#1 Educate customers
- Inform customers about the product/service
- Contact through emails, newsletters, ads, tutorial videos, etc.
The chances of selling products/ services to existing customers are about 60% to 70% whereas that of new buyers is somewhere around 5% to 20% only.
#2 Rewards
- Reward your loyal customers
- Offer points, badges, offers, freebies, etc. through email marketing
- This reduces customer attrition and enhances sales.
69% of customers would prefer to select the retailers that offer loyalty points/ rewards.
#3 Create interest
- Useful when launching a new or improved product
- Announce the features, create a buzz, pre-launch booking offers, and generate interest.
50% possibility that existing customers will buy the brand’s new products.
#4 Encourage Feedback
- Invite customer’s feedback, reviews, and experience
- Find out the likes/dislikes of customers.
About 44% of millennial stay loyal to their preferred brands.
#5 Strong relationship building
- Helps win the customers’ trust
- Enhance customers loyalty
- Communication is the key to build a strong customer relationship.
#6 Customer segmentation
- Identify and differentiate the customers among regular buyers, newly joined, monthly buyers, etc.
- Focus on these valuable customers.
#7 Customer engagement
- Through email marketing, social media, direct mails, etc.
- Set up a communication calendar
- Share new features, product updates, improvements, and other developments.
61% of retail companies find customer retention as a challenging task.
#8 Manage complaints
- Provide maximum support to the customers to Enhance Customer experience.
14% of customers will turn to the competitors if complaints are not handled, 54% of customers will stay if complaints are resolved.
Take Away
- Understand customer’s lifetime value to focus on marketing efforts
- Offer rewards, communicate and engage customers
- Design personalized segmented campaigns.
- Maintain customer relationships to stay in their minds.
- Customer retention increases brand value, sales, and revenue while enhancing customer experience.
