Retention is the name of the game.
Even before CPMs went through the roof, you probably knew that it’s way more expensive to win new customers than to keep existing ones.
Here are six of them:
Create incredible customer experiences
Maybe it’s obvious, but a poor customer experience pushes buyers away.
A great experience brings them back… with friends. So invest in the customer experience. It pays dividends.
Make promises you can’t keep, and your customers will drop you for your competition.
If you want to “train” customers to go back to your store, reward them every time they buy from you.
Use engagement tools like live chat and social media listening…
…to respond quickly to feedback, comments, questions, and requests.
Don’t wait for questions, comments or concerns. Solicit them!
“Even the negative ones?” Uh huh. Not only does this help you improve, it also shows customers you care. And even if you don’t always provide the best experience, showing that you care can be enough to mend hurt feelings.
Monitor your retention data
If you’re not measuring retention numbers, you don’t know if the actions you’re taking are effective.
An ideal retention rate is around 20–40 percent. But it can change based on the business and nature of the product.