I would like to ask a question. What measures or strategy can an organization use to retain customers in this competitive environment?
This is a great objective to have because it is one of the best ways to grow a company. Almost all businesses have some “churn “ -turnover of customers. It is well recognised now that it costs at least 5 times more to attract new customers than to retain existing ones.
The best way to retain customers is to ensure they get the best possible service and value from your company. A good maxim is “undercharge and overdeliver”.
You want your customers to have absolute trust in the product they buy from you. And to know that if something goes wrong you will do your utmost to put it right immediately.
It is a good idea to enable feedback from your customers in some format. The appropriate format will depend on the type and size of company. You can engage customers in conversation, allow them to fill in comment cards, take note of letters and phone calls, commission surveys, encourage emails.
Let them know that you want their feedback, suggestions, ideas. And in particular that you want to know if there is a problem, so that you can address it. Then use that feedback to make your product the best it can be.
It is also important to keep a close eye on your competition and be aware of what they are offering. Then don’t copy them, go one better if you can.
Try to “walk a mile in your customers shoes “. the best way to do this is to experience your own product as a customer, and to experience your competitors in the same way, then make an honest comparison. you want to be simply the best.