Many merchants and sellers consider new customer acquisition a top business priority in shops or online as well as companies and offices that are very interested in customer "acquisition" campaigns. But what about customer retention after acquiring them??? Whether you are a merchant, a company owner, you have a store, or you are an online seller, this article will help you.
Academic research shows that customer retention can cost 5 to 25 times more than customer acquisition the first time, and thus customer retention may at first glance appear more expensive than customer acquisition. But even if attracting new customers is important, according to scientific studies, more than 40% of a company's revenue comes from existing customers. As a result, customer retention is just as important as attracting new customers, and perhaps even more important than that. In this article, we present the 4 best customer retention strategies for experienced merchants and business owners who want to increase revenue from existing customers.
1- Giving priority to creating a unique experience for the customer
A positive or satisfied shopping experience is an integral part of a customer retention strategy. Because customers who don't have a great experience with you or your company will never come back to you.
More than 45% of online business companies say that managing content that delivers a superior online experience to customers will be one of the top three priorities for future business expansion.
What is the best way to satisfy customers?
The best way to increase customer satisfaction is to provide valuable services and provide added value to the product or service.
For example, if you sell online, social media platforms, or sell on Telegram, for example, you can offer free shipping. A study conducted by retailers found that 90% of online shoppers consider free shipping the best incentive to shop online.
Also, if you have a budget, provide a suitable website for browsing through the mobile phone and put your products through it. Make sure your site navigation is clear. This will help improve the shopping experience of your customers.
Customer service as an added value to increase customer satisfaction.
If you want to improve customer experience and create a satisfactory buying experience, it is best to focus on customer service. One of the best ways to do this is to take advantage of social media where you can build a good reputation while building direct relationships with your customers. Respond quickly, politely and with high morals to customer complaints. If your customers have a satisfactory customer service experience, they are more likely to buy your product or order your service again and even recommend you to other customers.
2- Run the VIP program
If you want to increase your chances of monetization through customer retention, run a customer rewards program.
The VIP program increases not only sales, but also customer loyalty and strengthens relationships between customers and the brand.
Loyal customers play a big role in increasing revenue.
A study by Bain & Company found that loyal customers spend 67% more than regular customers and make deals of higher value.
Moreover, happy customers are more likely to recommend their family and friends to buy from you or do business with your company, your customers will automatically act as ambassadors for your company. You give them satisfaction and happiness, and they reciprocate that by thanking you by making others happy.
One of the most important things to keep in mind when creating a customer rewards program is to keep it simple.
The complex reward system confuses potential members of the program and does not produce the income-generating results that you would expect.
Research your customers' shopping habits and competitors' reward systems to determine the best rewards for your customers.
For example, consumers in some industries may prefer free gifts, while others may prefer discounts. Therefore, you need to find and implement a suitable reward system for your business.
In any case you can encourage regular customers, by creating a reward system in which the reward value increases according to the increase in the amount spent by your customers.
Let me tell you a special experience in Malaysia, where very simple barbershops run great reward programs, the barbershop gives you a free card that records the number of times you come, and every time you attend a hairdressing, the shop employee stamps your card and the more times you come the more times you come A discount is made for you and when you reach a specific number of times, the shop will disburse a wonderful gift for you, gifts that are characterized by their simplicity and quality, and so on until the card is closed for the number of times of arrival and then presenting another card called the Silver Card, then the Gold and Platinum Cards, each of which is characterized by a set of discounts and gifts that are higher in value . The beautiful thing is that every salon is creative in its gifts and discounts.
It is up to you how to design your rewards program, but the most prominent advice is to study reward programs, especially those carried out by leading companies, and you will automatically get great ideas.
3- Create an email marketing campaign
Email marketing is one of the most powerful ways businesses can increase revenue from their customers. This is particularly effective for emails aimed at customer retention.
Unlike sales emails aimed at first-time customer acquisition, retention emails focus on providing existing customers with added value that gives them special offers and reward programs.
But why email marketing and not telegram marketing or other means. You may think that email is old fashioned. This is absolutely not true, simply because if everyone does not have an email, they will not be able to download other applications such as Telegram, WhatsApp, Facebook and other applications. The apps journey always begins with having an email, so when collecting customer information, ask for details, including email, so you can more easily tailor your campaign to suit your customer's preferences. For example, if you run a retail store, ask your customers about their email, what styles they like, and what kinds of promotions they'd like to receive. This way, you can segment your email marketing campaigns based on behavior, past shopping experiences, and more, which can lead to increased relevance and increased engagement.
In order to increase the effectiveness of your email marketing campaigns, we advise you to hire a specialized marketing company to design automated marketing campaigns based on special servers to send your email to thousands of customers. Automation tools also help improve email delivery times based on geographic location, especially if your store has more than one branch in more than one location.
4- Create a promotional calendar
Staying in touch with your customers is critical to making customer retention campaigns more effective. To do this, create a promotional calendar to develop continuous communication with potential customers. When creating a promotional calendar, it is a good idea to include holidays and occasions where special discounts can boost your bottom line.
But what is the calendar????
Here comes the role of the calendar application on your phone and its importance to organize the times of your marketing campaigns, every phone has a calendar application. As for commercial companies and supermarkets, there are marketing campaign management software and business management applications that include the built-in calendar application, which has commercial features related to CRM.
Remember, like anything else, it takes time to build a strong loyal customer base. You need to continue to develop relationships with customers and provide high quality services and products.
In the end, the key to success in any business depends on your relationship with your customers and the quality of services and products you provide.