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Customer Service Tips & Customer Retention Rate 101 for Small Business Owners

Customer satisfaction & customer Service tips. Discover the best tips for Small Business Owners

Customer Service Tips.

 

Customer satisfaction and customer service are an important part of any business, this metrics is essential for any small or medium size entrepreneur. They allow companies to learn how customers feel about their products and services, and provide valuable information that helps improve future offerings. The success or failure of any company is completely based on these 2 simple tips, which provider within the industry covers the most market share & who owns the market’s loyalty. According to Porter’s theory, in simple terms, Power leads to profits. The wider the moat, the greater the market share, the greater a company’s ability to squeeze profits from competitors, suppliers, and customers.

That is why, if any company, can have a good view of the overall company brand positioning and understanding of business framework; that organization will be able to stand out from the rest of the competitors within the market suppliers. Here are 4 tips that might help you understand what the market thinks and wants from your company.

Customer Service Tip 1

 

Surveys can be conducted at different times throughout the year, based on when you think your customers will be more receptive to receiving them. If you plan to send out surveys during the holidays, consider sending them out closer to Christmas so that people aren’t distracted by other events. You also want to avoid sending surveys too close to the end of the year because people might not be as interested in giving you feedback.

It’s important to make sure that you ask for feedback from your customers. This helps you understand what they need and how you can improve your business. Here are some tips for asking for feedback:
1. Make sure that you ask for permission before conducting a survey.
2. Be clear about why you’re asking for feedback.
3. Give people an option to respond anonymously.
4. Provide a link to where they can provide feedback.
5. Follow up with thank you notes after you receive feedback.
6. Don’t forget to follow up with your customers after you collect feedback
 
 Customer engagement interaction
Sometimes business owners might think that since the customer is not leaving reviews after each interaction, they do not feel satisfied or identified with the company. However, according to research made by the review trackers company “Online Reviews Statistics and Trends: A 2022 Report by ReviewTrackers” negative feedback is more likely to cause an impact within the customer experience and more likely to be shared. If you are conducting customer satisfaction surveys, you are most likely getting half of your market perspective.
 
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Customer engagement is a difficult metric to measure, but the best way to get a better understanding is by researching what customers are saying about your products or services. The more the business engage with the customer, the more loyal they will become to your brand. Create a trusting relationship with the consumer and make them feel special, just like you would like to be treated.
 

Customer Lifetime Value & Customer Retention Rate.

 

Does your business know how much revenue can you expect from a single customer? If not, then you must implement a CLTV KPI in your business metrics. Now, how do you measure the customer lifetime value? To calculate it, you need to jump into historical data and determine how much revenue the average customer brings to your business, multiply that by the average customer lifespan and that is your CLTV!
 
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For example, if I know that my customers usually spend $100 on my products on average each year, and usually remain customers for at least 10 years, then my CLTV would be $1000 ($100 x 10 = $1000). This metric allows you to understand how much monetary value are your customers bringing to your business. 
 
But what about customer retention rate? This should be your 2nd most important metric if you are looking to understand the average revenue you make per client. This is calculated by the following formula, dividing the customers you have at the end of a period (minus any new customers you gained) by the number of customers you had at the start. Here is a brief explanation of how you can calculate your CRR.
 
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Here is an example: You start the year with 20 customers, gain 5 new customers in the first quarter, and have one customer churn.
 
((24 – 5 / 20)) x 100 = 95% retention
 
It is necessary to remember that a satisfied customer isn’t always a loyal customer. Benchmarking your customer service experience is a critical part of keeping a business scaling and moving forward. If you aren’t measuring them already, consider creating surveys to measure CSAT and NPS for your business.
 

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