How to Improve Customer Retention Rate –

How to Improve Customer Retention Rate

Nowadays in business, retail, or eCommerce, it’s equally crucial to attract new customers as it is to retain existing customers. Studies have shown that around 30% of your customers account for roughly 75% of your sales. Let those numbers sink in for a moment.

If you’re done thinking about the importance of having repeat customers based on those numbers, then you’re bound to be interested in how you’ll be able to achieve your retention goals.

We’ll list a couple of proven ways that will help you out, enabling you to create a stable pool of repeat customers. Each of the tips we’ll highlight is equally important and viable, depending on the situation. Therefore, in no particular order, let’s get started!

Sales/deals

Everyone is always looking for a deal. It’s then a no-brainer that cyclical or targeted sales will be a factor in repeat business. Sales can be offered based on numerous factors on your end that the customer doesn’t even have to know about. You could be downsizing your stock, offloading a product because a new version is coming out, or something else entirely. The point is a sale is always welcome regardless of the thing that caused it.

Seasonal sales are the accepted norm in today’s businesses. We’ve all seen these – summer sales, Christmas sales, “back to school” sales, etc. The great thing about these is the fact they usually always come at the same time, so customers account for them when they plan their spending.

If you’re the one offering the best deals time after time, customers will be sure to stop by your site as a priority. Repeat business is all about experiences – if a customer had a good experience the first time around, they’ll usually keep coming back.

Registration

Person entering infoProbably one of the easiest site-wide processes to implement, a registration process can do wonders for your retention numbers.

While registering for a site doesn’t mean the customer is now bound to you, it does mean a certain type of connection. People usually won’t commit to something (even as banal as registering for a site) if they don’t consider it worthwhile i.e. if they don’t see any future benefit. So, the next time they’re looking for something they’ll remember “that site” they’re registered at and hop over there to do their shopping.

If what you provide can be relayed to a subscription, you should strongly look into that as well. Subscription is, in fact, a step above pure registration and does commit a customer to your site, at least as long the subscription lasts.

Registration can also do wonders for the user’s/customer’s experience, enabling them to customize the user interface and site in general, or save searches and/or products they can then follow up on their end. Also, it enables implementing suggestions

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This article was written by Matej Milohnoja and originally published on WP Newsify.

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