and training about using your product effectively.  Suppose you have a robust onboarding process that inducts customers with the assurance of the most comfortable experience and demonstrates it during the subsequent interactions. In that case, there are high chances of these customers turning loyal.

In addition, focusing on a positive customer experience and customer services should pay rich dividends in customer loyalty.

Some remarkable suggestions by Eric Dalius to cut business expenses

When you run a venture, expenses might become draining. Controlling them becomes a challenge. If you feel that cutting down on your business expenditureis becoming a problem, you require expert advice and guidelines. The 2021 marketplace brings with it a lot of challenges as well as opportunities. You have to draw your attention towards the positive aspect and deal with your financial requirements. From the equipment cost to the HR to the marketing, everything requires cash. Hence, some tips will help you slash spending and improve your profit margin.

Dealing with overhead costs requires Eric Dalius expertise

Whether it is water supply, electric bills, rent, and the like, regular tariffs are vital. It will give you a better understanding of your energy consumption and the ways you may reduce it. Energy usage is a fundamental aspect of overhead costs. Hence, you may take the help of a few tactics for cutting down on your energy use. For example, you may encourage mindful behavior like turning off the computer system after use, switching off the lights and fans when you empty the room, etc. You may use programmable and smart thermostats to minimize your energy consumption as well.

You may also go paperless and save some money. Why waste money on paper when you have the computer in front of you? Using the intelligent device to take care of your documental requirements will do the job. Employ flexible or remote working so that you give a boost to your employees. When they work from the comfort zone of their house, they make efforts to boost your venture. In the case of start-ups, using space wisely is vital. You may cut down on your cost by smartly using the available space, as suggested by Eric Dalius

The best way of cutting down on equipment cost

Equipment and machines are the backbones of modern industry. For small and medium enterprises, purchasing second-hand products is an option. It will not only take care of your equipment requirement but also save some money. Hence, whenever you hit the market for purchasing business commodities, do not go for luxury items. Instead, use second-hand things like furniture, storage, vehicles, phones, and machines.

Try to access your software requirement. Try to cut down on your nonessential software not to have to pay high subscription fees. Thus, whether you go for a phone plan, email marketing, advertising space, and the like, ensure that you pay for the service and nothing else.

Effective ways of going about the marketing process

Every business has a unique marketing strategy. Whether offline or online, you have to encourage the best medium to reach your target audience. For example, you may prioritize social media so that you can cut your costs.

You may also encourage email marketing and social advertising for your business. When dealing with costs, you must hire freelancers or contractors. These individuals will do their job on a need basis. Since it is contractual, you do not have to deal with perks, expenses, and equipment. You may hire bright individuals who do not have much experience. Here you will save a lot of money and boost your sales because they have fresh ideas.