factors affect employee retention

4 Ways to Build Customer Loyalty Naturally!

Customer loyalty is important! Today, many organizations have separate departments dedicated to brand and customer loyalty. Why? Customer retention is more profitable than customer acquisition.

A study by Harvard Business School revealed that new customers cost 20-40% more to gain than old customers are to retain
According to a survey conducted by Gartner 80% of your future revenue comes from 20% of your existing customers.
Repeat customers are more likely to spend twice as much as their original expenditure after they have been a customer for more than two years a Harvard Business School research revealed.

While most small business owners (entrepreneurs or solopreneurs) focus on attracting new customers, the key to increase business sales lies in retaining the existing customers.

If you too want to create a large database of repeated customers, follow these tips that will help you to create customer loyalty towards your brand:

Build Your Product As Awesome As Humanly Possible

A business is built around a product. Your customers purchase that product. And you market the product. This proves that a product is a BIG DEAL! It is the foundation of any business.

Retaining customers will be an impossible task if the product you have built is not top-notch. You can always improve your products, but you must offer the best you possibly can.

Give your customers Love, Attention & Care

Customer service is as important as the product. It can be vital for the health of a business, depending on your specific industry. It is a concept that should be integrated into every facet of the business. From product design to marketing strategies, everything should be created with a customer-centric approach.

Some customers care more about how they feel like a customer than how your product performs.

Customer Loyalty Programs

According to a survey by Harvard Business School, online loyalty programs are stronger online than brick-and-mortar loyalty programs.

One of the most brilliant customer loyalty programs is the Amazon Prime membership. It is a subscription-based service with annual fee offers. It offers its subscribers free-shipping and streaming capabilities through Prime Video. The program had proved to be a great success for Amazon.

Unique Experience for Customers to make them feel special

Every customer wants more than just a product in return for a purchase. However, offering customers a unique experience sometimes requires more than just discounts alone.

Starbucks offers its customers a unique experience by providing their coffee in a mug with their names on it. It also provides its customers with one of the most successful mobile apps ever. The Starbucks app is used by around 23.4 million people. (source: https://www.adweek.com/performance-marketing/the-most-popular-mobile-payment-app-isnt-apple-pay-its-starbucks/)

Just like business success, customer retention is more about a mindset. Creating great products is also a mindset. The existing customers are like a gold mine if only we realize how invaluable they are for the business. To apply these tips and see your customers become loyal towards your brand.

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4 Employee Engaging Factors to Retain Top Performers in a Company

Employee Retention! While hiring the right talent in the organization helps it to grow, retaining the same talent helps a company to attain its goals. As millennial have become a major part of the workforce, employee retention has become paramount for most of the organization.

According to a survey report published in Forbes, “60% of millennials were open to a new job, while 21% had switched jobs within the prior year”.

“Approximately 50% of the organizations admit to encountering difficulty in retaining employees, and 70% have trouble replacing the former employees who leave” according to the survey.

Today, top performers are just a LinkedIn message away from finding a new job in a rival company. Employee turnover is costly and leaves a negative impact on the organization.

If your company is also struggling with the retention of employees, here are 3 essential employee retention factors that you might be ignoring:

Work Schedule Flexibility

The old clock-in, clock-out is the concept of the past. With the recent pandemic situation, the companies have realized that an equal amount of work can be done remotely as well. Employees today value flexibility and the employers must prepare themselves for a new workforce`s sense of individualism.

Health & Wellness Benefits

Not only free coffee and food, today, but employees also give more preference to workplace wellness. More than 60% of waking hours are spent at the workplace. So, the workplace has a huge impact in shaping employee lifestyle, overall health, and eating habits.

Hence, a gym membership reimbursement or a health spending account simply shows that employers care about their employees` health and well being

Appreciation & Recognition

When milestones or targets are achieved, are your employees rewarded or recognized for their contribution? Rewarding an employee for his immense contribution throughout the year will make them feel appreciated.

However, most of the managers forget to often do that. The reason behind it is not only ignorance but also the poor employee management system. So, it leads to an environment where the top performer doesn`t feel like going the extra mile.

Employee Engagement

Most of the HR personnel feel that employee engagement means organizing an event filled with fun activities on weekends. Though that too is a good idea, it doesn’t help in the long run. Assigning your workforce with creative assignments or projects is what promotes employee engagement.

Giving monotonous projects or work that lacks creativity is the best way to have a top-performing employee looking for an exit.

With the surge in demand for highly-skilled employees, hiring managers need to be realistic about working smarter and harder to retain their valued employees. The grass is always greener on the other side, especially when employees are getting more flexibility, money, or interesting projects.

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