Did you know that increasing customer retention rates by just 5% can boost profits by a remarkable 25% to 95%?
It’s a powerful statistic that underscores the immense value of trust in the world of business, much like in our personal lives. Trust is the cornerstone of any healthy relationship, whether it’s with a friend, a partner, or a customer. It’s the bedrock on which long-lasting connections are built.
Think of trust as a currency of sorts, and your customers as the investors. To make this investment fruitful, you must adhere to principles of consistency, and honesty, as well as delivering on your promises.
Get this: The probability of selling to an existing customer is 60 – 70%, while the probability of selling to a new prospect is 5-20%, according to the book Marketing Metrics. It’s a stark reminder that nurturing existing customer relationships is not only cost-effective but significantly more likely to result in successful transactions.
Therefore, in this blog, we explore how trust within your customers can translate into sustained business success.
From backed-by-research strategies to real-world examples, this blog will be your comprehensive guide to building and nurturing lasting customer relationships.
So, let’s delve into the 5 tangible ways that can transform trust into long-term success.
Five Tips to Build Stronger Relationships with Your Customer Base
1. Provide Omnichannel Support and Personalisation
Effective communication is vital for strong customer relationships and a linchpin of success. To build trust, speak the language that your customers speak and are well-versed with, and meet their customers where they are—whether it’s on social media, through email, via WhatsApp, phone calls, or LinkedIn.
By speaking the language of your customers we mean tailoring your communication for each customer with an added nuance, remembering important milestones.
A survey by HubSpot revealed that businesses sending personalised and relevant emails to their customers achieve an average of 320% more revenue than those who do not.
Consider milestones like contract signings, birthdays, work anniversaries, and career achievements as opportunities for these nuanced interactions. These instances provide a perfect backdrop for sharing exclusive offers and value-added services.”
Luckily, the Verloop.io platform offers omnichannel support and plenty of personalisation that can be your helping hand in strengthening bonds with your customers
Learn more about this here: What is Omnichannel Customer Support?
2. Offer A Customer-Centric Front and Automated Accessibility
Approachability serves as the cornerstone for trust. When customers can promptly reach out with concerns and receive timely support, you’re not just on the right path; you’re soaring to new heights in customer satisfaction.
Companies that adopt a customer-centric mindset achieve revenue increases of 4-8% higher than their industry counterparts.
Nevertheless, maintaining round-the-clock availability isn’t always feasible. This is where support automation solutions like Conversational AI and Generative AI come into play. These solutions can automate responses to frequently asked questions and set clear availability guidelines.
These guidelines should be communicated to customers even before they come on board, reassuring them of your unwavering support.
Here’s a real-world example: Verloop.io has been a game-changer for various businesses across industries. Take Cairocart, for instance. Verloop.io helped Cairocart streamline their support processes, resulting in the resolution of over 50,000 queries and a remarkable agent deflecting rate improvement of 48.56%.
Learn more about this here: CairoCart Resolves More than 50k Queries of their Customers
3. Implement Self-Service Options for Customer Autonomy
Statistics from the Harvard Business Review reveal that a remarkable 81% of customers attempt to resolve issues on their own before reaching out to a live representative, a trend consistent across various industries.
Therefore, providing your customers with self-serve options is probably a good idea. Self-serve features enable them to access answers to their queries and solutions for common issues independently.
Automation is the biggest step towards more autonomy and self-sufficiency, and automated solutions typically comprise a well-organized knowledge base, FAQs, and even the assistance of AI tools like chatbots that can assist your customers in getting what they need at any point in time!
Thus, by empowering customers to help themselves, you not only save them time but also underscore your commitment to their convenience and their satisfaction.
4. Make Your Customers Feel Heard and Valued
Customers value feeling heard, and they appreciate working with empathetic businesses. It’s not just about specific employees who interact with them; it’s about the entire company showing that they care.
They are drawn to companies that not only meet their needs but also make them feel valued, respected, and understood.
Moreover, the positive experiences forged in this manner can lead to a powerful form of marketing – word of mouth.
Studies underscore the effectiveness of word-of-mouth recommendations from people known to consumers, with a remarkable 88% of consumers placing the highest level of trust in these recommendations. This trust extends from one customer to another, resulting in an influx of new customers who are eager to experience the same positive and validating interactions.
In essence, it’s not just about transactions; it’s about creating an ecosystem of shared values, trust, and advocacy that perpetuates business success.
5. Deliver Consistent and Valuable Customer Communication
Half the trick to winning a war is to show up consistently, and not surprisingly, consistency is key to building trust with your customers. Ensure that you’re reliable in your communication and ensure that you deliver on your promises. Whether it’s about providing updates, addressing issues, or sharing valuable content, maintain a consistent approach. Valuable communication goes beyond selling products; it involves informing and educating your customers. Provide them with relevant information, insights, and solutions to their challenges. By doing so, you demonstrate your dedication to their success and well-being, which contributes to building lasting trust and strong customer relationships.
Furthermore, partnering with a reliable and well-suited ally to tackle your customer support challenges is a proven recipe for success and fostering customer loyalty. And what better ally to assist you in your support ventures than Verloop.io?
Verloop.io is the leading customer support automation platform that has taken the solemn pledge to bring seamless and easy support experiences to your customers.
So what are you waiting for? Schedule a demo with the Verloop.io team today and unlock seamless support experiences.