Many businesses focus on acquiring new customers through offers, expensive advertisements, promotions, and freebies. Is it, however, at the risk of retaining its current customer base? While it’s unreasonable to expect all of your prospects to stay loyal, it’s still a good idea to keep as many as possible.
It is possible to save money and effort by shifting your focus from progress to retention.
Methods to Improve Your Company’s Customer Retention Image credit: Clay Banks / Unsplash
It costs more to attract new prospects than keep existing ones. Repeat customers are not only more likely to recommend your product and refer more people to your company, but they also generate larger conversions and spend more money the longer they stay with you. In any event, satisfied customers will buy more.
With that in mind, here are seven tips for increasing customer retention.
1. E-mail marketing
It’s time to improve your e-mail marketing if you’re experiencing abandoned shopping carts and a decline in repeat customizes due to indecisiveness and other factors competing for their attention. Consider all of the gross sales you’re missing out on. It’s worth sending some abandoned cart e-mails to immediate prospects to complete the purchase process. A carefully crafted e-mail can increase buy rates by 19 percent, while a second reminder has a success rate of 54 percent. Sendlane and other marketing tools can develop and automate a dynamic e-mail series for you, making the process a breeze.
2. Focus on customer service.
Accessible, straightforward, and prompt customer service is the most effective. Multichannel support allows your customer to communicate with you on their terms across various platforms. Allow your customers to contact you via various channels and provide self-service options such as FAQs and chatbots.
On a scale of 1 to 10, the internet promoter rating (NPS) is one of the easiest and most effective methods of gauging customer satisfaction. It rates how likely someone is to recommend a model to a friend. You can be proactive in measuring how your customer feels by collecting feedback through questionnaires. Send a personalized thank-you e-mail or respond to any ideas to close the loop on suggestions.
3. Set up customer accounts
Individual accounts store your current customers’ payment information and other details, making repeat transactions easier. While regulars are used to it, new prospects may consider the registration process too much commitment for a one-time purchase, but one-time purchases often lead to recurring purchases.
So, while it’s worthwhile to have a visitor check-out option for the first order, you may provide the customer the option to register an account once it’s completed. This gives the customer enough time to consider whether or not they are likely to use your company again.
4. Offer a customer loyalty programme.
The rewards you offer depend entirely on your company’s product, objective, and principles, but they give customers a reason to keep buying from you. Loyalty programs reward customers with discounts, freebies, and one-of-a-kind offers. Air miles, points-based programs, and tier-based programs are examples of programs where customers can access higher incentives by spending more.
According to Accenture, more than 90% of businesses have implemented a loyalty program.
5. Make special offers on future orders.
Providing first-time buyers with discounts for further purchases via e-mail is a good approach to ensure recurring customs. Customers who haven’t bought from you in a while maybe enticed back by special offers and promo codes.
Once you’ve gathered enough information to create a unique buyer persona, you’ll be able to send them personalized offers. Alternatively, you might offer a referral bonus that rewards customers who bring you new busines
6. Use social media to interact with prospects.
Social networking is an excellent venue for engaging with potential clients and exhibiting your model’s personality. You can also send in specific offers, competitions, and insights. These articles may make you appear more approachable and intriguing to your readers. They also provide a way to deal with complaints and negative comments before they become out of hand.
7. Use a customer relationship management system (CRM) to manage buyer interactions.
With the rise of e-commerce, the lines between sales and service have blurred. Companies today have a variety of touchpoints and options along the customer journey to build stronger customer relationships and sell more. Investing in a dedicated customer relationship management (CRM) system provides a 360-degree perspective of the client to various entities. It provides a single platform that can be used across several devices and is connected to an organization’s e-mail, social media, and other apps.
Customer loyalty works, so it’s up to you to keep delighting your prospects, so they come back. The following suggestions are a great place to start when keeping your current customer base happy and building a mutually beneficial relationship. Increase the value of each buyer interaction and watch your business grow dramatically.