Customer Retention Strategy

  • Customer retention is the act of getting more customers to stay loyal to your brand or business

  • Customer doesn’t owe you his/her loyalty, you have to earn it

  • Having an effective customer retention strategy, gives you ability to turn one time customers into loyal, repeat purchasers that buy more, more often

  • It’s easy to retain customers than acquire new ones

Why?

  • The primary objective of marketing is to keep customers engaged and interested in products and services

  • For growing a sustainable business, customer retention is incredibly important

  • It plays a relatively major role in helping a company grow a healthy bottom line

  • It boosts profitability while encouraging repeated business which drives a sustainable long term
    business model

Customer Retention Tool- Loyalty Program

  • It is best for stores with repeat purchasability

  • A loyalty program is the best way to boost customer retention

  • When a customer is given additional value (like points, discounts, coupons) for shopping at your store, it becomes much more difficult to choose a
    competitor for their next purchase

Customer Retention Tool-Gamification

  • It is best for those companies whose target customers are young audience

  • Now a days application of game mechanics is not just limited for mobile apps and video games

  • With gamification you can encourage customers to complete actions by making it more enjoyable

  • It will help you to stand out of competition

Customer Retention Tool- Personalization

  • It helps to increase customer retention through more relevant and tailored experiences with the brand

  • Collect information about your customers which you can use later to make recommendations and tailor promotions to each customers individual needs

  • A easy way to use it, is through email

  • You can mark emails with personalizations
    such as name and company with email service providers

  • When customer is addressed by name with content they care about, they will be much more loyal to your brand, store

Customer Retention Tool- Support System

  • You can’t create a tribe of loyal customers without an exceptional support system which keeps them coming back

  • The first benefit of support systems is that it provides service and satisfaction to customer

  • It allows you to address and resolve customer issues and conflicts quickly and efficiently

  • You can use help desk or live chat to engage customers in real time

  • Customer connections lead to retention!

Customer Retention Tool- CRM

  • CRM-Customer Relationship Management

  • It is a backbone of a complete customer retention strategy

  • A CRM tool is used in addition with other tools on this list to provide customer retention strategy

  • With CRM you can provide an amazing customer experience by keeping track of their entire journey at one place

  • You can also track which customers have earned points in your loyalty program or which customers have received which badges with your gamification tactics

Conclusion

  • Companies that focus on customer retention will be more profitable and more sustainable than those focused on always acquiring new customers

  • This strategy is a leading indicator of consumer repurchase intentions and loyalty

  • It reduces customer churn and adds point of differentiation

  • It increases customer lifetime value and also reduces negative word of mouth

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