Experienced, successful businesspeople know customer retention is more significant and less costly to the bottom line, regardless of their industry. Why? It is up to 25 times more expensive to attract new customers compared to retaining existing customers. On top of that existing customers are more likely to buy from you repeatedly.
In fact, more than a third of online purchases are from existing customers, who spend considerably more per purchase than new customers. So, how do you keep your current customers coming back again and again? Exceptional customer services and outstanding customer experiences, both of which can be achieved through live chat, which, in turn, lead to better sales and a growing revenue.
A recent survey by Aberdeen Research found companies who feature live chat see increased sales, better customer retention, and higher revenue growth. Live chat, which allows customers to interact with businesses on their schedule, at their convenience, also enables companies to respond in kind, making the overall customer experience better.
The survey reported that companies employing it had 75 percent annual growth rate improvement with a 48 percent increase in customer retention. The study also revealed this option is used by eight of 10 adults on a daily basis since the advent of the global pandemic. Given these statistics, there is little doubt to the value it brings for business. Let’s explore why live chat is driving sales and retention and how companies can use it to their advantage.
Generally, customers prefer live chat when compared with email, social media, or phone support. More than half of customers report positive experiences but even those how don’t still prefer it to other customer support options which is why it’s is a powerful driver for sales and customer retention.
Customers prefer companies with a live chat option, and in turn, customers buy from those businesses. Today’s customers are looking for brands who value their time and want to address concerns and answer questions in a simple, seamless way and live chat demonstrates a company committed to customer experience and satisfaction. The real-time support gives customers what they want – effective and efficient support which addresses their questions and concerns instantly – no more waiting for a call-back or email reply. The result – loyal and satisfied customers who continue to come back for more.
Live chat also provides the ability to transform casual browsing into a solid sale or a query into an opportunity to upsell. Browsing customers become buying customers when they can find the answers they need about a product or service. It provides the answers quickly, and those helpful answers can close the sale. For companies, live chat delivers genuine customer feedback in real-time which can be invaluable in the providing better customer experiences and improved product offerings. In addition, it makes customers feel heard, which demonstrates your commitment to them and enhances their loyalty to your brand.
When you retain your existing customer base, you drive sales and grow your business. Leveraging live chat can boost your customer retention and increase your sales, guiding your business toward success. Customer retention comes via customer satisfaction from your product, service, and support. Let’s explore some ways you can leverage live chat to increase your customer retention and improve your overall sales.
Making it easy for your customers to access support is an excellent start. In the past, phone support and email queries been the main access point for customer support, but no more. Today, live chat deliver accessible support instantly with no waiting for an email replay and no incessant time on hold waiting for an answer. The instant access of this form of communication delivers a better customer experience which keeps your customers happy and satisfied. Plus, it’s always available 24/7/365, unlike phone support and email support.
Customers can ask questions when it is convenient for them, never having to schedule a time to call for support. With live chat in place, not only is your business available and accessible, but it is also able to deliver a level of response, unmatched with other support channels. The convenience, access, and response time build solid customer relationships with customers who always return for more and often become brand ambassadors recommending your company to family, friends, and colleagues.
As your business works to communicate more effectively with your customers through Live Chat, Unim is ready to help you improve client relationships through exceptional customer service with custom marketing automation solutions designed to garner better sales and enhanced customer retention. Contact us today.