Acquiring or retaining?
Have you ever heard about customer retention? If you’re reading this article, you probably haven’t. Customer retention is key to long-term relationships with your customer; this kind of relationship is the strongest and most profitable.
One of the main goals of company founders and leaders is business growth.
This doesn’t simply mean acquiring new customers, which can be expensive and time-consuming. The most important thing is retaining already existing customers, here are the benefits:
- 80% of your sales are made by around 20% of your customers
- acquired customers usually spend more money
- they usually spread the word and bring in more traffic and transactions
- reengaging customers saves you time and money
But how to really boost your customer retention rate?
- pricing adjustment
you can modify prices for returning customers so that they come back and keep doing business with you. For instance, use discounts or free shipping.
- cross-selling and upselling strategies
persuade your customers to buy something extra by using cross-selling strategies. Try to study the data in your possession, like items frequently purchased together, items that work better together, or propose free shipping when reaching a specific amount of purchase.
- loyalty programs
reward your most loyal customers by implementing a program, proposing for example a special discount or a special offer each month. Remember to keep it simple, so that your customers understand what they need to do!
personalize your customers’ experience on your website, so that they feel valued and have an easier experience. Collect their data (their birthday for example!), so next time they come back on your website their name will appear somewhere, as well as all information you previously gathered.
- offer a subscription
offer your customers a monthly or annual subscription so that they feel engaged with your website for a longer time.
- meet your customers’ interests and needs
once you get to know your customers, you’ll be able to offer them a personalized experience and remain on their minds.