Tech companies have been very good at these things. New technology breakthroughs help to appeal to early adopters and service businesses also help companies to keep customers. It’s not all so easy, though, and tech companies may need to get smarter about how they do business.
There’s More Competition
One reason for this is that there is much more competition than there was before. A study by GEM Global Report estimates that 100 million new businesses are created each year, or more than three businesses a second. 90% of these new businesses are expected to fail, but that still leaves 10 million new businesses sticking around.
Many of these new companies are being created in the technology industry as technology also helps founders to quickly test if their idea will be a success and if anyone will pay money for it. It also allows them to market their product and start competing. With so much competition, tech companies that have been around for longer may have to do something new to stop customers from leaving.
Getting New Customers is Expensive
Tech companies also have to think about customer acquisition costs. Keeping a customer is much more affordable than winning a new customer as you have to educate a new customer about your brand, get them to buy, and show them by you are better than your many competitors.
Many tech sites have used customer loyalty programs to help with this. Some tech companies have managed to do more with their loyalty programs than just offer reward stamps, such as the loyalty rewards available from Zodiac. The online casino site allows players to earn points for playing casino games such as slots and poker. Players can then turn these points into spins or cash, with 100 points being worth $1 chip. Loyalty programs are used by many companies but you can find ways to do something more with it, as Zodiac has.
How to Find New Ways to Keep Customers
You have many competitors and they will all be thinking of ways to keep costs down too. However, there are dozens of ideas for beating your competitors and keeping your customers that they may not have tried. You could make better quality products, offer a new design, have better customer service, create deals for your customers, and have a more efficient way of doing business.
These are just some of the ideas that you can try. Look at what your competitors are doing and what your customers want and see if you can use this knowledge to come up with new ways of keeping customers.