As the epicentre of the pandemic continues to shift across regions, the business landscape continues to evolve greatly. As a result, businesses are rethinking their strategies to survive. To further discuss these strategies, the Alumni team on Thursday, July 16, 2020 engaged a virtual crowd. Sharing her experience was Strathmore alumna, Angela Nzioki, CEO of Sokowatch Kenya, and moderating the event was Calvin Omari an entrepreneur and an alumnus of the University.

How do you retain customers? 

The easiest way to grow your customers is not to lose them. According to the experts, the average business loses over 15% of its customers annually simply by failing to attend to customer relationships. Each strategy below has an in-depth process that will improve your customer retention significantly.

1. Frequent Communications. Avoid losing your customers by building relationships and keeping in touch. A good example is the use of phone calls to say “thank you”, offering deals and genuine follow-up to check on how they are doing. This makes the customer feel valued and important. 
2. Product or service integrity.  There must be total consistency between what you say, do, and what your customers experience. Customers will be attracted to you if you are open and honest with them. 
3. Revive Customers. Bring back the “lost sheep”. Restoring customers who already know you and your product is one of the quickest ways to increase your revenues. For example, remind them of your existence, finding out why they are no longer buying and address their complaints. This will lead to some of your best and most loyal customers. 
4. To lock in that sale. Ignoring the customer, while chasing more business is unprofessional. Demonstrate by your actions that they made the right decision to deal with you. Thank them and put a system in place to help you be consistent in following through your commitments to them.
5. Extraordinary Customer Service. This entails moving your product or service into the realm of the extraordinary by delivering above par. For example, having well-trained personnel, a dedicated response team, and consistency in timely delivery. 

Why dive unless you are a confident diver? 

To succeed in business and stay on course, you need to think about what could go wrong. In return, plan accordingly by identifying your risks and managing risks. Also, accept the reality, but move on. Although you will never be able to eliminate business risk, proactively planning for it can help. Awareness is key in helping you save money and time while protecting the trust, reputation, and customer base you have worked so hard to achieve. 

Embrace the changes that customers bring because that is where growth opportunities are.

Start marketing your services to diversify your base so the loss of one will not devastate your bottom line. Above all, seek help.

I leave you with the words of Teddy Roosevelt who once said, “People do not care how much you know until they know how much you care.”

 

The article was written by Annete Karanja.

 

Would you like to share your experience of living through the circumstances brought by the Covid-19 pandemic? Kindly email: communications@strathmore.edu