Customer acquisition refers to the process tow truck and other business attract and close on new customers. On the other hand, customer retention involves keeping customers satisfied so that they can continue purchasing and subscribing to a company’s products and services. In the past, the task of customer acquisition solely lied on the sales department. However, customer success professionals today acquire new customer and retain existing ones by just activating happy customers to get referrals of new leads. Customer acquisition is all about bringing in new customers. Customer retention is about keeping those customers around. None of the two is more important than the other as both a critical for business growth.
Here are some of the ways you can use to improve customer acquisition and retention
Increase Customer Referrals
Referrals in marketing is one of the few ways customer acquisition channels can use to scale indefinitely. Customer success teams need to swing in full action to achieve the same. Businesses need to be proactively reaching out to customers who are already referring new businesses and thank them for the same. Businesses need to promote customer success stories as case studies. Nearly every business makes use of case studies to drive customer acquisition. Case studies are a good proof that your product works. The right candidate to be used for case studies will have in-depth knowledge of your product, have remarkable results using your product and your company must be a recognizable brand.
Encourage user generated content
Companies such as Yelp are very popular because of user generated content. Their users have incentivized how to create useful content that makes their content rank well in search engines, and this helps in driving more users who will in turn create more amazing content. You also need to improve on your brand’s messaging. company messaging will be key to customer acquisition. It should consistently drive the key benefits of your company, target ideal customers and work to highlight points of differentiation between you and your competitors.
Respond to Customer Feedback
When a customer leaves your business, there is a good chance they will try to take a few other customers as well. 95 percent of customers will share feedback with other consumers whenever they encounter a bad experience with your business. 55 percent of such customers will turn to social media to voice their concerns. Note that 76 percent of consumers have a high trust on online reviews and the reviews left for your business will mean a lot if your business is not doing good enough. To stop customers from writing negative reviews, ensure you respond to their feedback.
To improve on retention rates, you need to help your customers test your products. Some products will need your customers to wait for significant period of time before they can start seeing result. If a product will take time to work, a section of your customers will grow impatient and might want to cancel. You need to listen to your customers, analyze what they say, set expectations clear an check in to give them assurance on the progress of the questions they might have.