These days, many business owners have become interested in improving their customer retention rates. This goal makes sense given that research shows improving customer retention rates by a mere 5% can boost profits from 25% to 95%.
Moreover, the average value for lost customers is $243.
If you’re looking for strategies that can help optimize your retention rates, you should know that focusing in on your company website is always a good idea.
With that idea in mind, consider using the following four customer retention tips for eCommerce websites:
Personalization is the process of creating customized services for customers based on their preferences and previous consumer behavior. Personalization is a highly effective customer retention strategy because it optimizes shopping experiences while showing the client that you are truly interested in her or his well-being.
There are several ways to get the personalization process started, and one of them is by collecting information about the client.
You can then use this information to tailor promotions and make recommendations based on the individual’s needs. For example, you can carefully analyze a consumer’s purchasing behavior and then suggest new products in light of their shopping past.
There are online tools you can use to make your website “smart” such that it automatically shows consumers these types of relevant offers.
You can hire a digital marketing agency to do implement these changes and help you improve revenue with personalization.
- Loyalty Programs.
Using loyalty programs is another wonderful way to optimize customer retention.
These programs provide customers with points each time they make a purchase in your online store.
When you provide your customers with this added value, it makes it more impractical for them to select a competitor when it’s time for them to buy the goods and/or services they need. Because of the switching cost created by the implementation of a loyal program, their existence within your eCommerce campaign can give your retention rates a big boost.
- Optimize Your Social Media Campaign.
Another great strategy you can employ to accelerate and optimize the customer retention process is the enhancement of your social media campaign.
There are many ways that you can get this process underway, such as by the inclusion of Share Buttons on your website.
These buttons enable your existing customers to forward your content to other people in their social networks through channels like Google+, Twitter, Facebook, and Pinterest.
This strategy is an effective way to increase customer retention because it gets people more involved with your brand. The more interactive your brand is, the more likely they are to remain loyal to it.
Another way you can use social media to increase your customer retention rates is with the implementation of contests.
Like Share Buttons, contests are an effective customer retention strategy because they get people involved with your brand.
You can announce a contest with a promotional brand through your website and encourage your audience to forward information about it through Twitter and Facebook.
In addition to increasing the likelihood of retention, this strategy can help you gain new clients.
- Support Systems.
One of the primary reasons that companies lose clients results from poor customer service.
Since this is the case, it is important for you to implement support systems that enable your customers to quickly access the information and advice needed to resolve any problems they have when navigating through your website, making a purchase, or seeking technical support.
There are a wide range of tools and products your company can use to realize this objective.
Some of them include help desk software such as Freshdesk or Zendesk. You can also utilize live chat software like Zopim or Olark.
These support systems enable you to resolve customer conflicts and issues with excellence and expedience.
An added benefit of support systems is that they enable the customer to attain a one-on-one experience, thereby providing them with the detailed attention and personalization that makes them feel that they are a valued customer.
Don’t Delay: Optimize Your Customer Retention Process Today!
If you’re serious about making your company as successful as possible, now is the time to focus on optimizing your customer retention strategy.
One of the smartest, savviest ways to realize this objective is by optimizing your eCommerce website to promote interaction and a positive shopping experience for your customer.
You can use some or all of the customer retention tips and tricks outlined above to make this happen.