Ways to Boost Your Customer Retention Rate

If you ask any business leader such as Kettering towing service what their company goals are, they will tell you growth. When you keenly look at the issue of business growth, you may think that acquiring new customers is key to success. Although getting new customers is good for the success of your business, that is not always the case. Setting out mechanisms to acquire new customers daily may be very costly, and you may need to revert to other methods of sustaining your growth, and that is retaining your existing customers.

Retaining your existing customers is important because the process of identifying, qualifying, and nurturing leads with the hope of converting them may require significant resources. Rather than putting a lot of focus on acquiring new customers, you can instead focus on retaining existing ones and using them to grow your business.

Here are some of the benefits you stand to have when you retain your customers;

–         About 20 percent of your existing customers produce 80 percent of your sales

–         Repeat purchasers spend more and normally generate larger transactions

–         Repeat customers refer more people and normally bring in more business

–         Customer retention will lead to customer loyalty, and loyal customers are wonderful with spreading the word about your business.

–         Reengaging existing customers will save you a lot of resources, and once a customer converts, they will be tempted to spend more in the future.

Here are some of the ways you can use to boost your customer retention rate;

Adjust pricing for returning customers

You can adjust pricing in a way that makes it easy for your current customers to return and do more business with you. There are different ways to go about it. You can offer customers discounts via email in their next purchases when receiving e-receipts for their most recent orders. You can also offer free shipping and returns and offer coupons with various discounts.

Implement cross-selling and upselling

You need to ensure when a customer checks out, there is always something extra in their cart by using upselling and cross-selling strategies throughout your website and all other selling platforms you have. Upselling to shoppers in a physical store is simple – you only need to place related products next to each other and use other merchandising techniques that can draw attention and drive impulse purchases.

Create customer loyalty programs

Implementing a loyalty program for rewarding your most loyal customers can create a sure way of building on existing relationships and offering a way of enticing your clients to return. You may for example send an email to your top 10% of customers with specific offers each month on something enticing you are selling. You can test which of those offers resonate with specific customers and then fine-tune your rewards with time. Rewards can range from a simple thank you note to even free shipping, and discounts.

Additionally, you need to personalize your buyer’s journey. Personalize the whole experience and make their lives easier, by making them feel valued and appreciated.

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