The Supreme Society: 5 Tips To Optimize Customer Retention
It’s hard enough to get new customers in the first place, but keeping them is proving to be even more difficult nowadays. This seems to be the case no matter what industry you’re in or what part of the world you operate in. According to a 2019 global study conducted by Nielsen, only 8% of consumers consider themselves to be ‘firmly committed to a particular brand, while 27% describe their buying habits as ‘lazy’ because they make their purchases based on where they’ve bought in the past. The rest of those surveyed admit to drifting between brands.
Multiple reasons have been put forward as to the cause of the decline of loyalty. Fingers have been pointed at millennials and Gen Zs who prefer to try different things and enjoy different experiences. Other experts claim that the excessive number of products and brands along with a constant bombardment of advertising on social media is having an effect.
Regardless of the causes, declining customer loyalty is having a negative effect on customer retention. Here are a few actionable tips to help optimize your customer retention strategy:
1. Identify your high-value customers
These are the customers you should be focusing on with regards to retention. They are readily identified by the total of their average order and the frequency of their purchases, and they are the ones who can create a positive influence for your business. Focusing your efforts around these customers is sure to increase your ROI.
2. Encourage customer feedback
In order to give your customers what they want, you have to listen to them. Display your reviews and/or testimonials on your website and don’t be afraid to use on-page surveys. If you do get a negative review, respond to it promptly and publicly in order to solve the issue, then ask the customer to update their review.
3. Work on improving customer experience
Your website should be continually updated with the appropriate technology to make their shopping experience as easy and convenient as possible.
4. Implement post-sale messages
Thank you emails, newsletters and updates about your products and services can go a long way toward customer retention. The goal here is to keep your customer engaged.
5. Set up a customer rewards program
A good loyalty or rewards program can strengthen your relationship with a customer to such a point that they will become lifelong advocates. By incentivizing people with exclusive rewards and discounts, they’ll be more likely to not only remain loyal but also to share positive reviews about your business.
There are some exciting new membership rewards programs available that offer a lot more than just points or discounts on purchases.
You may want to consider signing up as a partner with The Supreme Society. This Australia-based platform offers rewards that focus on a wide range of choices for the consumer, from travel, automotive and marine, to electronics, tax agents and fashion. A partnership with the Supreme Society would provide your business with free advertising on all of their social media networks and their membership platform, which reaches over 1.5 million people per week on Facebook and over 500,000 people per week on Instagram.
