Monthly Archives: September 2020

How to Improve Customer Retention Rate for Your Business

Businesses grow by acquiring new customers, but they thrive by keeping existing customers happy through customer retention. Customer retention is the process of turning a one-time buyer into a repeat customer. The goal of customer retention is to keep your existing customers. Returning customers are 50 percent more likely to purchase from you as compared to new customers. I see these stats all the time from analyzing towing company  data. Retained customers also help reduce your marketing costs as word of mouth advertising drives more sales than paid advertising.

 

The goal and methods for retaining customers vary from one industry to another. However, here are some practical ways you can use to retain customers for your business.

 

Stay ahead of churn rates

The first step to retaining customers is knowing your churn rates. Churn rates will help you know how many customers are leaving your business and which ones have stopped buying from you. If you know your churn rates, you will anticipate changes accordingly. This will help you adjust your strategies to boost customer retention. You will also know if your customer retention strategies are working or not.

Offer superior products

You may use all tactics known for customer retention, but if your product sucks, customers will turn it away. Depending on the product or service you offer, ensure it stands above the competition. Work on product quality, labeling, design, and pricing, to ensure customers get value from your products. No customer will be willing to refer their friends and family to a product that gave them a bad experience.

Use CRM Software

Customer relationship management software supports and facilities customer retention by helping you track customer behavior over time. You can use the software to predict customer purchase patterns and behavior. Once you have a clear idea of customer purchase patterns, it will help you enact strategies and make appropriate adjustments accordingly.

 

Embrace Email Marketing

Once you have vital data that tells you when and why your customers are leaving., you will be in a better position to target them using email marketing. Email marketing presents an effective online strategy to create conversions. It can be integrated with CRMs to send targeted emails to customers who leave without making a purchase, or to those who stop buying.

 

Add Personalization

The use of CRM and email marketing makes it very easy to add personalization to your messages. You will be able to handle each customer interaction uniquely. You can leverage the data you have to create unique content and baits that make former customers want to purchase from you again. Personalization will show your customers you care and value for them.

 

Improve customer satisfaction

The first step to improving customer satisfaction is by offering superior customer support. Excellent customer support will make a huge difference in the success of your business. You can take advantage of artificial intelligence applications and chatbots to keep your customers engaged. Have a dedicated line of customer support staff to handle all customer queries.

5 Effective Ways to Promote Your Business on Social Media

Social media presents an inexpensive way to promote your business. Ever since I started using social media to promote towing service businesses, I have seen tremendous success. The use of social media to promote your business involves more than just maintaining a regular posting schedule and asking people to like your posts. The goal is to find a balance on posting engaging content, educating, and offering value to your readers and selling or promoting your products.

Here are some effective ways to promote your business on social media.

 

Choose the right platform

There will be no shortage of social media platforms on where to share your content. The number of social media platforms is growing each day and to choose the right one may be overwhelming. Sharing your content on the right platform is essential. To choose the right platform for you, consider your business and your customers, to determine where they are mostly found. This way, it will be easy to connect with them.

 

Create a calendar and encourage engagement

You should never scramble to create a post at the last minute. Doing so may lead to low-quality content. A lack of organization may lead to repeated posts that could be annoying to your audience. Create a content calendar and schedule the topics to post. Post content that people want to read. Ask key questions to promote engagements and encourage your readers to share your content.

 

Avoid over promoting

People often fall for the trap of treating social media too much like regular advertising. You do not want to blatantly promote yourself on every post you share. You need to aim at creating content that people will truly enjoy watching and want to see. Promoting yourself would be ideal when done once in a while. For every one directly promotional post, ensure the six others are content-based.

 

Address problems effectively

 

You will receive a lot of feedback on social media. You may encounter people who are upset and post something negative about your business. Carefully monitor mentions and all complaints and ensure you answer them sufficiently to keep your brand clean. If you spot a bad comment or review, engage with the person, and publicly own up. This way, people will trust you more and know you engage with all concerns from customers.

 

Make use of video

Visual content works so well on social media. Video is ideal for grabbing people’s attention and conveys its message in a unique way. Visuals stand out as people scroll through their social feeds. They are more likely to engage with your content and promote what you are sharing. In your videos, aim at providing value. Create something that your audience will find useful.

As a bonus point, instead of trying to get as many followers as possible, put a lot of focus on finding customers who are interested, loyal, and will keep engaged with your business. Build a community of loyal followers and ready customers. These are people who are more likely to repost your content, like your posts, and purchase your products.

Best Ways to Monetize Your Blogs

If you have a  blog that generates at least 10,000 monthly unique visitors, then it is relatively easy to monetize and create a steady revenue with it. However, a challenge comes if you want to monetize a blog that receives relatively low visitors per day. No matter which stage you are in your blogging, making money with a blog, be it as a hobby or a business, such as a towing service blog, it is possible.

 

Here are some practical ways you can use to make money with your blog.

 

Monetize with CPC and CPM Ads

One of the easiest and most effective ways for bloggers to make money is by placing ads on their sites.

First, we have CPC/PPC Ads – which are cost per click and pay per click ads, that are banners that you place on the sidebar or on your content. Each time your blog visitor or reader clicks on the banner ad, you are paid for that click. The second type of banner is CPM Ads – which are cost per thousand impressions. These are ads that you for a fixed amount of money that is based on how many people view your ad. The most popular network for placing these ads is through Google AdSense.

 

Selling Private Ads

When it comes to selling ads, you can work privately. If you have enough traffic on your site, advertisers may come to you directly and ask you to place their ads on your site. Additionally, you can contact advertisers yourself. There being no middle man between you and the advertisers, you can benefit the most by setting your ad rates. Private ads can take the form of buttons, banners, and links.

 

Including Affiliate Links

 

You can include affiliate links in your content. Affiliate marketing is a very good way of making money from your blogs. When advertisers have products to sell, you reach an agreement to be paid a percentage of sale or commission for each sale they make, if the buyer is coming from your site. They will give you an affiliate code that tracks all the buyers coming from your site. You can utilize the use of affiliate marketing through networks such as Amazon Associates.

 

Sell Digital Products

 

If you don’t intend to advertise other people’s products on your site, you can consider selling your digital products. You may sell products such as eBooks, online courses, workshops, images, videos, apps, plugins, themes, among others. You need to choose one avenue that is very relevant to the type of audience you have for your site. Listen to your readers first before you can create a product for them, and not the other way round.

Additionally, you can use your blog as a content marketing tool for your business. In this way, you would think of a blog as a content marketing tool that drives visitors to your business website. Let’s take an example you sell refurbished phones from your home, you could use your blog to attract visitors to your site where you list your current phones form sale.