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How to Retain your Clients even in a Highly Competitive Market

By Rohan A T

Running a successful business in the current highly competitive market realm is no cake walk and the recent pandemic has made things worse for businesses across various industry verticals. A study showed that in 2020 alone most economies would have lost 2.9 percent of their GDPs which not only impacted business but entire countries as a whole. Countries who heavily relied on tourism and international travelers were some of the worst affected by the pandemic. Now, with most businesses gearing up for the post-pandemic world, it is crucial that they are able to build a strong and loyal customer base which is crucial for them to succeed. With that said, in an ultracompetitive market environment like what we have now, it is hard to not just create but also to maintain a strong and ever-growing client base. So, in this article, we will take a closer look at how businesses can retain their clients and by doing so, take their company forward.

1. Understand your audience: This is the first and foremost thing that every business owner should understand and if you want to retain your clients, then, make sure that you understand their needs and wants. Make sure that you have a proper feedback system where your clients can give you constructive criticism and this will help you to improve your offerings. So, make sure that you know you customers and this in turn will help you to not just retain your exiting clients but it might even help you to attract new clients as well.

2. Innovation is Key: The next thing that one should do if you want to have a loyal customer base and retain your existing clients is to innovate. Innovation helps you to not only helps you to improve the quality of their offerings, but it will also help you to excite your clients. This excitement can turn into potential sales. So, by innovating, you are not only retaining your clients but it might also help you to increase your sales. With innovation, you might also be able to streamline your operations which again can help you to save valuable time and money which are both of the essence in the current market environment.

3. Customer Grievances Redressal: This is a crucial step if you want to retain your clients. Listen to their grievances and make sure that they are addressed promptly. This will help you to give the feeling to the customer that you as a business really care about your customers and value their opinions. This, in turn, will help you to retain your clients in the long-run.  

4. Offers and Discounts: This is one of the tried and tested methods to not only create a buzz around your offerings and business but it will also help you to create your customers happy. So, make sure that you are offerings discounts during particulars seasons or during the launch of a new product or service. 

Making your clients happy and satisfied is one of the most effective ways to retain your clients, and these above-mentioned points makes up some of the ways in which you can achieve that.

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