You've worked hard to build your new company. Now that you have products stocked and your name out there, it's time to focus on reaching your customers.
Getting new customers to try your company out is great. But it's better to have repeat customers. After all, they can make up as much as 80% of your revenue!
Now the question becomes, "how can I increase my customer retention rate and get them to come back for more?" That's where we're here to help!
Keep reading to discover our top 4 tips to improve customer retention for your company.
1. Be Transparent
You can have the best product, but it won't mean much if your policies aren't on par. Customers will always run into problems--maybe your product got damaged during shipping, maybe it doesn't fit or they changed their mind.
Now image how mad they'll be if you have a very strict return policy guideline that's written in hard-to-find fine print. They'll likely think you were being unfair, and your almost sure to lose that customer to a competitor.
Instead, make sure your customers have access to all the information they need, such as return policies and loyalty program rules. If they think you're being transparent, they'll be more likely to trust you and come back time and time again.
2. Go Above and Beyond
In today's competitive world, you're almost guaranteed to have competition. There are 102,728 e-commerce stores bringing in a decent revenue in the United States alone. So, even if you have the most niche product, there's still likely another store selling something similar.
The key to getting your customers to return back to your store is to go above and beyond. Think about what else you can provide to stand out.
One of the best ideas is to include a discount code or a free bonus sample product in orders.
3. Send Smart Emails
Have you ever logged on to your email account to find a dozen marketing emails from various stores? While you should create an email marketing campaign to keep your customers aware of new deals and products, consider taking this one step further.
Sending personalized emails, such as welcome emails when somebody makes their first purchase or happy birthday emails complete with discount code can make customers feel more connected to your brand.
And it doesn't have to be a lot of work either. Services, like Mailchimp, can automate these emails, so you don't have to worry about it.
4. Set Up a Loyalty Program
Have you ever gone back to a store because your rewards card was one stamp away from a discount or free product? You know first-hand how well loyalty programs work, so why not start one for your company.
This can be in the form of punch cards, where 10 stamps get you a reward. Or, you can start a points system where customers get a point for each dollar spent and then they earn discounts or products after so many points.
Anyone who signs up for a loyalty card can be added to a special email list where they can get exclusive deals. They're sure to come back once they've earned a discount or when they see that can't-beat exclusive deal.
Improving Your Customer Retention Rate
If you're running your own business, you know how important repeat customers are. Just follow our tips to improve your customer retention rate and your bottom line.
Do you find this article helpful? Then be sure to check back often. We regularly publish business articles that can help you win over customers.