If you own and operate an e-commerce business, customer retention should be at the forefront of your marketing strategy. After all, the buyer's journey doesn't end at acquisition.
Engaging with your customers to build long-term relationships increases customer loyalty. Not only that, but those customers will become more valuable to your business over time.
Customer acquisition versus customer retention is like dating versus marriage. Dating is a chance to get to know people. Once you find that person who fits you perfectly, you want to nurture that relationship.
Similarly, your brand has an ideal customer. When you understand them, you can build a retention marketing strategy to keep them happy.
Building Good Relationships Using Data
The best way to dominate your retention marketing strategy is by thinking long-term. Customer retention means developing extensive insights about your ideal customer.
In other words, understanding how your brand can add value to the buyer's journey is vital. Using a customer relationship management platform (CRM) like Salesforce enables your business to manage customer relationships using data.
Gathering data is essential to developing insights about your customers' demographics, shopping habits, and what they need from your brand. Storing data in one location gives you a complete picture of your customers in real-time, with insights into their patterns.
CRM software organizes all your customer data, customer service notes, and metrics. Additionally, a CRM helps you identify different types of customers and their interests.
That way, you can segment audiences, track customer activity, and work proactively to maintain those meaningful relationships. It's typically easier to upsell and cross-sell to returning customers.
However, remember that the bottom line is to deliver value, not overload them with too much information.
Retention Marketing Strategies to Develop Customer Loyalty
Consider this. Retention starts with your customers' first purchase. You can begin a new relationship with a personalized thank you email, welcoming them to your community.
Then direct them to helpful content, such as product demonstrations or articles responding to their specific needs. Providing educational resources such as e-books, downloadable PDFs, how-to guides, and tutorials reinforces your brand's credibility.
When you know your audience, you can create relative content in various formats to enhance their experience with your brand.
Also, invite them to your social platforms to build a community that interacts with one another. After that, continue communicating by providing offers that show you appreciate their business.
For example, celebrate specific milestones and special occasions, and include little surprises, such as loyalty discounts. Loyalty programs offer customers points for their purchases and incentivize social shares.
Gamification and loyalty programs track customer purchase history and set milestones as they complete certain steps. Let them know about specific discounts and prizes as well as how close they are to reaping their rewards.
Implement a Cart Abandonment Strategy to Win
All e-commerce businesses face the reality of cart abandonment. Statistics reveal that 70% of online shoppers abandon their carts before making a purchase.
This lost revenue equals around $18 billion yearly. Why miss out on those potential sales?
Instead, make a cart abandonment email strategy part of your retention plan. First, you need to understand why your customers abandoned their shopping carts in the first place.
In general, 2023 statistics reveal that a significant part of these high cart abandonment rates is that consumers are browsing. They often load their shopping cart and save it for later as they explore their options.
One of the latest studies found that a little over 58% of online shoppers in the U.S. abandoned a cart because they weren't ready to buy. Here's the thing, sending cart abandonment emails is an opportunity to illustrate to these consumers that your brand has the most to offer.
You can also discover their reasons for not completing the purchase and use this information to improve the process. Ultimately, it's your brand's chance to make an impression.
Use abandoned cart emails as a customer connection moment and make a positive emotional connection. There's no better way to build brand loyalty and dominate your retention marketing strategy.
If executed properly, you'll be able to get 10% of customers to complete their purchases.
How Identity Resolution Can Increase Retention
What do you do when an unidentified customer abandons their shopping cart? Identity Resolution connects a user's identity through transactions, devices, browser behavior, and other data.
Identity resolution creates a customer profile by analyzing data across channels, including:
- Email Addresses
- Social Media Handles
- Device Identifiers
- Cookie Identifiers
Without identity resolution software, touchpoints from the same customer would read as if they were from different people. However, this software collects anonymous and personally identifiable data, then stitches algorithms and analysis to create a customer identifier.
In short, identity resolution software gives you a holistic view of customer interactions with your brand across channels. For instance, if the user is unauthenticated, you might have a phone number that the software recognizes. Then it will trigger an SMS.
Identity resolution can also trigger a separate journey from the existing flow on your messaging platform and collect data.
Retention.com Brings It All Together for the Win
As our name implies, at Retention.com, we focus on retention marketing solutions. We're in the business of helping to grow Shopify stores.
Our software integrates with over 50 leading marketing automation platforms, including Salesforce, Klaviyo, and Google Tag Manager.
Our retention marketing solutions can help you reactivate lapsed accounts, maximize customer retention, and reclaim abandonment revenues across all channels. Check out these case studies to discover how we've helped clients in various industries build their e-commerce businesses.
Contact us when you're ready to dominate your retention marketing strategy.