CUSTOMER RETENTION – ENCOURAGE CURRENT CUSTOMERS TO PURCHASE MORE
Understanding how to retain customers that you have spent money acquiring, is vital for any online business.
Attracting a new customer can cost five times as much as keeping an existing one, so companies need to pay as much attention to retention as they do to acquisition.
So how do you increase customer retention?
Of course, the fundamentals are important. Among other things, you need a great product,and you need the right kind of pricing (not necessarily the cheapest), and you need to offer an excellent customer experience.
As the stats above suggest, customer service is all important, but rewards for loyalty and personalized, relevant offers also work well.
Depending on your niche, product mix and margins, sending a small gift to your best customers can be a great way to remind them to come back while adding the element of surprise and delight.
Giving an unexpected gift also plays to the law of reciprocity which refers to responding to a positive action with another positive action.
Use this to your advantage but sending your best customers small and unexpected gifts. It can be as simple as a digital gift certificate to your store, or you can take it a step further and send your customers something that lets them know you went the extra mile because they are important to you.
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