In the alarm industry, as with most industries, it’s significantly more profitable to retain existing customers than it is to pursue new customers. With this in mind, many security business owners are constantly on the hunt for new strategies to retain customers and combat attrition.
Looking to up your game when it comes to keeping customers happy and maintaining low attrition rates within your fire, integration, CCTV or security alarm business? Here are a handful of effective customer retention strategies to consider integrating into your existing strategy.
Tips To Help Alarm Businesses Increase Customer Retention
Stay Up To Date
There are many reasons to keep your company up to date. It’s good business practice, it helps to build value, it helps to establish you as a reliable and trustworthy entity, and more. But it also helps with customer retention.
Customers are interested in the latest and greatest offerings and technologies – and chances are some of your competitors are offering them. So to keep your customers relying on you, you should offer them too.
Offer Incentives & Rewards to Loyal Customers
Customer loyalty is a huge factor when it comes to battling attrition. To encourage loyalty, incentives and rewards for reliable, return customers are often incredibly effective.
Discounts, exclusive offers, and early access to new products, features and services are just a few of the ways you can reward your loyal customer base and keep them on your “team” even as competitors seek to steal them away.
Maintain Client & Customer Relationships
Do what you can to make your clients and customers feel like more than just clients and customers. Show them how much you truly value them and their loyalty to your organization. Stay in contact frequently, keeping the lines of communication open for feedback regarding how you can further assist them and how you can adjust your offerings to better suit their needs.
Maintaining client and customer relationships is good business practice, but it’s also a good way to help build loyalty and keep your organization top of mind when competitors swoop in and try to persuade your patrons to move their business elsewhere.
React to Feedback from Clients
Don’t just collect reviews and feedback from your clients and customers. REACT to it. Make changes that let them know their voices have been heard. Adjust your offerings and services in response to the suggestions and constructive criticism they’ve passed along.
Listening attentively to your clients can help you stay ahead of the game by setting you apart from others in the industry who go about their business without regard for what their clients and customers offer as feedback. It will also help you to strengthen the loyalty your customers feel towards your organization.
Focus on Providing Unbeatable Customer Service
Customer service is key when it comes to retaining clients. Do everything you can to be attentive to the needs – and wants – of your clients. Help clients to feel like you truly care about them. Working with them in a timely fashion to meet their needs and respond to their concerns is absolutely key if you’re looking to combat attrition.
Many businesses – especially large ones servicing many customers – fall short when it comes to customer service. Don’t let your business fall behind when it comes to customer service and you’ll reap the rewards when it comes to retaining clients.
How To Improve Customer Retention and Combat Attrition
Some level of attrition is inevitable for most alarm businesses, as there are some factors you simply can’t control that will draw clients and customers away from your company. But with the strategies listed above in place, you can make a significant impact when it comes to increasing customer retention.
Interested in learning more about combating attrition in the alarm industry? The following resources are a great place to start.
How to Keep Alarm Industry Competitors from Stealing Your Customers – Learn about 3 key ways competitors may be stealing your business and what to do about it.
What You Need to Know About Attrition in the Alarm Industry – Learn about the two types of attrition typically present in the alarm industry, and what to do to minimize attrition within your alarm business.
Preventing Alarm Company Attrition – Review some of our top tips for combating attrition with your security alarm business.
Have questions about how to continue building your alarm business? Get in touch with Rory Russell today! With decades of experience in the industry, he knows the ins and outs of mergers and acquisitions, and can help you grow your customer base and profitability.