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It might interest you to know that 80% of a company’s revenue comes from just 20% of its customers. These recurring customers connect deeply with the brand’s experience, making them spend 67% more than new customers.
You’d think that with such information, companies would focus more on their customer retention. But 71% of consumers state bad customer experience as the reason for terminating their engagement with a company.
What does this mean for you and your online business?
Simple. You should focus on improving your customer retention game. Below are some strategies to help you.
1. Build trust
What does building trust mean?
Let’s suppose you’ve just completed the purchase of a shoe from an eCommerce company for the first time. Does that immediately indicate that you can trust them to deliver products to your doorstep easily, on time, at affordable rates, with a superb customer experience?
No. Trust takes time to build.
You should ensure that at every stage of your business engagement, your consumers experience value, relevance, convenience, and appreciation.
2. Monitor customer data
66% of customers expect a brand to know their needs and expectations. Keeping track of your consumer’s data helps you to achieve this. You can use several tools to track of you customers’:
- Transaction history,
- Customer service interaction,
- Loyalty product engagement, etc.
These things will allow you to know the number of consumers ‘churning’ -ie. who aren’t returning for a purchase; as well as the possible reasons for this, and the proper action to address them.
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3. Setup a communication calendar
Sometimes, life gets in the way, and your customer stops engaging with your brand for a while.
You can make them feel valued and noticed if you reach out to them occasionally. The best way to keep track of this effort is to set up a customer communication calendar.
This will allow you to notice and act on subtle changes in your customer’s relationship with you, like when their subscription ends, and other events like their birthdays, or new offers or promotions they might like.
4. Encourage feedback
Suppose you hired a car from a rental company. But during your time with the vehicle, you discovered that it had some maintenance issues. And when you try to communicate this with the brand but got poor customer service. Would you like to do business with them again? We think not.
80% of consumers state that they feel more emotionally attached to a brand with excellent customer service that resolves their problems. Being feedback-oriented allows you to gain deeper insights into how your ideal customers feel about your brand and how to optimise their experience.
5. Run loyalty programmes
Your customer retention game shouldn’t just focus on your cold customers. It should also focus on the 20% who keep your business alive.
Loyalty programmes are a good way to make these customers feel appreciated, more connected, and in the right mind to spend more on your business.
Customer retention is key to keeping your business thriving. By increasing your focus on this area of your business, you can significantly increase the number of loyal customers you have over time.
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Frequently asked questions
This falls into what we call ‘website auditing’, which involves thoroughly analysing your website for technical, on-page, off-page, and local SEO performance data. Here are some helpful steps to keep in mind.
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Your website statistics tell you where your visitors are coming from and how they are engaging with your site. Here are the main metrics to consider.