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Do you know the factors that will negatively affect customer loyalty and retention?
Never assume your customers will be loyal to you forever. No matter how good your product or service is, you might fall foul of the common factors that will negatively affect their relationship with you.
Some of these factors are discussed below, so have a read, and take note of our suggestions. You might then retain your customers, and consequently, increase your profit margin too.
#1: Bad customer service
This should be of no surprise to you, because thinking about yourself, how many times have you said goodbye to a store or another place of business because of the customer service you have received? You need to ensure that your customers don’t leave your business because of the service you provide, so you need to make excellent customer service a priority. This includes treating customers with respect, even when they complain to you, and taking action after listening to customer feedback.
If you don’t put your customers’ needs first, then you are going to lose them. Ensure your employees understand this as well, as while you might have your customers best interests at heart, your staff might not always give them the proper consideration.
#2: A data breach
Businesses large and small are at risk of hacking attempts, so you need to take the appropriate security measures to protect your customers’ data. As examples, you should install antivirus software to your computers, password all of your accounts, and encourage your staff to use a VPN when using office devices outside of the workplace. You might also consult with a professional IT service, such as the personalized offerings provided by plexus-it.com, as they will give you further guidance on safeguarding your systems.
If you don’t, and if your customers financial and other personal pieces of information are compromised in a cyber attack, you will struggle to maintain both their loyalty and your reputation.
#3: Your competition
Unless you have found a special niche in the marketplace, your business will always be under threat from your rivals. If they were to offer your customers a better product or service, then, as fickle as they are, you might lose even your most loyal customers to them. This sucks, we know, but being honest with yourself, you would probably do the same when shopping around businesses for the products and services you need in both your personal and professional life.
So, to counter the efforts of your competition, you need to research them. Do a Google search to find out who they are, get an idea of what they are offering through their websites, and even phone them up under the pretense that you are a customer wanting to know more about them. If you discover they are doing something better than you, then it’s important to counter their efforts, perhaps using the following linked tips to beat your rivals. Not only will you stand a greater chance of retaining your customers’ loyalty this way, but you might also win new customers to your side as well.