⚡ MC - Strategies to Improve Customer Retention

Welcome to today's Marketer Crew edition!

Strategies to Improve Customer Retention

Customer retention rate is the number of people who place multiple orders on a website over a predetermined amount of time. Repeat customers are more likely to attend events, engage with you on other marketing channels, tell their friends about your company, and much more.

Here's where it gets interesting: Research shows that repeat customers tend to spend around 67% more than first-time buyers. It's also worth noting that it costs 6-7 times more to convert a new visitor into a customer than it does to retain an existing customer. 

The strategies to improve your customer retention rate

1. Start a loyalty program:

Loyalty programs are an excellent way to convince buyers to return to your site. This strategy predates modern digital marketing, but the internet has made it easier to offer this feature to customers around the globe.

There are two popular ways to incorporate this type of program:

• Point system: Users are rewarded with points that they can convert to store credit.
• Freebie: The same system as the punch card, but modernized.

Customers who were already convinced to come back will reap the benefits of this system, which will make them like you even more. Meanwhile, you can win over new customers by introducing them to the reward system after completing their first purchase.

2. Collect feedback throughout the sales process:

Customer feedback is crucial for keeping shoppers invested in your business. Getting inside your customers' heads, and understanding what they expect from your business, can help you fine tune your website and marketing strategies. Plus, long-time visitors will enjoy seeing their thoughts shape your brand.

3. Engage with your audience across all marketing platforms:

If your goal is to improve retention, you're definitely going to want to develop a robust social media and email marketing strategy. When compared to single-channel marketing, omnichannel marketing can improve retention rate and engagement by a whopping 90%!

Here are a few ways to increase social media engagement:

• Broadcast live video events (webinars, AMAs, and interviews).
• Host online giveaways.
• Respond to comments on your posts.
• Share articles from your blog or other streams of original content.

Personalization can have a massive impact on how customers perceive your brand. 80% of online shoppers say that they want businesses to personalize their content and offers.

4. Make it easy for users to find answers:

I suggest adding a live chat option to the bottom of your site. You should clearly show that your team is available and ready for questions.

Business leaders selling somewhat complex products, like SaaS, should consider the benefits of adding a knowledge database to their site. Sometimes users don't want to talk to customer support. Instead, they would rather look for the answers themselves.

As you can see, there are plenty of ways to retain your best customers and keep them engaged for years to come!

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Snippets

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Worth Reading

1. Building in Public: 20 Examples & a How-To Guide.

2. The pandemic was supposed to push all shopping online. It didn’t.

3. Gen Z’s new favorite app.

 Good Findings

• HubSpot Academy invites you to learn, connect, and grow by dedicating time to your professional development, and meeting with fellow learners and peers. You'll have the opportunity to learn about a variety of industry topics, and earn HubSpot certifications, all for free.  Sign up for World Certification Week – May 9-13, 2022.
• HotPizza delivers fun icebreakers for your remote/hybrid team daily or weekly on Slack. Check it out
  

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