7 Customer Retention Strategies To Grow Revenue
Poln’s got the top of your marketing funnel covered. While driving qualified prospects to your site is key, moving those users through your funnel and turning them into loyal, repeat business is what long-term business success is all about.
Why is retention so important? Well, studies show that by increasing customer retention rates by 5% you can increase company profits by 25%-95%. Take a minute to put some of your own numbers behind that. Smiling yet?
With a lot of tools out there, we’ve put together 7 customer retention strategies to grow revenue and take your online store to the next level.
1. Customer Service
Great customer service is at the base of every strong B2C and B2B relationship. In fact, 47% of customers would take their business to a competitor within a day of experiencing poor customer service. In 2016, with so many businesses offering similar products, the best way to stand out from the pack is to make your customer experience irresistibly pleasant. Keeping your customer database organized and responding to questions and feedback quickly and knowledgeably is the first step.
2. Email Marketing
As we live in an attention economy, it’s imperative that you connect with your clientbase frequently. Platforms like MailChimp make it super simple to keep your customers informed. As far as results, email marketing has a 3800% return on investment! If you’re looking to acquire new customer email addresses, check out this article.
3. Social Media
If you don’t have social media accounts for your business — drop everything and sign up now! Facebook boasts 1.13 billion active daily users and Instagram just hit 500 million active active monthly users. As you can see, this is a huge audience to market to and keeping a clean, organized social media page is a great way to communicate with potential customers all over the world.
4. Rewards/Sales Promotions
Your brand is worth every penny, but occasionally customers need a little extra push to convert on a purchase. To give you a better idea, 80% of shoppers would switch stores or brands if offered a compelling promotion. While that’s a bit scary, it does go both ways!
5. Loyalty Programs
The goal is to make your clients feel like part of a club. Loyalty programs do just that for frequent spenders. This is a highly effective way of maintaining your clientbase as 81% of customers are likely to continue doing business with brands that offer loyalty programs.
6. Reduce Website Bounce Rate
Wait, don’t leave! It is impossible to retain customers if they don’t stay on your site. By examining website, product, and content issues on your page, you’ll be on your way to retaining more customers. Here’s a quick article on some steps you can take right now!
7. Identify Your Customer
You can find customers in places you never thought and your top spenders can be a completely different group than you had envisioned. Analyze location and basic demographics and tailor content and marketing campaigns around those users. Poln can help with this part!
In conclusion, customer retention is one of the most important things to ensure longevity in your business. Follow these 7 customer retention strategies to grow revenue and you’ll be on your way!
Any other tips? Feel free to comment below.