It is far more expensive to acquire new consumers than it is to keep existing ones. According to studies, repeat customers may account for more than 40% of a company’s income, and boosting customer retention rates by 5% can boost earnings by 25% to 95%.
What are the best customer retention strategies?
Customers must be encouraged to regularly refresh their supply for brands that sell replenishable products such as home goods, pet food, cosmetic necessities, baby products, and other items consumed frequently over time. This type of recurring purchase can help increase return on investment (ROI) and assure long-term growth. Let us have a look at the best customer retention strategies:
Set up the accounts
If you truly want to keep a client, you must get to know them better, which you can only accomplish by creating customer account pages.
We’re not requesting that you have every consumer create a customer account on your website. We’re just suggesting that you provide them with the opportunity to do so and entice them to join up by providing them with something of value. This is one of the most common customer retention techniques employed by well-known businesses to better understand their consumers and, as a result, sell more to them!
Run the campaigns
The ability to customize consumers’ journeys is the distinction between companies that thrive and those that fail too soon. It’s not just about the bargains you offer them; it’s also about how effectively you can predict their purchasing patterns.
For customer retention examples, some customers will only shop at your business when you’re having a sale. Then some would pay full price for a thing only to be among the first to receive it. Similarly, there will be customers who prefer to buy more from you on each visit, as well as those who ditch their carts entirely.
Send a tailored message to each part of your client base. Remember to provide the context in your message to let them know you’ve noticed them and understand what they’re searching for.
Reach out to price-conscious customers by marketing items on a flash sale or providing them with an exclusive discount. On the other hand, provide a sneak glimpse into your forthcoming discounts or goods to your loyal consumers and brand supporters to encourage them to pre-book their purchases.
What’s the next channel we prefer to keep on inbox-zero, other than constantly monitoring our inboxes? Messages from us.
Because of its crisp and clear messaging that is quickly absorbed, SMS marketing has produced a nearly 98 percent open rate. However, getting a customer to open your website and then click through to your business might be difficult. That’s where your consumer segments come in handy, ensuring that your message is customized enough to grab their attention right away.
Set up different SMS marketing automation for different groups of your client base, much like you did with email marketing for your retention marketing.
Become friends with Facebook
While most of us prefer to spend our days browsing Instagram, we also regularly check our Facebook accounts. To be more specific, to use Messenger to communicate with our friends and family.
As a result, using Facebook Messenger to execute retention customer methods is a wonderful idea. Whether it’s advertising your discounts to consumers who have subscribed or followed your page on Facebook, the first step is to simply keep them involved by asking for comments after an order is delivered or reminding them of the goods they left behind.
Enjoy using push notifications.
Another approach to keep your consumers engaged, similar to all other channels, is to use web push notifications. However, this channel receives more notification opt-ins since it does not need customers to give their contact information.
You may use this channel to automate cart recovery messages and future sale promos, and you can rest confident that your message will be viewed due to its immediate nature.
Focus on your after-sales services
How a consumer feels after purchasing from your company significantly influences whether or not they will return. Here’s how to make sure the consumer enjoys waiting for the goods as much as they did when they bought it at the store:
- Choosing the best logistics partners based on their serviceability to ensure greater efficiency in order delivery
- Send customers automated order status updates through email and SMS, so they don’t have to wonder where their order is at all times.
- Thanks to bespoke order tracking websites, customers don’t have to go to logistics sites to find out where their purchase is.
Consumers consistently opt to support businesses that promote a cause they believe in, according to marketing surveys. In the post-COVID era, studies show that those most affected by the epidemic now want companies to do good and care for people. This simply adds to the efficacy of cause-marketing campaigns. 63 percent of customers buy from companies with a purpose. So, what’s holding you back?