8-Ways-to-Grow-Your-Focus-on-Customer-Retention

#1 Educate customers

The chances of selling products/ services to existing customers are about 60% to 70% whereas that of new buyers is somewhere around 5% to 20% only.

 

#2 Rewards

  • Reward your loyal customers
  • Offer points, badges, offers, freebies, etc. through email marketing
  • This reduces customer attrition and enhances sales.

69% of customers would prefer to select the retailers that offer loyalty points/ rewards.

 

#3 Create interest

  • Useful when launching a new or improved product
  • Announce the features, create a buzz, pre-launch booking offers, and generate interest.

50% possibility that existing customers will buy the brand’s new products.

 

#4 Encourage Feedback

  • Invite customer’s feedback, reviews, and experience
  • Find out the likes/dislikes of customers.

About 44% of millennial stay loyal to their preferred brands.

 

#5 Strong relationship building

  • Helps win the customers’ trust
  • Enhance customers loyalty
  • Communication is the key to build a strong customer relationship.

 

#6 Customer segmentation

  • Identify and differentiate the customers among regular buyers, newly joined, monthly buyers, etc.
  • Focus on these valuable customers.

 

#7 Customer engagement

  • Through email marketing, social media, direct mails, etc.
  • Set up a communication calendar
  • Share new features, product updates, improvements, and other developments.

61% of retail companies find customer retention as a challenging task.

 

#8 Manage complaints

  • Provide maximum support to the customers to Enhance Customer experience.

14% of customers will turn to the competitors if complaints are not handled, 54% of customers will stay if complaints are resolved.

 

Take Away

  • Understand customer’s lifetime value to focus on marketing efforts
  • Offer rewards, communicate and engage customers
  • Design personalized segmented campaigns.
  • Maintain customer relationships to stay in their minds.
  • Customer retention increases brand value, sales, and revenue while enhancing customer experience.