How do you grow your business without spending your whole budget on advertising? Acquiring new customers with online advertisements is only becoming more expensive.
That means keeping your existing customers and building those relationships is vital for your business. Retention marketing focuses on your current customers using a series of strategies to increase repeat customer rates.
The idea is to build a loyal customer base for your brand. These loyal customers make repeat purchases and are less likely to shop with your competitors.
Implementing retention marketing strategies can be an incredible asset to your company. After all, it's much more cost-effective to keep repeat customers than to find new ones.
Retention marketing also increases your customers' lifetime value because happy customers often return to make purchases. Also, loyal customers frequently spread the word, enabling your business to gain new customers without as much paid advertising.
Ultimately, retention marketing is how you grow your business. This post covers seven retention marketing strategies you can implement now.
Read on to learn more.
Customer Retention Strategy 1: Collect Feedback
Customer retention is about communication. Improve communication, and you will improve customer retention.
When you ask for customer feedback, you illustrate that their opinion matters. Feedback lets your business learn what your customers like and what they don't like.
Get your customers involved and use this information to boost customer service.
Understanding customer likes and dislikes places your business in a better position to strengthen the areas they love. It also enables your business to improve on things that negatively affect the customer experience.
When customers see your business use their feedback, it builds loyalty.
Strategy 2: Use Social Media to Connect
The trick to effectively using social media is knowing where your customers spend their time. Find your audience on social media. Then make your business easy to find with a consistent username across all platforms.
For example, 2022 data indicates 18 to 29-year-olds make up 86% of Facebook users, while 7% are 30 to 49. You'll find 51% of people ages 50 to 65 on Facebook and 34% who are 65 plus.
If you're marketing to customers who are in the 30 to 49 age range, you'll find 47% of them on Instagram.
You can use social platforms to engage with industry influencers and locate potential brand ambassadors. You'll find many social media listening tools and analytics that offer insights.
Develop content specifically for the platform and give your customers a reason to follow you with exclusive promotions.
The bottom line?
The more places your customers can find your business online, the better chance of building long-term relationships.
Strategy 3: Improve Customer Support Services
Improving customer support services means customers can get their questions answered on your website, through social media, or via email.
Customer support systems such as live chat, a help desk, and an FAQ on your website enhance effective communication. Include an accessible email address so customers can quickly contact your business when they need support.
It's essential to respond to negative comments and acknowledge them. Don't hesitate to apologize if the company makes a mistake.
Strategy 4: Provide an Option to Create an Account
It's best practice to concentrate on your customers' initial experience. To that end, offering an option to create a customer account with the first purchase is an opportunity for retention.
An account gives customers access to their previous orders. It also makes ordering more convenient with pre-filled shipping information.
You can gain valuable data to inform you about the best offers and incentives for your customers. Ultimately, customer accounts can increase purchasing.
Strategy 5: Implement a Customer Loyalty Program
Customer loyalty programs are a retention marketing strategy meant to increase the frequency with which your customers make a purchase.
Customer loyalty programs, such as a referral program, motivate your customers to purchase more often to earn rewards. This loyalty strategy offers an incentive to current customers to refer new customers.
For example, you could offer a discount code or value match like give 10% off, get 10% off an item.
Strategy 6: Offer Personalized Experiences
Personalization makes customers feel special. They know your business cares about them when you offer services such as:
- Product Recommendations
- Personalized Emails
- Customized Experiences
- Product Education
- Celebratory Messaging (such as birthday emails)
Set up email triggers and follow-up messaging to engage your customers and encourage repeat business. Not only that, but emails allow you to build good customer relationships before and after they make a purchase.
For instance, send your customers a thank you email after they buy something. Sending a discount code offer for a follow-up purchase is another good retention strategy.
Follow-up emails can keep them coming back and build brand loyalty. Another idea is to send emails to customers who haven't made a purchase for a while.
Sometimes a simple reminder is all they need. If they didn't return because they were unhappy, you could rectify the situation and gain a loyal customer.
Strategy 7: Email Abandonment Campaigns
Finally, consider what happens when an unidentified customer browses your website or abandons their shopping cart. You can grow abandonment revenue five to ten times by leveraging Retention.com's Reclaim Identity Resolution technology.
We offer quick-and-easy onboarding to increase browsing, product, and cart abandonment SMS and email flow. Our technology allows you to scale up available abandonment emails, and you only pay only for incremental performance.
Ryan Pamplin, CEO of Blendjet, says, "Retention.com is money falling from the sky. If you're not doing it, you're just leaving money on the table."
If you operate one of the over 14,000 innovative brands that use Shopify Plus, retention.com is here to help.
Retention Marketing Solutions
Retention.com is a retention marketing solutions provider. We offer an array of services like identity resolution.
In other words, we can help you turn those anonymous web visits into first-party data. With that information, you can target customers who are already interested in your business.
Are you ready to get serious about your retention marketing strategy? Retention.com is here to help.