Customer retention requires time and effort, but in the end, it is well worth it. For example, some reports claim it costs five times as much to attract a new customer than to keep an existing one. Other reports state that retaining your existing customers is seven times more valuable. While the numbers may differ, there is one thing that is clear – keeping your current customers happy and coming back is a more affordable endeavor than trying to nurture new customers and convince them to convert.
While this may sound great, you may be unsure what to do to keep your existing customers coming back. If that is the case, keep reading. Some helpful and proven tips to keep your existing customers coming back can be found here.
Have Realistic Expectations
Setting realistic expectations is essential if you want to improve your customer retention rate. It can have a significant impact on your business’s ability to keep customers.
For example, consider something like shipping times. Usually, online stores are unable to compete with Amazon when it comes to shipping speed. However, what you can do is make sure your customers remain informed at all times. With transparent shipping times and regular updates, you can ensure your customers know what to expect, eliminating the frustration and ensuring they come back and shop with you again down the road.
Build a Loyalty Program
Another effective way to improve customer retention is by establishing a customer loyalty program. This type of program will reward your customers by giving them some type of incentive to come back and shop with you.
After you have customers opt into the loyalty program, make sure you take steps to make them feel special by providing special offers. For example, give them a sneak peek at some of your new products or exclusive deals. This type of VIP treatment helps your customers feel valued and is essential for customer retention.
Don’t Ignore Complaints
Customer retention and customer satisfaction are closely linked. If your customers are not happy with the services you provide, why will they come back in the future? This means that each complaint you receive is a mini yet essential customer satisfaction survey. You should use these to help improve your customer retention rates.
If you get a complaint, the worse thing you can do is ignore it. It is a good idea to take care of the complaint as soon as possible to ensure you are meeting your customer’s needs. You can also take steps to make it easier for your customers to leave complaints or comments. Do this by adding a “contact” page to your website, put your email in the footer, or ensure you are on social media.
Keeping Your Customers Coming Back
If you want to ensure your customers come back to shop with you, time and time again, use the tips and information found here. Doing so will pay off and help ensure you keep the customers who have shopped with you in the past.