Customer retention is one of the significant factors for every business – be it an SME, MSME, or even big business. However, numerous people think that big companies typically have better customer retention. But statistics show that small businesses tend to have better customer retention, mostly because of the personalized products and services offered by them.
Now that the SMEs in India have better customer retention, there are some measures that can be taken to surge customer loyalty even more. Being an SME owner, have businessperson ever thought of deploying programs that can drive more customers to their business? Customers usually find these programs exciting and this inspires them to return to the business to fulfil their desires.
Read the following tricks that can help retain the customers for SME:
User-Friendly Loyalty Program
Customers frequently like being involved in loyalty programs and groups. It makes them feel related with the business. However, no one likes a cumbersome and lengthy process. So, it is advisable to retain it is as simple as possible. Businessperson can ask for just a few details containing name and contact details that do not take much time.
To make it more interesting for customers, businessperson can add offers like – sign-up now and get a voucher for free worth Rs. XYZ. Or maybe on joining today, get 20% on your first 5 purchases. When no cash is involved, customers incline to feel they are saving money.
Referral Program
If the customers love product or service, they will definitely tell their family and friends about it. Good word of mouth also aids in building customer retention. The friends and family members will check on product and the potential customers can turn into an actual customer.
So, a referral program can be very good for businessperson SME in India. Businessperson can provide incentives to the customers who refer their business. This will aid in letting the customers know the advantages of being referred via a phone call, SMS, or email.
Get the Customers Involved
Getting the customers involved in businessperson small business is a good idea for the development of the business. Getting them involved does not mean making them a part of business finances or operations. Customers are the best critics of the products and services provided by businessperson. They can provide businessperson with honest opinions and those opinions can make entrepreneur SME business better.
So, it is advisable to listen to customers, take their feedback, and implement it in the business. Businessperson can consider setting up a feedback/suggestion box. The customers can put their ideas to aid businessperson improve their products and services.
Deliver a Pleasant Experience
The key motive of every business is to rise sales. But businessperson can design this process in a way that it carries customer retention as well. Businessperson must concentrate on the product or service offered by them– it brings businessperson the business and they must take care of it. The SME owner must be well-informed about the product and understand what its best features are. He must also have a great thoughtful of the industry.
In common, when a new customer visits shop, they ask for suggestions on which product or service will be the best for them and which they should purchase. When the seller has a appropriate insight into the product, the customers get a sense of security. Also, if some product is not right for them and by telling truth about the same, the customer’s trust rises. And all this finally passes to customer purchasing something.
Complementary Products
The purpose of every SME in India must be to become a one-stop shop for everything that the customer might essential or want. For case, let us say that businessperson have a business of mobile phones. One of their customers wants to buy a mobile phone. Upon buying the mobile phone, he might want other mobile accessories as well. Businessperson can consider providing all the mobile accessories at their shop.
Furthermore, businessperson can order the same products from another manufacturer and sell them to their customers. This will aid their customers to get all the mandatory things from one shop at their convenience and they will not have to visit another shop. This movement is a sure shot way to customer retention.
Appreciative the business well and offering proposals that attract customers will aid to grow small business. It will also aid run the business proficiently and surge customer retention in a cost-effective way. Furthermore, listening to the customers and converting their feedback into action will keep them happy while businessperson will keep their business running. A business caring about the customers will certainly make them return to businessperson.
In case businessperson lack money to run their business or for its growth, they can avail an SME loan. There are numerous SME loan lenders in India who offer business loans at the best interest rates in the market.
As we all know that the process of keeping current clients engaged so they continue to buy your products and services, customer retention is especially crucial in the small business community. Not only is retaining current customers easier than finding new ones, but it’s also far less expensive. And also now a days every company or business measures customer retention not only how successful a company is at acquiring new customers but also how successful they are at satisfying existing customers. So for those who wanted to start new business they have note that they have to work on customer retention a lot because it increases ROI, boosts loyalty, and brings in new customers. Along with this first they have to provide a project report for their funding to bank so that they can get bank loan for their daily running business activities also they have to focus on their target market, customer satisfaction, market place, location where they going to place their business, etc. all of these thing they have to mentioned in the project report very accurately so that they can get bank loan on project report but first of all they need to know How to Prepare Project Report for Bank, How to Prepare CMA Data, etc. so they can get bank loan for their project report. Once they get bank loan for their project they can apply for subsidy DPR even they can get CMA preparation tool, CMA online preparation tool, CMA DIY tool on banks online portal for more information or they can even Download CMA for free for their acknowledgement.
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