10 Customer Retention Strategies
Implementing successful customer retention strategies is essential for your company’s long-term success. These measures, which range from concentrating on customer conversions to adopting digital marketing techniques, can help you keep clients and keep them coming back for more. Being an entrepreneur is challenging. However, today with amazing digital marketing strategies, it can be converted into a cakewalk.The idea of implementing digital marketing strategies is not just limited to generating leads but also focuses on customer conversions and retention.Imagine running a footwear store in the busiest location in your city. You have huge customers coming in daily to your store to check out the footwear collection. If the same customers don’t make any purchases, then will your store become successful? No. Only if you can convert maximum customers to make purchases and if they keep coming to your store will you add value.The same logic applies to online businesses. Your focus should always remain on retaining the customer for a longer time. Here are some great strategies that can help with your customer retention journey.
1. Personalized Communication with Customers
- No bonding can become strong without good communication.
- When you are the face of your business, then you must make personalized communication with your customers.
- With so much competition around, people have become robots.
- Though customers love the high-end technology in your business, they are still looking for that personal touch from you to become your forever client
- Simple activities, like personally responding on social media marketing, a greeting with the product you are sending, or an email greeting from time to time, are great initiatives to create a solid bond.
- Today, with so many gadgets, people hardly talk to each other. In such times, if you make an extra effort to communicate with your clients, it can be a great deal for them.
- Also, when you add personalized communication to your business, you can use it to create customized products or services for your clients. It can be game-changing.
- You can move ahead of your competitors by implementing personalized communication in your business.
- Hence, personalized communication is a great customer retention strategies
2. Always Reply to Customer Queries and Complaints
- Many companies do not focus on the customer support part of their business. It is a grave mistake they are committing in a business.
- In any business, offline or online, customers are meant to be equal to Gods. The ultimate aim of any business is to satisfy the end customer.
- Hence, the company must answer the customers’ queries and resolve all the complaints.
- Growth is a very subjective component of a business. It depends on many factors, but the most important one is to satisfy the customers.
- Today with the surge of the internet, there are many platforms on which you can interact with your customers, like social media channels, your website, and many review platforms.
- In the initial days of your business, it is ideal to answer and resolve queries and complaints on all platforms.
- As you grow, you can add a customer support team to help with the same.
- On the brighter side, you will also be able to gauge the success and failure of your products and services.
- Hence, it is also a great way to improvise your services and become better with each day.
3. Provide Post-Purchase Support
- As a company, does your job end after delivering a product or service? Of course not.
- On the contrary, the actual work begins after you deliver your product or service. It is also known as Post-Purchase support.
- Most new businesses do not provide post-purchase support. It is a great reason that they are failing to achieve customer retention strategies.
- You can ask the customers about your products or services and get valuable feedback.
- If customers cannot figure out the usage of your product, you can send them product tutorials or call assistance as per requirements.
- All the above activities are part of post-purchase support, and they can be very helpful for the customers.
- It will also build a sense of trust in the customers of your business, very similar to the faith that the companies like Amazon, Myntra, Google, etc., have created.
- The trust factor is crucial as it will enable customers to choose you always.
- Hence, lend your customers the necessary post-purchase support, which can add great value to your business and customer
4. Innovative Products and Services
- Another Customer Retention Strategies is to innovate products and services.
- Innovations are the key to the success of any business.
- “Always Fresh” is an appropriate slogan relevant to almost all businesses.
- Imagine yourself going shopping every weekend. If you find the same collection every weekend without any newness, you will get bored.
- On the contrary, if you encounter new arrivals every weekend, you will be much more eager to go shopping.
- Every customer who wants to visit your online or offline store looks for something new and fresh.
- Hence, it is ideal to incorporate new products or designs, or effects with some creativity on a weekly or monthly basis to engage more customers.
- A very important aspect of customer retention strategies is that you want your customers to come back again.
- So, a very important part of bringing the customers again is offering them something new and fresh.
- It is one of those strategies that require a lot of effort in the right direction.
- The advantage of offering fresh to customers weekly or monthly is that you can also create a very happy and new vibe in your company.
5. Create a Product Series
- The product series option is a great hit among customers.
- If you can give combo offers to your customers by combining different product categories, it can be very exciting for the customers.
- The most popular examples of these product series are the restaurants that curate food combos for their customers, especially for delivered orders.
- If you can check the analytics of these restaurants delivering food, most people would have opted for the combo food options.
- There is a psychology and logic behind the concept of product series.
- When you group different product categories in a single combo, the customer finds it attractive because of the quantity.
- There can be chances that your single-category product may have better value, but still, the customers are most concerned with the option of buying more with less money.
- Also, you can introduce new product series every week or every month to attract more customers.
- It is a great strategy to revive old customers and aim for customer retention strategies in your business.
6. Customer Lifetime value
- A very important part of any business is to calculate the lifetime value of a customer.
- Suppose you are running a clothing store, and a customer buys a pair of clothing for 500 bucks from you. You may neglect the customer because of his order value. But that’s a wrong approach.
- You must think in a way that the same customer buys the same single pair of clothing of the same value every six months from your store, then his value for the next 20 years of purchase is 20,000 bucks.
- Today, purchasing a single pair of clothing from your store may look small, but when you add the actual lifetime value of the customer, then you can receive 20,000 bucks from the same customer.
- Hence, the value of every customer is much more than you think. It is always ideal for calculating the total lifetime value of a customer.
7. Implement Customer Ideas
- Implementing customer ideas can be a great element to add to customer retention strategies.
- You can create a forum on your website, or you can ask questions about some ideas for your business on Instagram or Facebook stories.
- The answers from your customers can blow your mind, and you can implement one or many of them, making them feel good.
- It is a great way to personalize your bond with your customers.
- Many companies run ideas programs for their customers, and the company implements good ideas in some way or another into the business.
- It is a great way to engage your customers and make them feel like a part of your business.
- The participation and zeal of the customers can be rewarded in some way or another.
- It is a great strategy to retain your customers and engage many new customers.
8. Adopt Cause Marketing
- Adopting cause marketing can be a valuable addition to your customer retention strategies.
- Cause Marketing refers to promoting your products with a social cause.
- Today most people have strong beliefs and opinions. Also, most people are in support of some great social causes, and they expect to support businesses with the same ideology.
- These days there are many social causes against animal cruelty, plant-based diets, conserving nature and natural resources, etc.
- These causes have given rise to many businesses selling plant-based and cruelty-free products.
- When your brand associates with a cause and implements products and services around the same, customers will appreciate your business and support it with open hands.
- Another important aspect is that you do not act or lie about your support for a cause.
- Be very sincere and genuine because when you are representing a brand associated with a cause, there is a lot of responsibility and customer sentiments attached to the cause.
- If you genuinely support a cause, then you can do cause marketing, and it is a great way to achieve customer retention.
9. Customer Loyalty Program
- The most ancient yet golden strategy for customer retention is engaging your customers with the customer loyalty program.
- Through a customer loyalty program, you can offer your customers reward points or loyalty cards, or vouchers.
- Customers can use these reward tools to get discounts when they purchase products or services from your company.
- It is a great strategy to make your customer come back multiple times to claim their rewards and make their purchases.
- However, this strategy can be redundant if you fail to impress your customers with personalized communication or quality products.
- If you add the advantage of fresh arrivals and quality service every time your customer comes to claim their rewards, you have cracked the code of customer retention.
- Customer Loyalty Program can be the old customer retention technique, but it is one of the best ones that work even today.
10. Keep your Customers Updated
- Keeping your customers updated is another key customer retention strategies.
- Customer retention strategies has a lot to do with your customers knowing what you are offering them every month or every week, or every quarter.
- Do not follow the concept of saying goodbye to your customers after finishing a purchase or service.
- Growth is cumulative of all the small yet personalized approaches you make to offer the best to your customers.
- Always keep your customers updated about your business.
- When you treat your customer as a family, you will get more return on investment.
- Whenever you have some new launch or introductions, send them emails to update them about the same.
- You can also engage customers on your business’s Facebook and Instagram pages, where you can connect with them.
- You can ask your customers to sign up for your weekly or monthly newsletters and others to learn about your business.
- Today social media channels play a very important role in helping you keep your customers engaged with you at all times.
Customer Retention Strategies is a very critical aspect of any business, be it online or offline. The above strategies will be extremely beneficial to maximize your customer retention strategies and always add value to your business. Today there are so many online and offline businesses selling the same category of products as yours. If you want to be different, then you must follow the above customer retention strategies.
For any business, customers are equivalent to Gods. If you can serve your customers with complete satisfaction and fulfillment, you can easily ensure they will approach you every time. Always remember one simple concept in business- Most people do not remember what you talk to them about but will never forget how you made them feel. If you can crack the above code, you can always win.