Common Factors That Hinder Customer Retention
Consumers are undoubtedly companies’ primary priority, as the more customers a company has, the higher its revenue will be. Therefore, successful companies always conduct studies about the most common reasons that hinder customer retention in order to avoid them and satisfy customers continuously. So why do customers leave? What motivates them to shop and eventually leave the company they already know and buy products or services elsewhere? Here are four common factors that hinder customer retention and cause them to leave for competitors.
1: The company’s products do not meet customers’ expectations
Frustrated customers are less likely to continue with the company, and may share their bad opinions and comments with their friends or on social media. Most of the companies are fully aware of the effects that bad customer reviews can cause. Therefore, successful companies always work hard to meet customers’ expectations, and always follow their opinions and comments to modify products and services to meet their satisfaction.
2: Lack of company communication with customers
The companies’ continuous communication with customers gives them the ability to highlight the advantages of their new products or services to customers and answer all their questions, which encourages them to buy. Effectively engaging with customers, presenting them with what’s new, collecting their feedback, and working to satisfy them is very important to their retention.
3: The company does not display the value of its products
The reason why customers don’t want to buy the product may be because they don’t know its value. Showing the value of products helps to convince customers to buy and increases companies’ profits significantly.
4: The company provides poor customer service
Customer service is one of the most important criteria affecting companies’ customers retention. Therefore, companies should always strive to facilitate the access of new and existing customers to the customer service team, and train the customer service team to deal friendly with customers and help them solve their problems quickly.
