4 ways to improve customer retention rate
Customer retention refers to the activities undertaken by a business to retain their existing customers and turning them into long term ones. A business grows not only by gaining new customers but also by making sure that your current customers are loyal to you brand.
Let us take a look at some data supporting the importance of customer retention
- About 50 percent existing customers are more likely to purchase again.
- Even a 5% retention rate will increase profits up to 25-95 percent.
- Existing customers spend around 67% more than new customers.
- Around 60% consumers talk about a brand they are loyal towards with their friends and family.
- Finding new customers is 5 times more expensive than retaining existing ones.
How do you improve customer retention rate? Here are 4 ways.
- CRM software – The CRM software will help you retain your customers by tracking their behavior. It will tell you about their purchasing patterns, product usage and when they have stopped buying your products. It is possible to track the customer feedback also. Once you are aware of the issues, it will help you rectify them and build customer retention strategies.
- Customer focused marketing– Make sure that the content you put out is aligned with the interests of your consumers. Focusing on what caught the interest of your customers in the first place is a good idea. Even if you want to try new content, think about whether it will resonate with the customer or not. It is important to put out content regularly so that customers do not forget about your brand.
- Sending out emailers– Email marketing is a great way to retain customers. Adding CRM to email marketing will help you reach your targeted audience through personalized messaging and also collect feedback from them. Once you collect feedback, you can work on winning back customers who have stopped buying from your company.
- Great customer support– If you want customers to stay loyal to your brand, you have to note all the complaints they have and offer solutions. The speed with which issues are addressed and solved will influence the customers decision to keep buying from you.
ADOHM helps retain customers
ADOHM’s marketing suite is integrated with CRM, this platform will allow you to have a consolidated view of the customer experience through which you can send personalized messages across all channels. This will help you plan out your next strategy and increase your customer retention rate.
Sign Up with ADOHM to increase your customer retention rate.
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