When it comes to running an online business, every single entrepreneur centers his ideas, goals, and wishes on the commercial holy trinity – leads, customers, and sales. Most enterprises immerse themselves in the lead craze, carelessly disregarding their biggest asset – the customers themselves. This can be unfavorable to the business as a whole. If a business lacks a core customer group, it can’t succeed by relying on new customers. It’s not retainable.
Several studies have shown a surprising piece of information concerning new and old customers. Apparently, according to one study, the average amount of regular customers by business is around 12-15%. This isn’t such a significant number, at first glance. However, that 12-15% represent between 55-70% of all sales, which is something that any entrepreneur must regard. This is why retaining the core customer group should be of utmost importance.
After many struggles of retaining the customer, there have been many new and exciting ideas. However, one has stood out primarily because of its specific advantage in retaining customers. We’re talking about video engagement – using online video as a tool to make the jump between an uncertain future and a certain one. Let’s take a look at the struggles of customer retention and how video support can put an end to them, once and for all.
What can send people packing?
The difficulties when it comes to customer retention are numerous. However, just because they are multiple, it doesn’t mean we can give up on the notion of establishing a stable and reliable core of customers to make up a majority of our sales.
It’s all about going the extra mile and making sure your online business doesn’t only attract new customers. It has to be enticing enough so that the old ones have a reason(s) to stay. Seems easy? Sure, but only “seemingly.” Customer retention is one of the hardest aspects of running a service-providing website.
Every customer has a different tolerance level. This notion makes it impossible for us to claim that one reason is the main one or that another one is significant. Nadav Dakner, a marketing expert and CEO of IndoundJunction say merely – “even one negative customer experience can send people in search of your competitors.” So, now that we know that there is no loyalty and that people are happy to jump to a competitor with better services, what exactly can go wrong and drive people away? The reasons are plenty:
- Constant problems with the interface of the website
- Slow loading time, either because of a faulty server or because of a multitude of content
- Bad or untimely customer service
- Fluctuation of prices
- Lack of benefits for regular customers
- Too many negative reviews about some of your products
- Customer finds a better offer
- A friend or relative stopped using the product
Now that we’ve encountered some of the problems with customer retention, it’s time to take a look at one particular, yet an unorthodox way of handling a problem with a lack of stable, core customers.
Video as means of customer retention – first contact
Some people think of customer retention only when the customers start leaving, which can’t be more wrong. Customer retention doesn’t begin at the doorstep. You don’t beg your friends and relatives to visit again; you win them over with love, support, and affection on a daily basis. Customers aren’t much different. They’re people, too and they need reassurance and comfort from the start. Remember, loyalty is not an obligation, and it’s a privilege that is won over by excellent business tactics.
Uploading videos on an online platform would be an awesome form of introduction.
If you want to take it one step further, you can put a face on the video – add a spokesperson with enough eloquence and a strong enough voice to cause positive reactions. Using both male and female spokespeople can be a great way of establishing diversity and getting people’s attention.
The ideal way of using video support as an introductory tool for customer retention would be a welcome video, followed by an elaborate, yet simple set of videos to guide the person through the making of an account, using features, making a purchase and everything else.
Video as a means of customer retention – tutorials and education
If you have an e-commerce site, lack of information about making a purchase can cause many of your visitors to just go away, in search of a more comfortable interface. Thus, it’s essential to create video tutorials as a means of educating your customers about the way things function.
If you’re the owner of an eCommerce site, you must try adding a max-1 minute video for every single feature of your site. Even though the interface is simple and you have no problems, video support can be a great way of maximally minimizing the possibility for a customer to leave the website.
Also, having an inscription of something like “Not sure how to purchase? Watch our video tutorial!” will show your customers that you care. Care equals happy customers, and satisfied customers are retained customers.
Video as a means of customer retention – providing valuable information
If you’re selling software as a service (Saas), you’re going to be in need of some serious business video to cover all the changes you make to your programs and website. Why is this case? Well, you know what’s the most annoying thing ever? Having to share a lot of new policies, products, and changes in the form of a written text, only to have everyone ignore it. Reading text might be annoying, but sometimes that text contains valuable information.
Why not try video on for size? Providing a quick video overview of the changes in policies, features, and interface can solve a lot of problems. Why are videos so unique in this facet of running an online business? Just because of the memorability. A visually appealing video takes 90% of human’s attention. We tend to relate more than 40% to visual data in an efficient manner. That percentage goes even higher when you add excellent animation and relaxing music, with a voice over.
So, in the first week after you’ve updated your website, have every link to your domain redirect to a page with a 45-second video about the changes in the interface. Present every product with a video on YouTube or another online video platform. The possibilities are infinite, and options are endless.
Introduction, education, and providing information – the holy trinity of brand retention
Providing valuable info after educating your customers is an excellent way to accomplish brand retention. Your excellent customer service and lots of short, simple and immersive videos will shape your brand. You will become known for your relationship with the customer, and it will forever be a part of your brand.
Moreover, making your services interactive, along with helpful tutorials and introduction may just be the missing link between good ideas and a customer body that can make use of them. Don’t be lazy, take everything you can from the wonders of video support and build your brand an incredible one.