Customer Retention Strategies To Keep Your Customers Coming Back

1 year ago by Martha Obike 242 Views

I think it's common knowledge now that for a brand or business to grow, it's more beneficial to focus on getting your existing customers to keep coming than on new customers. It's much easier to get your current customers to make a repeat purchase than it is to get new customers.

According to research from Harvard Business School, increasing customer retention rates by 5 percent increases profits by 25 percent to 95 percent. This points to the fact that any brand should focus more on strategies to retain their existing customers, because it plays a huge role in the growth of your business.

Here are some customer retention strategies to keep your customers coming back:

Personalization Is Key

Your customers desire and want personalized services. Try to engage with your customers through emails and calls. Personalized email marketing is the most important tool in customer retention strategies.

Emails and calls give you the chance to continue building a relationship with your customers before and after the initial purchase. However, it's important that every email or phone call you make adds value to the consumer, makes them feel valuable to your brand or increases their customer experience. You risk losing them if it doesn't.

A great way to start is sending  follow-up emails or calling. A week after a customer’s first purchase, send them an email that acknowledges and thanks them for buying or call them preferably, this screams personalization. This type of little appreciation helps customers feel good about their decision to buy from you, and makes your brand more approachable.

Offer Discounts

Every consumer wants best value for their money. Discounting can be a great way to get first time customers to keep coming back. When a buyer makes a first time purchase or order, you could send them a discount code for their next purchase, to entice them to come back. It can also be a way to bring back customers who haven't purchased in awhile.

You can strengthen that nudge by giving them more than the standard 10% off. Giving 20%+ is more motivating and according to Market Wired, once a customer comes back for a second purchase they have a 54% chance of doing so again. When you think of that 20% off as an investment in boosting your repeat customer rate, it sounds a lot more reasonable.

Take Up Your Customer Experience A Notch

Do something fun and different with your customer experience approach. Think of ways to excite your customers and build loyalty as well. Give customers welcome surprises or gifts the minute they walk through your doors. Chocolate bars or a cup of  coffee goes a long way, this automatically builds a warm experience for them. You could also reward customers when they least expect it. When a customer orders their third round of pizza, few days later you can deliver a box of pizza to their doorstep, with a little hand written note appreciating and thanking them for their patronage. This little warm gesture goes a long way in showing you care about your customers, improve your customer experience and shows a positive light of your brand to your customers. Focusing on improving customer experience for your existing customers rather than new customers, goes a long way in creating huge revenues for your business. 

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