Top 5 Effective Strategies For Customer Retention

From a quick observation, it would seem as though customer acquisition yields more return on investment when compared with retention. However, data has proven otherwise.

The probability of selling to an existing customer ranges from 60% to 70%, while the probability of selling to a new prospect is just from 5% to 20%.

Meaning acquisition costs more and produces fewer results when compared with an effective retention strategy.

Is customer acquisition important? 100% Yes. But the goal of every success-driven business is to retain acquired customers and build a loyal relationship with them.

Here are five (5) effective strategies to help you establish a loyal relationship with your customers and encourage repeat transactions;

Product Integrity

The greatest attraction that will keep your customers coming back is your brand’s consistency, especially in terms of value, product quality, and reliability. First impressions matter, but a second impression may be your last chance to prove your business integrity. Hence, don’t just make offers and promises. Ensure you deliver as expected.

Exceptional Customer Experience

In a report by SalesForce, 73% of customers noted that one extraordinary experience raises their expectations of other companies. This means customers already have preconceived expectations prior to their first interaction with your business.

To drive retention, you need to offer an exceptional customer experience. It differentiates you from competitors, drives retention and social shares. According to Yotpo, 60% of consumers talk about a brand they are loyal to with their family and friends.

Customer Onboarding

Your goal for customer onboarding is to educate customers about your products and brand, offer continuous support, and foster strong relationships. This could be in the form of welcome emails, tutorial videos on product usage, FAQs, and more. Strategic onboarding is an effective way to keep and engage new customers.

Personalized Marketing

Customers don’t want to feel like they are just another number on your database. Personalized marketing helps you retarget your existing customers based on their needs, expectations, and buying habits. However, customer data is premium to achieve these results. Integrate an analytics solution such as ThankUCash to gather reliable and relevant data.

Loyalty Programmes

Rewards programs, either through discounts and cashback are also very effective strategies for customer retention. Rewards can also be gamified; you may choose to assign ranking badges to top spenders or gift redeemable cashpoints.

Not sure about the best loyalty programme for your business? Try ThankUCash, a loyalty solution tailored to help you retain customers and maintain loyal relationships. Visit www.thankucash.com/business to learn more.