In marketing, the existing customers are not only more likely to shop again from you, but they could also recommend and bring in new ones as well. So, it makes sense to make a plan to keep them happy and satisfied to boost your growth, something which is done through customer retention marketing.
Sometimes customer retention is dubbed as “Customer Lifetime Value Increase Program.” By retaining a customer and presenting them with the content and values they love and cherish, you’re upholding their loyalty to the brand, pursuing them to spend, and extending the time they spent in your channels or social media.
Now, we all know how exciting and blood rushing having a new customer on board and buying can get; it almost feels like a miracle with the highly competitive Ecommerce market we’re facing today. So, next time when it comes down to retaining customers, don’t just dismiss it because everything points to retention marketing becoming the next new buzzword.
Benefits of Client Retention
- Once, Michael Scott from the famous American TV show series “The Office” mistakenly answered that “acquiring new customers is cheaper or retaining an existing one” with an “it’s equal.” You Shouldn’t be like him, especially if you’re running an Ecommerce business.
First of all, Client retention doesn’t burn through your pocket as deep as getting a new one does!
- Secondly, acquiring isn’t the only cost you’re gonna cut down on if you go with customer retention; old customers are more willing to buy as well. Studies have shown us that loyal customers tend to spend more and stick to your brand for eternity, provided you can keep them engaged and happy.
- Loyal clients will act as free spokesmen for your brand, spreading your values and incredible services to new customers, paving the way for new businesses to walk through your doors.
The simplest expectation from a loyal customer is to repurchase at specified periods. But having access to their purchase statistics and knowing the amount and number of purchases of each customer in a given period of time is not easy. Markight Customer Data Analysis Platform makes it easy for Ecommerce businesses. If you are looking for a way to boost your retention marketing, why don’t you try Markight? to know more about Markight ,complete this form so that we can get in touch with you.
Customer Retention Marketing Strategies to Adopt
Here’s a to-do list of customer retention marketing strategies for your Ecommerce business to take note of and implement in your next Retention Marketing Campaign to make customers fall in love with your brand.
- Establish Connections and Stand Out Through Value Promotion
A retention strategy is not always a tool or series of targeted advertisements to get your customer’s attention; sometimes, putting your values out there and broadcasting them to your loyal fans does the trick too.
It’s a proven fact that what your brand stands for has the potential to strike a chord with the audience and help in retaining customers, and there’s no shame or mystery to it.
Tell the world what you’re all about and stand out; your customers probably follow the same philosophy as well, and they will find themselves clinging to your every word, more than us believing in customer retention.
- Atone For Your Sins
Mistakes happen all the time and everywhere, whether you’re a multi-billion market-devouring giant or just a small-time organization. The thing with loyal customers is that they are probably more forgiving and have more capacity for failure, despite newcomers.
It’s not the end of the world to say “sorry” and metaphorically atone for your sins; everybody does it, and it’s pretty effective.
People love honesty, and chances are, in most cases, your loyal customers will forgive you without a second look and continue to buy and interact with you. However, if this gets out of hand for too long, it will seriously deface your company, scatter its name, and decrease customer lifetime value.
- Offer Free Tools
So you’ve gathered an impressive crowd, and you’re moving to a reliable customer retention marketing strategy to maintain that assembly of die-hard fans. One way to make them love you even more and stay by your side is to offer them free tools.
Obviously, this option works opposite to selling products or services but still perfectly fits any retention programs as it keeps customers satisfied.
Often, a small free tool package could revolutionize the way your customers perceive your company. Ask yourself this: “is there any way I can reach out and help them without going way out of line and imposing more costs?” If the answer is yes, then do it. It massively impacts your relationship with your buyers and aids in retaining customers, both new and old.
- Gamification and Referral Bonuses
We discussed this earlier; a trusting and loving customer is an unaware representative who spreads the word of your brand whenever they can and wherever they can, and you need to jump on that train right now.
Convince customers that their referral actions don’t go unseen and their heartedly good deeds don’t go unnoticed through gamification and bonuses.
Setting up referral programs like referring a friend will give you a $10 discount on the next purchase is one good way to go at it!
Also, there can be a gamification element to the whole thing. To make it more prominent and engaging, create a fun environment where customers can interact with each other and receive gifts as a result of it. For example, something like a wheel of fortune opportunity that friends can share their time playing on and, in the end, leave it with a smile on their faces.
- Leverage Personalization
People come from different walks of life and want to see that while shopping or utilizing a service. Another key incentive in the retention marketing strategy and persuading customers to stay is to leverage personalization.
Personalized offers or emails are one way to optimize retention. Getting friendly and on-first-name-basis with customers – much like Amazon’s doing – sends out positive and warming vibes to buyers, consequently increasing retention rates.
The more you know your customers, the easier you can send a personalized message. By using RFM, Markight simplified sending customized messages based on customer behavior for online businesses.
Retention marketing and scenarios are the way to go if you don’t want to fall behind in today’s ruthless market as it decreases marketing costs and makes brands stand out. We know how to stimulate a functional and sturdy customer retention marketing program and are ready to walk you through every step of it, so, in the eyes of your audience, you will always be the ONE!