As you already know, customer retention costs alot less than getting new customers (from 5 to 25 times less actually (source)). Customer loyalty should therefore be a major part of your company's strategy. If you're not convinced, read the following statistics:
- Increasing customer retention by just 5% increases benefits from 25% to 95%;
- Engaging your clients becomes customer retention, which then makes those customers 5 times more likely to only use your products in the future;
- High engagement customers buy 90% more often and spend 60% more per transaction.
As you can see, working on customer loyalty really pays! But what can we do to retain your customers?
Without necessarily creating a complete loyalty program with points and rewards, you can build strategies to retain your customers by engaging them directly, even before they start thinking about your competitors. You could, for example:
- Send reminder e-mails (or even SMS) just a little before the renewal period for your products;
- Target directly your customers in your Facebook campaigns via Audiences;
- Send promotional e-mails early on to your customers who previously bought a specific seasonal product.
There's a wide range of solutions you can add to your website to increase customer loyalty. By the way, did you know that 63% of youths are more likely to be loyal to the same brands as their parents (source)? Now there's just another reason why you should double your efforts, because you're also setting the table for your future customers.