Effective Customer Retention Strategies for Long-Term Business Growth

With increasing clicks and conversion costs, it’s better to retain existing customers than acquiring new ones.

The importance of customer retention is highly understated. It evidently suggests that your customer trust your brands and services and continue to remain loyal in the long run. Retaining customers for a business is very important as it plays a significant role in their growth.

What is Customer Retention?

This is the practice of growing a business’s repeat customer rate and mining added value from the present customers. The basic purpose of customer retention is to guarantee your customers are making recurrent purchases, are content with your services and do not turn to your competitor.

Here are some techniques that your business can implement to boost customer retention.

• • Welcome Series

    This is basically an idea which makes use of email welcome series which sets the tone for any interactions between the business and client. It enables you to build a solid foundation from the very start to increase your customer base.

    You can achieve this via number of emails like:

    Email1: Introduce your brand in a very unique manner presenting its value propositions.
    Email 2: You can communicate the brand values the business has

    Email 3: Display all the products you offer through this email so the client has an idea of what you are offering

    Email 4: In this email you can offer an incentive to encourage the client to make the purchase

    It is not necessary that you go with the sales pitch right away. A brand introduction, how it may assist the customers, what you believe in, is likely to convey the idea of the bigger picture to the customers.

  • Evolve your Offerings

    Providing a diverse variety in your product offerings forms the basis for brands to stand out in the competitive market of today. Moreover, brands need to consistently engage with their customers so as to keep them updated with the relevant information regarding their offers.

    You can customise on your loyalty programs which will help your brand build a community of engaged customers that are likely to purchase on a frequent basis.

    Personalisation is also a prerequisite to grow your customer base. These are basically custom offers like providing exclusive deals on important days like their birthdays etc, sending them private emails and discounts with special codes. This makes them happy and willing to make repeat purchases and choose your brand over others as the rewards suit them.

    You can also provide customers with an option of choosing their own loyalty program. You can do this by allowing members to select a free gift within a certain price range from its best sellers list. Take it one step further by introducing a points system which your customers can use against the complete list of products you provide.