We all know; how difficult it is to succeed and thrive for a company. Especially in the post-pandemic era, where working on and with digital technology is the new normal. Many businesses are accepting digital technologies with both arms open, such as ERP software, Digital Payments, online billing software for small business, and many others. 

Corrects us if I am wrong here; a business’s success can be measured by how well they retain customers instead of acquiring new ones. In this customer-centric age, the invoicing software will play an essential role in improving the overall customer experience and strengthening partnerships with them. 

Let’s begin with the statistical facts

Talking about a report from the Harvard Business Review from 2014, adding one consumer is 5-25 percent more costly than maintaining a current one. According to the same report, a 5% rise in consumer satisfaction rates increases earnings by 25% to 95%.

Customer acquisition vs. retention costs (Source – mycustomer)

According to a report from Mycustomer from the year 2017, the profitability increases by 60-70% for old customers. In addition, loyal consumers have 50% higher chances of trying new goods and spending 31%. Taking purchases digitally using online invoicing software is one of the most successful methods for online retailers to create trust with current consumers.

Top strategies to increase retention of customers

Invoicing software work direct and in-direct way towards consumer retention. These platforms assist you in providing tangible value to your clients by allowing the versatility they demand and offering more simple and more timely invoices.

1. When customer feel safe and trusted, they always stay

When you provide any service or sell any product, what matters for the customer is his/her privacy about their data, especially while making a transaction. With the growth in online purchases, cybercriminals now have better access to consumer details. 

As a result, to persuade your target clients to prefer you over your rivals and return to you, you must follow the highest payment protection requirements. Of necessity, this is a time-consuming and expensive operation that necessitates the usage of powerful servers and the recruiting of in-house technical support.

However, with the aid of online billing software for small business, you will dramatically reduce the overhead costs. Through investing in them, you will ensure that the consumers’ records, billing, and payment processing are kept safe from hackers and treated with the utmost care.

2. You need to too flexible in terms of payment options to retain the customer

Imagine you are browsing for a gift for your date, and after surfing for hours, you finally get the right one, but now that platform is only accepting PayPal. And you aren’t a frequent PayPal user? And due to a lack of payment services, you need to switch the platform.

This scenario can happen with your business too! If you are providing minimal payment options, it won’t be easy to retain customers. The modern shopper expects a variety of options in everything, and your billing system must provide convenience when it comes to online payments. 

It’s no surprise, though, that according to a new YouGov survey reported on Retail Technology Review, 50% of shoppers cancel an order if their desired payment form is inaccessible on a platform. Well, in summary, to prevent consumer turnover, the billing scheme must support numerous payments.

3. Being open and transparent with your customers is the key to retain them when it comes to payment, billing, services, and offers

Please don’t make your customer fall into any false offer. For example, you are targeting potential buyers by charging low entry fees and providing attractive discounts. And later it turns out that customer has to spend more due to hidden terms and conditions.

From a market perspective, it makes sense to generate sales from potential consumers as quickly as possible when weeding out people hoping for a free sample that they will cancel within a reasonable time frame. On the other hand, the client is unlikely to see things that way and would believe bait-and-switch strategies have duped them.

The message here is to always be open and honest with your consumers about prices and billing. You might turn away any clients, but you’re sure to lose even more if they get a bill or credit card fee they didn’t anticipate for a few months.

4. If you aren’t looking for improved customer experiences, then don’t think of customer retention

I still remember once Amazon’s CEO Jeff Bezos said, If one customer has a negative impact in a physical store, he will tell ten others. But if the same happens on an online platform, he may tell hundreds and thousands of people.

Don’t underestimate the impact a poor user interface may have on consumer loyalty, regardless of how good or attractive you think your service is. A weak user experience on smartphone applications, digital portals, or brand websites, such as a lengthy, complicated onboarding procedure, may easily cause discomfort. 

Billing may be a significant point of contention since glitches and processing problems can quickly sour the partnership between the brand and the consumer. Failure to process a payment, grant refunds for service delays, or account for time zone discrepancies on advertisements and bills would eventually frustrate customers and cause them to reconsider their subscription status.

Personalization also permeates every aspect of the consumer relationships, like invoice management. People are accustomed to extremely customised offers tailored to their needs. 

As a result, you must ensure that the payment choices are extraordinarily versatile and tailored to your customers’ needs. This is where online invoicing software comes into its own.  

Also Read: Top 5 Sales Email Templates Tips To Get Client’s Attention

Wrap Up

There are many other forms of payment schemes that will help your company’s consumer satisfaction rate. It is a streamlined forum for developing an intimate partnership with your clients, improving the user experience, providing a customized experience, and facilitating payment. 

If you are not using online billing software for small business; Please email us at support@mooninvoice.com or call us at +1-805-491-9393 to get our best offers and a free demo.

FAQ’s

When an organization collects the data of refraining the customers from a particular period to a certain date, it is called as customer retention ratio. Higher customer retention ratio means customers are happy with the products or service.
There are few different types of customer retention, including emotional bonding, situational binding, legal binding, economic binding and technical binding.