Marketing a small business may be difficult and costly. However, the majority of that cost is spent on acquiring new clients; keeping existing ones is significantly less expensive. As a small business owner on a tight budget, keeping as many clients as possible makes financial sense. Remember that every year, many businesses of all sizes lose a significant number of customers. The average loss is roughly 20%, but in some areas, it might be quadrupled. You can see how easy it is for business development to stagnate and even reverse if this accumulates over time.

As a result, it’s critical to investigate better ways to keep your customers, because the ability to retain customers Is one of the important factors to consider when it comes to making a business decision, and if you don’t consider this you might be giving competitors the chance to take away some of the customers you work hard to get especially if you use long marketing strategies as part of your promotions.

In a research conducted by Hubspot, 80% of customers who have transacted with small businesses complained that many of these businesses don’t understand the importance of retaining customers. Also, 71.5% of small business owners complain of customers not coming back for purchase after the first one and this is believed to have forced many businesses off the market race.

Therefore, in this blog, We’ve outlined some of the most effective client retention techniques now in use by the most well-known firms. We’ll go through everything a customer success or marketing team needs to know, from utilizing convenience to prioritizing uniqueness.

1. Accept Customers Complain

Customer complaints can be difficult to handle, but they will occur. Often, rather than the underlying issue, a company is rated on how it handles complaints. So, to get started on your retention strategy, think about how you might improve your complaint response. You should also strive to develop a method for tracking complaints, as it is generally known that many dissatisfied customers will remain silent. If you can reach out to them before they leave home and reflect on what happened, you could get a second opportunity.

2. Conduct a Thorough Customer Service Audit

Examine your customer service and determine which areas are causing you to lose customers. obviously, any business will lose some customers. However, many businesses become complacent after investing so much effort and money in cultivating their core support. They let things slide, and before they know it, their customers have begun to look for alternatives. This means they’ll have to refocus their efforts – and money – on attracting new customers. A monthly customer service audit will help you detect where your standards are falling.

3. Recognize the worth of your customers

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Every customer has a lifetime value. If consumers only buy one item from your store, for example, the amount won’t be significant. However, if that person continues to do business with you for weeks, months, and years, it’s easy to see why you should keep them. It will also give you a decent idea of how much you can spend to keep them while still making a profit. Introduce loyalty cards or programs as a means of determining consumer value. We’ll get into that a little bit later, but it offers a lot of advantages. It can provide you with a detailed view of your customers’ purchasing behaviours, allowing you to develop more accurate estimations of their lifetime value.

4. Develop customer trust

Because trust takes time to develop, don’t assume customers trust you just because they buy from you. When it comes to making a purchase, 81 percent of customers feel trust is a key component in their decision. Building trust isn’t a one-size-fits-all strategy that can be implemented quickly by any company. After all, trust is defined as “a deep belief in someone or something’s reliability, truth, capacity, or strength.” Because consistency in delivering value to clients is a significant aspect in creating trust, your organization should be reliable.

Following through on your brand promise and doing what you claim you’ll do over time will affect whether or not your customers regard your company as trustworthy.

5. Provide an Exceptional Service

Offering a better item or administration than your opposition according to your clients is no simple undertaking, yet the result is definitely worth the work. You’re on the right course to keeping clients assuming you’ve made a speciality for your association that tends to a vital client torment issue.

customers eventually buy what they esteem. A strong inspiration for customers to focus on your image is eliminating a bottleneck, eliminating a wrinkle in a work process, or robotizing a cycle such that no other organization would be able.

Completely finishing your brand promise and doing what you guarantee you’ll really do over the long run will influence whether your customers see your business as dependable.

6. Promote Aftersales

Aftersales are an excellent technique to get more from each customer while also maintaining a key relationship. Assume you own a stone flooring company. You sell a set of kitchen floor tiles to a customer, who pays you to install them. It may appear that the transaction is over, but if you can get them on an aftercare or maintenance plan, you’ll have a lot more options. You’ll return to your customer’s home a year or two after the sale to clean the tiles professionally. By that time, they may be considering replacing their bathroom floor, and you will be ready to assist them.

Marketing and advertising are all about small reminders and easy ways to stay in the minds of your customers. Because you don’t have the luxury of billboards and television commercials as a small firm, this aftersales method is a brilliant way to stay focused.

7. Always Reach Out to Customers

Regularly communicating with your customers will help you stay in front of their minds. There are a few possibilities. After-sales calls are great for checking up on customer happiness. Email can also be used to send out newsletters and special offers based on previous purchases. Email marketing, according to Market Motive, can assist in customer retention. It can also help you increase the lifetime value of your customers. It’s a valuable tool that many small businesses overlook; don’t let your firm fall into that category.

Part of knowing and understanding your customers is knowing where they spend their days using your product, and how they most want to get customer support when needed.

8. Employee Branding and Development

All staff that interact with consumers should receive the appropriate training. Each one represents your company, and irresponsibility or a negative attitude will cost you clients. Of course, ideal customer service is impossible to achieve. However, by providing training, you will be able to bring your clients up to speed on your expectations and establish a degree of expectation. Customer service essentials that work for retention include the following. A smart place to start is with rapid responses to emails or phone calls. You must also follow through on your promises. Finally, make the most of your tiny company position. Instead of treating customers as clients, treat them as friends. It’s something they won’t get from your larger, more established competitors.

9. Always Say Thank You

To the point made above, saying thank you to your consumers outside of an email campaign or a customer transaction is important. To return to the previous point, thanking your consumers outside of an email campaign or a customer transaction goes a long way toward creating a beloved and remembered brand. for example Zappos, a clothing and shoe eCommerce business, is well-known for its great customer service, which includes efforts to express gratitude and give gifts to consumers.

Zappos even keeps track of how many presents and surprises were sent to customers in the preceding month to ensure that everyone on the team is doing their part to show consumers how much they’re valued.

Thanking customers is a simple yet powerful customer retention tactic that distinguishes anonymous websites from well-known business.

A big congratulations to Gospel singer, EnoDan, on her new deal signed under the management of TSLNigeria; one of the biggest branding and digital agencies in the country.

On the 22nd of February, the singer was welcomed into the family and she assured the brand of her commitment as well as a positive representation of the brand’s image.

EnoDan Ayenor Daniel Edun (nee Dorsu) is a Gospel recording artiste and singer/songwriter. Although she hails from Delta State, EnoDan grew up in Edo State. She started her musical carrier as a chorister, at the age of 7.

She is happily married with three lovely children. Some of EnoDan’s songs include; ‘Spirit Move’, ‘My God’ and many more.

TSLNigeria, is duly committed to working with and developing EnoDAn into a well-sought after brand, through diverse branding strategies.

The Central Bank of Nigeria (CBN) disclosed its plans to sell N722 billion worth of Treasury Bills (TBs) in the third quarter this year.
This development was made known by the apex bank last weekend, in its Nigeria Treasury Bills Issue Programme for Q3’21.

The Treasury Bills (TBs), are used by the Central Bank to control the supply of money in the nation, as well as the regulation of the economy.

The Central Bank of Nigeria stated that the TBs would be issued in tranches with the first tranche rolled out on June 3, 2021, while the last tranche is scheduled for August 28, 2021.

During the stated period, CBN is set to issue TBs worth N41.35 billion on 91 days tenor, N151.13 billion on 182 days and N529.68 billion on 364 days.

In the month of June, CBN plans to sell N106.1 billion worth of TBs, comprising N7.26 billion worth of 91 days bills, N9.52 billion worth of 182 days bills, and N89.32 billion worth of 364 days bills.

July’s target by CBN includes the sale of N407.34 billion worth of TBs comprising N22.53 billion worth of 91 days bills, N92.84 billion worth of 182 bills and N291.97 billion worth of 364 days bills.

For the month of August, CBN plans to sell N208.68 billion worth of TBs comprising N11.55 billion worth of 91 days bills, N48.76 billion worth of 182 bills and N148.37 billion worth of 364 days bills.

Trading activities on the Nigerian Exchange rebounded on Wednesday, with a gain of 0.15 per cent due to interest in MTN Nigeria Communications (MTNN).

Specifically, the All-Share Index increased by 57.41points or 0.15 per cent to close at 38,564.70 from 38,507.29 achieved on Tuesday.

Consequently, the month-to-date return increased to 0.3 per cent, while the year-to-date loss moderated to 4.2 per cent.

Similarly, the market capitalisation rose by N30 billion or 0.15 per cent to close at N20.099 trillion against N20.069 trillion posted on Tuesday.

The market upturn was driven by price appreciation in large and medium capitalised stocks amongst which are: Seplat, MTNN, Africa Prudential, Unilever and United Bank for Africa.

As measured by market breadth, market sentiment turned positive with 27 gainers against 21 losers.

Cornerstone Insurance dominated the gainers’ chart in percentage terms with 10 per cent to close at 55k per share.

Morison Industries followed with 9.68 per cent to close at N1.36 and Learn Africa rose by 6.52 per cent to close at 98k per share.

Africa Prudential appreciated by 5.79 per cent to close at N6.40, while Courteville Business Solutions garnered five per cent to close at 21k per share.

On the other hand, Abbey Mortgage Bank led the laggards’ chart in percentage terms with 9.52 per cent to close at 95k per share.

Consolidated Hallmark Insurance trailed with 9.46 per cent to close at 67k, while CWG shed 7.26 per cent to close at N1.15 per share.

Wapic Insurance dropped 7.02 per cent to close at 53k, while Regency Alliance Insurance depreciated by 6.25 per cent to close at 45k per share.

Also, the total volume of shares traded increased by 1.81 per cent to 302.72 million shares valued at N2.81 billion exchanged in 4,387 deals.

This was in contrast with 297.35 million shares worth N3.65 billion transacted in 4,402 deals on Tuesday.

Transactions in the shares of Sterling Bank topped the activity chart with 37.47 million shares valued at N57.83 million.

Ecobank Transnational Incorporated followed with 27.39 million shares worth N142.47 million, while Wema Bank traded 27.15 million shares valued at N15.002 million.

Guaranty Trust Bank sold 26.49 million shares worth N745.34 million, while Japaul Gold and Ventures transacted 22.14 million shares valued at N11.04 million.

The Securities and Exchange Commission, SEC, has commenced moves to ensure  that Nigeria and Nigerians benefit from the fast growing global social bonds market currently estimated  at $85 billion.

Social bonds are types of debt issues which proceeds are exclusively deployed to finance or refinance projects aimed at addressing or mitigating a specific social issue and/or seek to achieve positive social outcomes for a target population, usually people living below the poverty line.

Consequently, the Commission yesterday proposed new rules that would guide intending issuers of the bonds.

Among other things, the new rules stated that qualifying projects must promote either affordable basic infrastructure, including clean drinking water, sewers, sanitation, transport, and energy among others.

The projects should also promote access to basic services (health, education and vocational training, healthcare), affordable housing, job creation including through the potential effect of small and medium-sized enterprises financing and microfinance as well as food security and socioeconomic advancement and empowerment.

The proposed rules also stated that  eligible projects should also target people living below the poverty line, excluded and/or marginalised populations and/or communities, vulnerable groups, and with disabilities.

Other beneficiaries, according to the rules include migrants and/or displaced persons, undereducated population and underserved population due to lack of access to essential goods and services.

The Commission said: “The volume of social bonds issued in 2020 has increased eight times from a year ago, as interest in ethical investment rises and more governments and agencies see them as a key funding tool for specific projects. “Issuance of social bonds has surged to $85 billion this year so far, compared with $10.6 billion in the same period of 2019.

The popularity of social bonds has increased as the COVID-19 crisis has led investors to place more emphasis on the “social” component of environmental, social and governance-driven (ESG) investing.

“Governments, people and businesses have suffered a serious financial crunch as a result of the COVID-19 Pandemic. In Nigeria, funding of social projects was affected as resources were diverted to unexpected areas of expenditure which ordinarily could have been financed by issuance of social bonds.”

The volume of dollars traded (turnover) in the Investors and Exporters (I&E) window of the Nigerian foreign exchange (forex) market rose sharply by 132 per cent month-on-month (MoM) to $2.6 billion in May, 2021 from $1.12 billion in the preceding month of April.

Financial Vanguard analysis of daily transactions in the window as published by FMDQ showed that on a weekly basis, the turnover stood at $467.97 million in the first week of May. 

In the second week turnover fell by 29 per cent to $334.36 million from where it rose by 53 per cent to $511.37 million in the third week. 

The upward trend continued in the fourth week  as turnover rose sharply by 142 per cent to $1.24 billion despite   the official devaluation of the naira in the Nigerian Autonomous Foreign   Exchange (NAFEX) to N410 per dollar from N376 per dollar by the Central Bank of Nigeria, CBN, during the week.

However, turnover stood at  $100.77 million on the last day of the fifth week.

Meanwhile, the naira depreciated by N2 in the I&E window in May as the indicative exchange rate for the window rose to N412 per dollar on May 31st from N410 per dollar on 4th of May.

On the other hand, the nation’s external reserves fell by $639 million in May. Data from the CBN showed that the reserves fell to $34.242 billion on May 31st from $34.881 billion at the end of April 30th. Overall, the reserves have fallen by $950 million since the beginning of the year.

The Director-General of the National Information Technology Development Agency (NITDA), Mallam Kashifu Inuwa Abdullahi, says the Nigerian Government has put in place policies that will curb the menace of cyber-attacks in the country.

Abdullahi, who spoke during a Webinar in commemoration of NITDA at 20 organised by Digital Jewel with the theme: “Cyber Risk and Cybersecurity” for Cloud Governance and Security, Cybersecurity Trends, Threats and Failsafe measures, said that Cybersecurity is very essential for the Digital Economy and Digital Transformation within the government, thus making the cyberspace secured by building the confidence of citizens.

Abdullahi, listed the policies as Cybercrime (Prohibition, Prevention, etc) Act 2015, National Security Agency (NSA)’s Computer Emergency Response Team, NITDA’s Computer Emergency Response Team (MDA’s), Central Bank of Nigeria (CBN)’s Computer Emergency Response Team (Financial), Nigerian Communications Commission Computer Emergency Response Team (Telecommunication), Defense Space Administration (Navy, Army, and Air Force).

He also stressed that NITDA’s Computer Emergency Response Team (CERRT), has been playing a critical role towards curbing the menace of cyberattacks through prompt awareness, cybersecurity tips, monitoring intrusion, leveraging trusted resources, and implementing a response plan for Ministries Departments and Agencies (MDAs).

“Cybersecurity is a shared responsibility and requires the attention of a broad range of stakeholders. It requires an effective public and private partnership that incorporates businesses and institutions of all sizes along with national, state, local, tribal, and territorial agencies to produce successful outcomes in identifying and addressing threats, vulnerabilities, and overall risk in cyberspace,” he added.

“NITDA Strategic Roadmap and Action Plan 2021-2024 is anchored on seven strategic pillars; Developmental Regulations which focuses on indices needed to move Nigeria on the eGovernment Index. “Some of these regulations are regulatory instruments, guidelines, and frameworks that prepare Nigeria for this journey”, he said.

He further stated that Digital Literacy is a pillar that focuses on the capacity building of eGovernment services, noting that it is important to build people’s capacity on the proficient use of digital services.

He described Digital Transformation as another pillar that uses digital technology for operational excellence in governance and to enhance transformational delivery of traditional government services.

“Digital Innovation and Entrepreneurship and Promotion of Indigenous Contents are strategic pillars basically involves the maximum empowerment and use of local innovations to come up with indigenous made solutions for the Nation,” he added.

For him, Emerging Technologies are pillars that encourage the citizenry to develop and adopt strategies for emerging technologies. He said that some of the emerging technologies are foundational techs that cut across so many industries like the blockchain, artificial intelligence, and robotics.

Also, the Managing Director/Chief Executive Officer, Digital Jewels, Ms. Adedoyin Odunfa, commended NITDA for the various initiatives put in place, towards the growth and development of Information Technology across the country, changing the way things are done.

She said ‘‘the top 2021 Cybersecurity threat prediction from the Rise of Ransomware which every employee susceptible to a ransomware attack regardless of role, Remote workforce exploitation an employee working from home the temptation for hackers to target remote vulnerabilities will rise, and ineffective Cyber Hygiene which weekly scan should be done to ensure nothing is left exposed on the computer.’’

“Our biggest threats arise from people, while our biggest assets are our people in other to achieve our goals and objectives towards a successful project or program,” she said.

Assistant Director Cybersecurity Department, Mr. Yahuza Ahmed, while making his presentation said that Ransomware attack is on the increase, which is affecting the operations of internet activities around the world.

He cited the KIA Motors attack as an example that occurred some months back by Ransomware activities which affected the activities of the company.

“Critical Infrastructure attacks, the dark side hacker group behind the colonial pipeline Ransomware attack which has lead to low supply of petroleum Premium Motor Spirit (PMS), affecting the activities of the country due to the attack,” he added.

Ahmed said that Government organizations that provide services like National Identity Management Commission, Galaxy Backbone, etc, need to check delivery channels, online presence, mobile presence, Automated Teller Machines (ATM) to improve services that are being rendered to the general public.

Acccording to Investment analysts, bears dominance in the domestic equities market, will continue this week even as Guaranty Trust Bank, BUA Cement Plc and Flour Mills of Nigeria Plc, drove the 0.18 percent loss recorded last week.

They posited that the market lacks a positive development at the moment to pull it out of the red zone after the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) retained interest rate at 11.5 percent.

Meanwhile, the bears had last week continued to dictate the mood in the local bourse as the market suffered its second consecutive weekly loss.

With the exception of the last trading day, the local bourse recorded losses in all of the week’s trading sessions.

Specifically, the benchmark All Share Index (ASI) fell by 0.18 percent to 38,256.95 points following 5.1 percent, 4.3 percent and 3.0 percent decline in Flour Mills of Nigeria Plc, GTBank Plc and BUA Cement Plc respectively.

The market capitalisation of all listed equities declined by the same margin to close at N19.940 trillion.

Sectoral performance was mixed as three of the five sectors recorded losses, while two appreciated.

The banking sector led the losers, dropping by 1.8 percent, following by the industrial goods sector (-0.4%), and consumer goods sector (-0.1%).

Investment analysts at Cordros Capital, said “We still expect a choppy theme in the week with the bears dominating proceedings in the absence of positive triggers to spur a bullish performance.”

They advised investors to invest in fundamentally sound stocks considering the fragility of the macroeconomic environment.

For analysts at Cowry Asset Management, the domestic equities market will trade sideways “as investors rebalance their portfolio in favour of high dividend paying stocks with good fundamentals.”

On the flip side, the insurance and the oil and gas sectors rose by 1.0 percent apiece.