The Harvard Business Review suggests that it is anywhere between five to 25 times more expensive to acquire new customers than retain them depending on the industry. Here are a few considerations as you develop what works best for your company’s retention strategy:
- Keep VIP customers happy.
Track the buying patterns of your best customers and reach out with personal communication if they lapse. A dormant accounts survey may be the first step to determine the why behind their absence: needs have changed, moved their business to a competitor or there’s some level of dissatisfaction that should be addressed.
- Start a rewards program.
According to a Bond Brand Loyalty Inc. report, 76 percent of shoppers think that loyalty programs are key to their relationships with businesses.Small businesses can use customer loyalty programs to reward customers who regularly buy products and/or services to incentivize repeat sales.
- Give special offers.
Customer appreciation strategies go a long way when it comes to customer retention. From branded gifts and personal notes to promotional giveaways and birthday cards, regular customer appreciation activities are tangible ways for your company to show appreciation that can generate positive sentiment and measurable brand loyalty.
- Don’t forget the follow up.
According to DMNews, 53 percent of consumers feel that it’s important for businesses to recognize them as the same person across all channels and devices. Engaged customers are likely to remain long-term customers, so gear your small business’ blog content, emails and other communications with customers in personal ways that keep their attention.
Interested in bolstering your customer retention strategies and driving brand loyalty? Contact your local Allegra Marketing Print Mail today.