By definition customers’ retention is a strategy aimed at maintaining the consumer’s link with a company. We have prepared a list of strategies that seems to successfully help businesses to manage and increase their members’ retention, and we will be looking at those options to be used as a stand-alone product in the process of building your customers’ retention strategy, or how they can be used as an addition to an already implemented club management solution. Let’s break it down into 3 phases:
PHASE 1 – LISTEN
When trying to increase your customers’ retention rate, listening to your members will allow you to understand their preferences, aspirations, frustrations, and sometimes identify which areas of your business can be improved. The channel(s) used to “listen” to them is completely up to you, online forms, face-to-face meetings, chats, and even a simple pen and paper questionnaire will allow you to collect information that can be used in building your member’s retention strategy. If you already have a club management solution implemented, this information may be available to you depending on the level of automation the software provides. At this stage, automation software might be something worth considering as it can save you hundreds of working hours if you are collecting and managing a large amount of data.
PHASE 2 – OBSERVE
Compiling and organizing the data from forms, questionnaires, and face-to-face meetings are only the first step towards understanding your customers. The reality is that sometimes even customers do not know what they want, so observing and having access to accurate data provides the necessary information for a manager to make decisions based on facts instead of assumptions and guesses. Observing should not be limited to a time before a decision is made it should be constantly used after every decision as a form of evaluating if the action had the expected outcome.
PHASE 3 – ADAPT
Some probably would prefer to call this stage “act”, but I believe acting will always depend on the situation you are currently in, demanding the ability to adapt. As we all know the world is constantly changing, and a simple example is a comparison between fitness classes from 30 years ago, and now. There is so much information available nowadays and that ultimately has made customers aware of what is considered a good product. The concept of always adapting should be part of every company that seeks growth. Just like us, customers are excited to join new activities, to feel understood, to have solutions to their problems, and if you cannot provide that to them, there is a big chance they might go to the competition next door. Adapting might be a challenge to some companies, so a great option is to hire a club management consultant to help you identify problems, understand how to potentialize your strengths, cut costs, maximize your profits, and build an effective strategy to acquire and retain more customers.
To find out how we can help you and your business to increase your members’ retention rates, contact us at email@example.com, and schedule a free consultation session with our team of experts from JogaApp.