Did you recognize that it’s 5 times more costly to draw in new customers than to retain existing ones? It is sensible , given the overwhelming time and resources to travel out and find new customers, you only need to keep the prevailing ones happy. And, keeping them happy doesn’t lessen your profitability either. In fact, increasing customer retention rate by 5% can increase your profitability by up to 75%.
Steps to Increase Customer Loyalty
Identify your minimum ROI objectives Optimize your marketing campaigns to focus on customers who will likely retain customer relations by spending as much money as necessary Remind your customers regularly of your promotions Optimize the purchase process An increase in lead conversion is a primary goal of e-commerce businesses. This type of conversion is very different from traditional forms of sales such as repeat visits to the store, brochures or product samples. The customers who are most likely to buy your products and services from you are the ones who are already satisfied with your products.
Create a Loyalty Program
The tools at your disposal include an incentive program and other marketing assets such as website content, advertisements, online payments and online coupons. These could be taken advantage of to draw in your loyal customers. Incentives could include special discounts and offers for each purchase or promotion of the same; special offers for repeat customers; etc. Create Social Media Campaigns If you can’t achieve your business goals and still hold your loyal customers, you should consider engaging some professional help. This could mean professional help for social media promotions and contests, social media marketing and various other means to convey a message to your customers.
Provide Great Service
Your customers know they are not the only ones doing business in the area. In fact, they also know you are the biggest and the most influential, which means you also serve as the store they most look out for. As such, you should create a customer service culture. You should have your employees attend to every customer who walks into your business. Be there for the customer from the first moment they visit to the last moment of their visit, but let your customers know you care about them by offering personal attention. Do not rush them into making a purchase without offering the needed and important information. The honest, satisfying conversations that follow will build the customer’s confidence in your business. Keep It All in Check When it comes to pricing, it is not all about a sale.
Create a Unique Experience
It’s no secret that purchasing products online is not a one-time experience. People tend to want to compare prices and will do so until they land on the product that suits them best. Which is why giving them the option to view the products at various angles is a great idea. Don’t forget to do this before taking their order so they can decide which one they are really looking for and spend more time browsing on your website. Deliver on Time Time is money, and it always helps if you give the customer a moment of your precious resources. Not everyone is keen on time, and it’s the same with your customers too. However, that doesn’t mean you have to ignore their other wants and needs. Consider offering auto-shipping or same day delivery so your customers don’t have to wait in long queues.
Reward Loyal Customers
My favorite company, MailChimp, knows its customer well. They employ what they call the Mailman Advantage strategy that involves incentivizing people to share and recommend their products. This helps bring new customers to your brand, and provides real value to your existing customers. In other words, the more successful they are, the more they’ll demand for increased resources to keep their infrastructure running. To that effect, you can not only offer them incentives for helping them in their marketing, but also get them involved in the implementation of campaigns you’re running. This will help retain your customers and let them know they’re valued. This is actually very easy to implement, with the help of these 5 tools.
Even if the business’s name is very new, if it is still around for more than five years, it means it has achieved an initial critical mass and reputation. People are already well aware of its services and are more likely to buy it again if it is consistent. Have Meaningful Content To attract more customers, you need to have content that is relevant to your audience. A frequently updated blog or a long-running online discussion forum will attract more traffic. If you are thinking of the value of social media for your online business, it’s important to look at your content mix and see how they fit into it. Clearly Explain Value What makes your product or service special? People need to know what’s in it for them and what your product or service is capable of.
The trust of your customer is the base for which they buy your product or service. Since trust is created by communicating truth, don’t try to create this connection by being overly promotional or by disclosing unimportant information. Instead, craft a transparent and honest discourse with your customers, they will be able to gauge whether what you are selling is reliable and trustworthy or not. Customers who share a similar identity with you and who feel secure in your words and work, will be satisfied. More importantly, it will take only a few minutes for them to make the decision on whether they want to continue with you or not. Once you have provided your customers with enough trust, they will go a long way in spreading the message about your brand.
No matter what the product, you cannot expect people to buy it forever. And, if the product is priced low enough, they may opt to buy it because it’s cheap. You can at best boost your profits by adding a promotional campaign in place to make customers buy again. Remove Don’ts If you don’t like your customers don’t get them! Don’t be that guy who continuously breaks the rules. In any case, you can do away with your customer’s dislike by removing their negatives. Customers dislike an item for one reason or the other. And, if you remove all your customer’s negative point of view about it, the item’s chances of them buying it are bound to increase. Reward Regular Customers If you only have 100 loyal customers that buy from you every month, reward them with a promo or a free gift.
Of course, there’s no one-size-fits-all solution for how to increase customer loyalty. It is advisable to consult relevant resources. Consult an expert in customer loyalty, marketing, and customer acquisition to set your goals and strategy. There is an abundance of resources online, and we at Wtrends have just completed the 10-step checklist for customer loyalty, so you can start collecting suggestions immediately.