Benefits Of Choosing The Right Customer Retention Strategies
Customer retention has two components essential for your business. It includes customer acquisition and customer retention. According to Forbes, it costs 5 times higher to acquire a new customer rather than to retain the existing customers. Entertaining the new customers and hoping them to get back to the site after their first purchase seems challenging. This is why many eCommerce giants have been focusing on customer retention strategies rather than going behind attracting new customers. How an effective customer retention strategy helps your eCommerce store? If this is your question, you can eye down to the enlisted benefits of strategy for your eCommerce store.- Acquisition costs: As said earlier, acquiring new customers costs five times more than retaining an existing one
- Lifetime Value: It improves your customer’s connection with your store emotionally. So, the customer’s lifetime value with your eCommerce store is 4 times greater than that without the personal touch
- User Experience: You can gain a solid customer experience of around 84% that may become a lower value for the new customers
7 Best Customer Retention Strategies Have Been Revealed Now!
After knowing about the benefits of customer retention strategies for your eCommerce store, what’s next? Let us go behind analyzing the top customer retention strategies that actually work for any eCommerce store.Send Email Campaigns With Promotional Offers
Email Marketing is pure bliss. It has a significant impact on keeping the existing customers and marketing your business in the long run. Customers are more likely to click and open your emails when they are attracted to your promotional offers or subject lines. At times, a couple of attractive subject lines helps in increasing your open rate. You can also try uniqueness or triggering concepts in your email. For example, you can use the customer’s first name in your email campaigns that give them a personal touch. Always try to send a custom mail that brings in a difference between you and your competitors. Here are the different email campaigns that bring a difference to your eCommerce store.Abandoned Cart Email Campaigns
Do not forget to pay attention to the customers who have abandoned their carts without purchasing. Segment them and target them with your abandoned cart email campaign. You can also rely on the automated abandoned cart email plugin that helps you to customize your email accordingly.Event-triggered Email
Next to the abandoned cart emails, you can consider sending event-triggered emails. The event-triggered emails may include promotional emails or birthday wish emails. You can greet your customers with a greeting mail on their special days including their birthdays. It helps in creating an emotional touch with your customers.Post Purchase Email
Post-purchase emails are different from the other emails. It helps you to establish a connection with your customer even after their purchase with your eCommerce store. You can thank them for purchasing products in your store. You can also provide them coupons for their next purchase too.Organize Amazing Loyalty Programs
Loyalty programs are always a handshaking concept for every small, medium, and large eCommerce store. Earning customer loyalty often includes a huge effort. But, not now!! You can create an amazing loyalty program that triggers your potential customers to earn it out. The loyalty programs with easily achievable points always become a great triggering agent for the customers. It may also help them know the way how you manage and value your customers. With loyalty programs, you can steal the customer’s hearts in a single shot. You can organize the loyalty programs in two such ways.Bonus or Reward Program
The main idea of a loyalty program is to grab the customer’s attention and encourage their purchase. If so, then offering bonuses or rewards to the customers also falls in the chart of the bonus program. One of the most popular techniques of the bonus program is to allow users to collect bonuses after their single purchase. Using their reward points, they can avail other benefits of the program. It can be either discount on their favorite brands or free shipping. You might have come across a few eCommerce stores that have been rewarding customers just for filling up their survey forms. It also works!! Do what makes your customers the perfect fit!!VIP Membership
In every eCommerce store, the VIP membership is associated with something strong and special. Even customers feel it in the same way. It psychologically hits them and motivates them to be one. The purchase of the VIP membership allows them to enjoy extra benefits when compared to the normal customers of the same eCommerce store. Many incentive programs include VIP membership as it has been hugely welcomed by eCommerce customers. If you haven’t tried any customer loyalty programs in your store, try creating one now. It helps you to join the pool of successful eCommerce stores. Even 75 percent of consumers prefer to shop in a store with customer loyalty programs.Include Gamification In Your Online Ecommerce Store
Every eCommerce store user loves to encounter a “Fortune/Spin to Win wheel” during their purchase. It brings a huge possibility to turn your customers’ engagement into happiness. Many eCommerce store owners have been using unusual, entertaining forms and other email elements to bring significant results in their conversion ratio. According to the statistics, the Wheel of Fortune helps in a greater signup ratio and brings a conversion rate of around 12.74 percent. It is almost three times better than other forms. At times, you can also incorporate gamification techniques in your reward program. You can also use gamification popups or reminder popups that actually turn the visitors into loyal customers. What is important is the fact that uses attractive and customizable pop-ups that bring bliss to the customers. You can rely on the popup plugins that come with a plethora of templates and give you no strain in creating an amazing popup campaign.Highlight Your Customer Testimonials In All Possible Areas
Highlighting your customer testimonials on your website or on your social media platforms helps the customers to understand the brand value of your store. Almost 90 percent of eCommerce stores in the U.S. have been using social media platforms to build their customer base. Try to involve your loyalty program in getting testimonials from your customers. Try to give rewards for every possible review they leave on your website. You can use the exit-intent popup concept here that helps you to stop the visitor from bouncing back. It also helps you to collect the relevant information that hinders them from purchasing. From the positive testimonials highlighted in your website pages including the checkout page or in the landing page, you can gain more customers out of it. Proper usage of the testimonials brings in many deals. Say, you can also post the best customer testimonial on your social media page that gains the attraction of other customers.Improve Connections With Your Customers
Rather than making new concepts to attract your customers, try building a close connection with them. You can make use of email marketing and social media platforms to establish connections with customers who share the same interest. If you already own a social media page and were looking for ways to improve connections, try starting a poll. Ask or gain views from your followers regarding the next move in your store. Go for the one that gains huge votes. Social media especially Instagram has become a great place to boost your business. Try creating more innovative offers and discounts that grab their attention. Even when your store organizes a promotional or loyalty program, do not forget to promote it on your social media page. It has huge chances to make your loyalty program a hit.Offer Great Customer Support And Service
Effective communication is one of the best ways to increase brand loyalty. You can encourage communication with your customers through SMS, email marketing, and other social media invites. You can also highlight the widgets of your social media pages that help the customers to quickly contact you in any one of the possible mediums. Here are a few tips to improve your customer support. Thank me later!!- Ensure you have a separate customer care team to clearly address the customers during any new inquiry
- Always prefer listening rather than explaining. Once you pay attention to what the customer says, you can answer them appropriately without any unnecessary stuff
- Emphasize your customers. It helps them to have a comfortable communication with you
- Use respectful and polite language even when the customer behaves contrary to your nature.
Increased Convenience Helps To Attract More Customers
Attracting the customers has become a cakewalk now. But, remember convenience is the key to attract customers easily. If you want your customers to have convenient and flexible shopping with your eCommerce store, then you can go with the enlisted factors.- Try increasing their convenience by launching a mobile app
- Provide multiple payment methods
- Go for free shipment
- Discounts in their favorite brands
Conclusion
Implementing effective customer retention strategies takes some time. But, when you put forth the most happening and suitable retention strategies in your eCommerce store, you can witness the benefits out of it. Try implementing these strategies consistently as consistency plays a huge role in encountering the results. Make your customers happy and gain your potential out of it. Cheers!! Author bio: Monisha Thangavel is an ardent writer and a blogger carrying years of experience in different realms including eCommerce, Tech, and SEO. Her brevity-rich writings flash a light upon the uncovered yet important points about WordPress and eCommerce plugins. Apart from content, Monisha spends her free time learning calligraphic writing.
