Keep Your Customers (And Stay for Good) With These Tips
BY Chris Loomis
It is said that it only costs five times less to keep a customer than to get new ones. Getting new customers is important to generate additional sales. But retaining your customers and ensure that they are loyal to your brand can be more challenging. With so many new brands popping up every now and then, it won’t be long before your customers take a glance at your competitors and jump ship.
That is why customer retention is just as important to grow your business. But what is customer retention anyway? And what strategies you should do to ensure your customers stay loyal to your brand? Here are important things you need to know about customer retention.
What is customer retention?
For starters, customer retention refers to ways to ensure that your customers keep coming back to your brand for more purchases. They are basically your “repeat customers”. It is also said that repeat customers tend to spend more than first-time customers.
Research also shows that E-commerce sales could reach more than $540 billion by 2024. So it is a must to create strategies to ensure customer retention and keep your business running in the years to come. Unfortunately, a lot of business owners tend to focus on getting new customers. Customer attraction is not only the sole key to grow your business but also customer retention.
Customer retention is crucial for these reasons:
- Increase ROI and average order value (AOV)
- Drives referral marketing
- Increases brand loyalty
Customer retention strategies to remember
Here are effective customer retention strategies you can apply to your business.
Understand your audience.
Like in any other business, the most important thing is to understand your customers, what they want, and what affects their buying experience. Ultimately, you want them to be satisfied with your brand. One way is by designing a customer loyalty program. Repeat customers are more likely to recommend a brand with comprehensive loyalty programs and continue to do business with them.
Do a follow-up after the first transaction.
A purchase is something to celebrate as a business owner. But if you want more purchases from your customers, make sure to do a follow-up after the first transaction. Some examples include sending a thank-you email and asking for feedback following a purchase. Or send post-sales emails such as promo emails, informational emails, and product updates.
Ensure exceptional customer service.
Customer service is also a crucial factor to ensure customer retention. People love brands whom they can trust and rely on for any concerns. Make sure your website has an FAQ segment to answer commonly-asked questions and basic troubleshooting guides. Check your competitors and how they do customer service. Check customer reviews or even try calling their hotline to experience their customer service process first-hand.
Optimize your website.
Invest in a long-term SEO strategy to attract organic traffic. Learn how SEO works so you know how to gravitate customers, new and current ones, towards your brand. Better yet, hire a professional SEO expert in Nashville TN, and ensure customer retention and a successful business ahead.
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