It is no secret that retaining your customers is more cost-effective than constantly trying to acquire new ones to stay in business. As noticed at RNF Technologies, your most loyal customers are your best marketers, which is why businesses must look for new ways and means to keep them happy. In such a competitive marketplace, businesses cannot afford to be labeled as a “scam” or a “fraud” as it will affect your reputation among your return customers.
Perks Of Focusing On Customer Retention
Did you know that 20% of your return customers fuel 80% of your overall sales? In addition to this, they are also more likely to spend more since they trust your business. They recommend your products/services to their loved ones and colleagues, which in turn, brings you more profits over time.
The benefits of having a rock-solid customer retention strategy are immense. As touched upon earlier, you do not have to expend excessive resources to make them come back to you. By means of engaging content, you can remind them to purchase from you every now and then. Given its critical importance, here are a few tips from RNF Technologies through which you can give your retention rates a major boost:
Effective Customer Retention Strategies
- Tweak price tags for loyal customers
The most effective way to retain your customers is to offer them discounts via newsletters. You can also send them coupon codes after they place orders with you. This could include free shipping perks as well as access to subscription programs. If it’s a time-bound offer, they are more likely to come back in a few weeks!
- Embrace cross-selling
Fast-food chains are the masters of cross-selling. Buy a burger, and they’ll ask you, “want fries as well?” This is one of the primary reasons why they witness huge profits on a daily basis.
You can do the same with your business as well. While cross-selling is pretty simple in a brick-and-mortar store, persuading the customer to spend more to spark an impulse purchase can be a bit challenging, which is why you need concrete data to guide you. Study what items are usually bought together, or are more likely to complement each other. Here, you can also embrace AI-driven personalized recommendations tools to offer better, more customized shopping experiences.
- Loyalty programs always work
A tried-and-tested method to retain your fans, loyalty programs work wonders for your business, when they are devised well. It gives you the opportunity to identify your best customers and also helps you to enhance customer relationships. A good loyalty program reminds customers that you’re grateful for their long-time association with your business. So, start thinking about offering free merchandise, exclusive benefits, and of course, VIP treatment to your biggest supporters!
In addition to the points mentioned above, one of the top-most concerns of businesses and individuals in this day and age is the privacy and security of their critical data. Therefore, do ramp up your efforts to keep their data secure in order to build trust with them.
At RNF Technologies, we walk the extra mile to ensure the 100% satisfaction of our clients. In addition to crafting intuitive digital products and applications, we strive to make sure that our offerings are engineered specifically to lower the risk of scams and frauds.