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What's up, guys? I'm George. We are NetHunt and you are watching another customer service video that will help your business grow Today we're taking a look at the best customer retention strategies You might ask why is customer retention so important? Well, on average it costs five times more time and money to generate a new customer than to retain an existing one Obviously, customers are more likely to buy a product from a brand that they trust In fact, 65% of a company's business comes from existing customers So, it's obviously essential that you build strong relationships with customers And to do that you need trust But how easy is it to build trust with somebody that you don't really know? Well, that's what we're here to tell you Let's find out! Here are five strategies you can run to improve your customer retention rate The first and probably the most obvious strategy is to provide world-class customer service This is absolutely crucial. It involves going above and beyond what your competitors are already doing Always be ready to answer customer questions Understand when you need to change something for them Keep them in the loop about everything that is going on with your product or service, have an open line 24/7 to hear them all If a customer feels like they've been hung out to dry There's no chance of them coming back to you Stay on top of what is going on in your customers' world The next customer retention rates improving strategy is tying a brand story to your brand. For example Take a look at Nike with their "Just do it" campaign. It's inspirational. It's engaging, but above all it's human Customers keep going back tonight to buy their products because they feel an emotional connection to the brand A well-told brand story brings brands closer to their customers by outlining shared values and conflicts This strategy encourages an emotional investment rather than a simple financial one It allows customers to visualize themselves as the heroes of the story with a happy ending using your product After the deal is done your work is far from finished One of the most important strategies for increasing customer retention is to always remember to followup with the customer and thank them for their custom The final impression you leave with a customer might be the one that they remember Selling something is a transactional relationship You need to cyber shake hands afterward - say thank you for that customer Follow up with a simple "thank-you for your custom" How about leaving us a review for all times sake this: A) makes you and your customer feel good and B) Develops and maintains your online reputation Finally following up with customers keeps the conversation open for the future It keeps your brand name fresh in their mind, and this makes them likely to come back soon Our next strategy is to build a referral culture around your business Did you know that your current customers can be your best salespeople in the future? Let customers brag about how great your products or customer service is Offer an incentive like shareable referral codes in return for discounts even Better tell your customers about other customers This makes it more likely for you to receive referrals yourself. Your customer base can grow exponentially with word-of-mouth marketing Don't leave it up to customers to find you by chance alone Our final suggestion: you might have seen it coming It's that you should implement a CRM system into your business CRM stands for customer relationship management, but it could easily be called a customer retention software Implementing a CRM system like say NetHunt, for example, saves the heavy lifting of all the previous strategies You can maintain fantastic customer service by knowing where each customer is up to in their buying journey Each relevant member of staff has four customer contacts within an intuitive dashboard You have everybody's contacts on demand whenever you need to thank them or follow them up and finally you can sell your brand story through bulky campaigns since a segmenting lists of clients and leads If you've not tried NetHunt CRM yet, why not? Follow the link under the video and sign up for free So, there you have it! Five easy strategies that you can run at the same time to improve your customer retention rates Hit the like button if you learned something new today Subscribe to the channel if you want to keep learning in the future We'll be uploading new informational content every week and we want to know what you want to know So let us know in the comments below what you need to help your business grow happier grow better Guys, it's been a blast Until next time! It's George, over and out.