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Customer Retention Strategies That Actually Work
How Do You Calculate Customer Retention?
Customer Retention Strategies
Ask for feedback- FREQUENTLY!: When you understand customer sentiment and what they like/dislike, you can take action on their feedback, refine your approach, and meet their needs. Rather than being reduced to a number on a spreadsheet, when pressed for feedback, your customers will feel appreciated and heard and hopefully more loyal.The important thing to remember here is to be sure you close the loop. For example, sending out a customer survey is the first level of requesting feedback, but don’t stop there. Be sure to send a customized thank you message that includes purchase links to related items/services to those who responded to the survey. Now your customers are feeling satisfied and heard, plus there’s brand new products delivered right to their fingertips. Start a referral or loyalty program: Brand loyalty programs are an effective way to increase purchase frequency because they motivate customers to purchase more often in order to earn valuable rewards. Whereas a referral program attempts to do the same thing, just in a different way. A referral program uses your existing customers to refer new customers to check out your company. Usually, that includes some sort of incentive, like a discount code or value match deal, but it will keep them coming back. Build your target audience through shared values: Is your company eco-friendly? Do you donate a portion of your earnings to a specific charity? Is your brand associated with wealth and affluence? Or is it more linked to youth and TikTok trends? Not only should your company have its own easily identifiable values, but you should also aim to share them with your customer base. When customers understand and relate to your values, it helps them identify with you and feel connected. The key here is simple – humanize your brand! Make the return process smooth: While mistakes happen, one way to assure a customer never buys from you again is to make returns even remotely difficult. . The returns and refunds process is the most significant branch of customer service and retention. Therefore, making the process pain-free and reasonable is crucial. If customers know they can count on you to treat them fairly beyond the sale, rather than disregarding them after receiving their money, they will trust you with future purchases. Deliver unexpected surprises: Emotions are the most significant driver of loyalty. That’s why 60% of customers use emotional language when describing their connection to their favorite brands, so this is a great approach for increasing customer retention. Your business can generate positive emotions by surprising buyers with exclusive gifts and special offers that enhance the customer experience. Consider these ideas:- Customer service doesn’t get more personal than a handwritten note written specifically for each customer, creating a good unpacking experience.
- Be the brand that makes your customer feel loved and appreciated on their special day by sending them a birthday gift or discount code to purchase one themselves.
- Treat loyal customers to special features or upgrades that others need to pay for.
- Share their social media posts. When you unexpectedly repost their photos and stories on your brand accounts, your customers feel recognized and appreciated.
- Invite them to exclusive events.
Bringing it All Together
Without retention, your product is a leaky bucket; you can pour in as many dollars as you like into marketing, advertising, and other means of customer acquisition and still wind up with a failing business because you failed to capture and retain customers. . And we get it: competition is high, regardless of your industry, and companies that know how to keep their existing customers happy are at the forefront of success. Not sure where to start when creating a retention strategy that gets you to the front of the line? Contact one of our experts today – we can discuss your needs and customize a plan that supports your acquisition and retention needs.Drop Us a Line At:
Phone (USA): (513) 469-3362
4665 Cornell Rd. Suite 255
Cincinnati, OH 45241