Customer Retention Strategies for Mera Medicare
- 1. www.meramedicare.com Strategies to increase Customer Retention for Mera Medicare By: Mohammed Bugedwala
- 2. A Brief on Customer Retention and it’s Importance Customer Retention refers to the effort taken by businesses or organizations to reduce customer churn. Importance: It can cost a brand up to 6 times to get new customers vs. keeping old ones. 68% of customers leave a brand because they perceive that it is indifferent to them. A 2% increase in customer retention has same effect as decreasing costs by 10%. 68% of customers leave because of poor customer service. A 5% increase in customer retention increases profits up to 125%.
- 3. Strategies that can help Customer Retention 1. Thanking the customer to make them feel that they have made the right decision. Many people, as first timers, rethink about the recently purchased product especially when it comes to products as vital as medicines. Reassuring them after the purchase goes a long way as they look forward to use the service more positively. 2. A proper feedback mechanism. After the 3-step purchase from the website, customers can be requested to fill out a survey that can give invaluable insights into their experience at Mera Medicare.
- 4. Strategies that can help Customer Retention (Contd…) 3. Using words that the customer wants to hear/read. Using words like ‘free’, ‘instantly’ and ‘new’ makes the customer feel good as he/she perceives that his/her utility has a service consumer is increased. Also, when selling to conservative buyers, it is advisable to reframe the words like “a small fee of ₹25 for this service” as against “a fee of ₹25 for this service”. 4. Loyalty points system. Loyalty points system is an effective way to keep the customer coming back. Once a customer registers him/herself with the Mera Medical website, he/she can get reward points for the subsequent purchases made thereafter.
- 5. Strategies that can help Customer Retention (Contd…) 5. Provision for purchase history. A customer who has registered with Mera Medicare can get the list of purchases made earlier. So, in case of a customer who is diabetic or needs medicines regularly, he/she can do away with searching for the medicines everytime. Customers love coming back to sellers who know their preferences or choice. 6. Using of heat mapping software on websites. Use of website heat map can help identify the customer profile as frequently visited pages/tabs can give an insight as to what a customer’s neds and requirements are.
- 6. Strategies that can help Customer Retention (Contd…) 7. Recommend health drinks/medicines for additional purchase. As a market place for medicines, Mera Medicare can leverage on the same by recommending health drinks / medicines to the customers as a means to expose them to newer products for additional purchase and keep them coming back for more. 8. Goodwill Is Built on Emotional Reactions. A happy customer is the one who feels emotionally connected with the seller. Mera Medicare can do so by sponsoring medicines to a handful of those who need it the most (in hospitals). Not only will this ensure a positive word of mouth communication, but also increase the loyalty of the existing customer base following the story.
- 7. Strategies that can help Customer Retention (Contd…) 9. An active customer grievance handling team. Every business faces customer grievances in some form or the other. Thus, it is important to have a dedicated customer grievance handling cell to swiftly resolve the disputes that should arise. 10. Training the salesforce. The sales force that ensure the delivery of medicines to the customers is done on a timely basis and that behaviour must be kept in check in case the customer is angry.
- 8. Some Other Strategies … 1. Mera Medicare can come up with a mobile app of its own to further penetrate into the market. Logging onto the website maybe cumbersome everytime and the customer may eventually lose the knack of buying. A mobile app with same functionality as a website is more convenient for the customer and can keep them coming back. 2. Wishing customers on their birthdays can make them feel special and an emotional bond is be established. Birthdate can be asked while registering. 3. Conveying heath facts via email or as tip of the day through a mobile app will make the customers not forget about Mera Medicare and thus the brnd stays at the back of the mind of the consumer, so that when the time comes to purchase, they log onto to Mera Medicare.
- 9. Ending Note… This presentation was made with a clear intention to help Mera Medicare in the maximum way possible. Some of these strategies might already be in work, of which I am unaware. However, I hope that this presentation adds much value to company nevertheless.
- 10. THANK YOU