How to Ensure Customer Retention - Useful Tips and Tricks?

Customer retention is crucial for every business. Almost every business that uses a customer lifecycle platform wants to ensure that customers keep coming back to buy products. It has been found that selling to an existing customer is 6-7 times cheaper than selling to a new customer. Not only this, with an increase of just 5% in customer retention, brands can increase their revenue by 5% to 20%! So, here are some useful tips on how to ensure customer retention.

#1 Customer satisfaction

If a customer is happy with your brand, they will surely want to come back for more. This is why brands need to focus on providing a seamless omnichannel marketing experience to the customers where they feel truly connected with the brand. Initiating human-like conversations with your customers is another way to win their trust and build a strong relationship.

#2 Welcome feedback

If you want to improve your product/services, you need to learn from the customers. Once you have an idea of what makes them like your brand, what keeps them coming, and what makes them want to go away, you can reduce the churn and increase the customer retention rate. There are different ways to get customer feedback:

1. Surveys

2. Social media

3. Emails

4. Website review

#3 Ensure personalization

Do you know that almost 80% of the customers want to purchase from a brand that offers personalization? Personalization can be achieved by customer segmentation. Some common customer segmentation examples are - loyal or VIP customers, dividing customers based on demographics, shopping behavior, or preferences.

#4 Loyalty programs

Another way to retain customers is to engage them with a loyalty program. You must learn what kind of rewards are preferred by your customers. For instance, some customers might prefer reward points while some might be looking for gift cards and vouchers. Not only this, but you can also use referral programs to acquire and retain customers.

#5 Additional value

Last, but not least, you must keep working to provide value to your customers. For instance, write informative blogs that would bring your customers to your website. You must ask them to sign up for a newsletter so that you can share every new thing about your brand with them.

So, what did we learn? Customers can be attracted and retained in many ways. Start building relationships with your customers and keep learning from their feedback. Personalize their shopping experience as much as you can and keep bringing something valuable to the table.

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