Top 5 Customer Retention Strategies for SMEs

Acquiring new clients in a small-scale organisation is the key to success. But for an entity to maintain its business, retention of its clients is also essential. Moreover, it costs far less resources to maintain a customer than to acquire a new one. In addition, a loyal clientele also helps to have a constant source of income. With the importance of retaining customers established, this article elaborates on some of the strategies that small enterprises can use. Let’s have a look –

#1 Personalisation 

One of the nifty tips to ensure your customers visit you again is personalisation. Appreciating your customers is crucial in personalisation where you make them realise how valuable they are to your business. Personalisation can also be at a micro-level with something as simple as remembering their names the next time they walk in.

#2 Up-selling

Customer loyalty does not come easy. Ensuring your products add value can help to retain most of the them. Moreover, up-selling is a subtle yet effective way to pitch other products to your customers. Once these customers are convinced of its importance in their lives, they end up recommending the same to a whole lot of people. This way through the grapevine channel, you end up getting more customers.

#3 Exclusive offers

Nothing speaks of personalisation more than exclusive offers. The exclusivity offered to your repeat customers helps them attract many more customers while retaining the existing ones.

#4 Address the feedback

One important way to retain customers is receiving and addressing customer feedback. This will not only help your business improve but also push you to adopt new technologies based on the inputs from the customers. The more the customer’s feedback is addressed, the higher is the chance that the customer is retained as well as newer customers are acquired. BPOs in the Philippines, for example, make use of feedback to improve their services and align it to the customers’ preference.

#5 Show your impact

Lastly, make the customers realise how your product has impacted their lives. It is essential to highlight the impact of the convenience of your product or service in your customer’s life.

To implement the above techniques, there might be a requirement for additional funding that can be fulfilled by way of an SME loan. Business loan makes it easier for you to compete with its industry peers and keep up to date with the technology used to optimise production. With the present digital revolution, it has become easy to avail online SME loans. Further, the broad SME loan eligibility helps make affordable finance available to the majority of small-scale organisations. The reasonable SME loan interest rates help even start-ups to avail necessary finance for their business expansion. When you opt for  SME loan, make sure to read through the SME loan documents and all its terms and conditions.