“The customer is always right.” Right? Right! It’s a mantra we’ve all heard, especially if you’ve worked in retail. This strategy has worked for ages when it comes to keeping customers happy and satisfied.
This is a well-known fact. However, retaining consumers isn’t a top priority for many brands. Only 28% of businesses allocated a budget for customer retention. But did you know that increasing customer retention rates by 5% boost profits between 25% - 95%?
While the growing trend is leaning towards acquiring new customers, business owners should pay closer attention to customer retention. The key to great customer retention is learning how to build a great relationship with your clientele. It starts with a great product, service, and trust. But it takes time to build trust and to perfect a product or service.
So how do we move forward?
Here are some ways to improve your brand’s customer retention.
Communication is crucial when reaching out to customers. Don’t blitz them with email blasts. Get to know your audience so you can customize your messaging. You can start by constructing a buyer persona, or brand personas, and then analyzing data to find out which product or service fits your target audience.
Send personalized messages that aren’t always sales driven. Once in awhile, greet them a happy birthday, wish them well on holidays, or remind them about special features your business can offer.
We all take advantage of loyalty programs that help us earn points. You know, like that boba stamp card you have in your wallet? Stamp cards are a good start, but you also want to think creatively!
Other possible ideas are “get $50 when refer a friend” or “receive a special gift when you purchase $75 or over.”
Customer Service as a Marketing Tool
If you have a storefront and have customer-facing team members, talk to them. Your staff is a great resource to get to know what the customers want and need. Also, consider this fact: 71% get turned off by bad customer service.
Need help sustaining a solid customer retention strategy? Give USA Link System a call. Or a message. USA Link System is a unique marketing agency that thrives on its diverse staff of creatives and innovators. Whether you need customer retention support, social media strategy, or design assistance, their collective team of experts is ready to help you develop your brand.