Increase Retention With 5 Top Techniques
It is critical that companies provide value and a reason for returning to your store or business in order to increase retention rates among current customers. A simple, “Thank You” card with a coupon for your next purchase would be nice. But it won’t necessarily help you retain your customers if your marketing message is simply “I want you to come back.” The first step to increasing your retention rate is having an honest, open and honest dialogue about the benefits of doing business with you versus your competitor.
A strong predictor of customer retention is the frequency that your customers visit your store. A quick glance at your store’s signage or advertisement is not enough to say “I’m glad you came in.” The sign or advertisement should tell them specifically why they need you. And the reason should be measurable, timely and relevant to the needs of your customers.
Tracking and collecting customer data is a critical part of effective customer follow up. Every customer experience is different. However, certain elements remain common for most retail sales: shoppers tend to leave stores with one or two items, shop at least a few minutes between transactions and buy only what they are in need of. These common factors make tracking their experience easy by providing quantitative information about how often and how long they stay.
In order to increase retention, you must have an environment where loyal customers are encouraged to stay. In order to encourage customers to come back again, you need to offer them what they expect to gain by purchasing your product or service. A great measuring device for determining how well this is done is to see how often you’re able to get these customers in your store – and then compare that to how often you get “no-shows.” The difference between “no-shows” tells you whether your marketing messaging may need to be adjusted. If you see too many “no-shows,” you should consider making changes to emphasize customer loyalty.
Another way to increase retention is through in-app value. Providing useful information right from the start can increase retention and profitability. A great example of this is offering in-app coupons or value within the store or on the website to increase return foot traffic. Other examples of in-app value include providing value-added services such as coupons to customers who use the app enough to become regular users, or displaying the most relevant product listings to users who are looking for something specific.
Long-term customer satisfaction is also crucial for increasing retention. A powerful way to improve customer satisfaction is to take customers on a short trial, then monitor their experience over time to determine if it was successful. If it was not, evaluate the process so that you can make it successful next time. One thing you can do to increase retention is to provide more value to customers who sign up for more than one offer in your store. For example, if you have multiple gift cards per customer but only offer one each month, take the offer that gives the highest return on investment (the number of gift cards returned per customer) and put it in place. Then reward customers who spend additional to receive the most value by offering a discount on purchases in the future.
Customer relationship management (CRM) software can be very helpful when used to track customer interaction with your business. This includes sales and leads, as well as ways to enhance customer loyalty. CRM software allows you to view customer data to understand who is buying and why, which helps in strategic planning. You can also increase retention by using marketing tools to promote return customers and clients, which can be combined with customer relationship management to increase customer loyalty.
These five techniques can help you increase retention when dealing with customers and increase the profitability of your business. In particular, we recommend using in-app value, in-app coupon usage, in-app and customer relationship management, and social media tools such as Uxbridge for enterprise social intelligence. By properly integrating these five techniques, you will increase retention and profit.