Customer acquisition is the cornerstone of the eCommerce industry, right? But here’s a thought: is the cost of acquiring customers higher than retaining them? This question is not just for eCommerce but for all industries.
Haven’t you thought about this before? Now, tell us how much you spend monthly to acquire customers for your business.
“Delightful customer experience makes them come back, agreed?”. Your positive impact on your customers makes them do it, which is the core of Inbound marketing.
Who are repeat customers?
Simply put, customers who return to your business and purchase frequently. How do we measure repeat customers? Customer retention is measured by calculating the metrics that measure customer loyalty and purchase frequency.
How do you Calculate the Customer Retention Rate?
The customer retention rate can be calculated by subtracting the new customers acquired from the number of customers at the end of the period. Then divide it by the number of customers at the start of the period multiplied by 100.
Did you calculate your CRR? Is that high or low?
There is always room for improvement. Scroll down to learn the 10 effective customer retention strategies.
10 Strategies you should know how to get repeat customers
We all know retaining customers is more cost-effective than acquiring new customers. According to the Shopify store, online retailers have 28.2% of repeat purchases that differ from one industry to another.
1. Make it a habit to send emails regularly
We all know loyal customers or customers who like your product or service keep repeating to your brand. However, from the brand perspective, keeping your customers posted about seasonal offers, flash sales, new product launches, and more is vital to stay on top of their minds.
Although, it is a daunting task for most eCommerce business owners or marketers as you’ll be running around the clock, or it can be a long process. However, it should be a habit to increase your ROI. Well, some email marketing tools like BayEngage, MailerLite, Mailmunch, Moosend, etc, can help you make this possible quickly.
2. Make all your emails hyper-personalized
Hmm! Personalization is another buzzword, like AI. Well, AI is ruling all industries, but they still expect personalization, which has made your customers look for hyper-personalized emails or SMS they receive from brands.
“According to Instapage, personalized emails bring 6x transactional rates, which can be of new and repeat customers”.
From a brand perspective, though you find ‘n’ a number of email marketing tools in the market, there are some tools like BayEngage and Omnisend that have pre-built email templates to make your personalization work even more accessible. Even that automates your email campaigns to get repeat customers for better conversion.
3. Practice excellent customer service
One of the important factors your customers look for when coming back to you is your customer service. Yes, no one likes to wait in the queue for a long time or go unanswered. Your customers ensure that they are valued or not. If it is ‘yes,’ then applause, you have ticked the box.
Customer service is not only a powerful way for repeat customers but also for word-of-mouth. Your happy customers act as your brand ambassadors and bring in new customers. According to Persuasion Nation, 29% of the customers come from their friends and family references.
4. Incentivize and reward your customers
One effective way to get repeat customers it’s not you can, but you have to incentivize your customers. In this competitive market, you must design a perfect customer loyalty program that incentivizes your customers.
It is not about incentivizing them for their actions, but you should make it transparent and easy for your customers to view, earn, redeem, check balances, and more. You can install loyalty program tools like BayRewards, LoyaltyLion, and Smile.io to make a pop-up widget on your homepage for better customer understanding.
In addition to keeping your customers posted, you can opt for tools that sync with email marketing tools like TargetBay’s suite of products, which automates email and keeps your customers informed.
5. Remember the information they shared with you
Your customers always want to be valued and remembered. You must have seen when you go to a small restaurant or coffee shop, and the owner will remember even a tiny piece of information shared with them, like your previous order, favorite food, feedback, and more.
They suggest the same food when you go there again; this can make you feel more valued and happy, and that makes you get back to them often. The same strategy should be applied even in your eCommerce business, such as sending birthday emails, anniversary emails, special offers, or exclusive offers customized for your customers.
6. Offer more: Give them extra
Always give more to your customers. This gets repeat customers and has a more positive impact on your brands. This opportunity makes you stand out from the crowd.
It’s not only about incentivizing; it can be a simple thank you note, something more personalized about the purchase, or something like a fortune cookie idea.
7. Connect via social media & give deals
One of the essential channels to stick to stay ahead of the market, especially in this Millennial and Gen Z market world. As a brand, you have to stay active with the new product launch, re-launch of the product, special offers, seasonal offers, gamification, and more.
You can also reshare your customer’s post on your social media account as a ‘happy client’ and incentivize them to be a repeat customer.
Follow and build strategies to get repeat customers today
Being in eCommerce industries, you must evolve and stay ahead of the market. Remember, most of your competitors would have implemented these strategies discussed in this article. The longer you wait, the harder it will be to catch up. Tweak and build your own strategy to get repeat customers along with email marketing tools and loyalty program tools like TargetBay’s suite of products.
