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4 Ways to Improve Customer Retention and Loyalty

4 Ways to Improve Customer Retention and Loyalty

In today’s business landscape customer satisfaction and customer retention are the main goals. With so many companies offering similar products and services, the fight for customers has become more cutthroat than ever before. Not to mention the access to a whole plethora of companies online whose products and services are just a click away. So if you want your business to succeed it is imperative that you find inspiring and effective ways of retaining your customers, fostering their loyalty and, of course, growing your customer base. And if you don’t know where to start, just continue reading. You are bound to find some useful pieces of advice within this article.

Make your customer experience an exciting one

Getting new customers is important but keeping the old ones happy might be even more so. If you take into account that one third of the overall money spent online comes from returning customers, and not only that but they also spend nearly 3 times more than one-time shoppers, it is quite clear what you need to focus on. The key is to keep the existing customers interested, and to create an experience where they still get to be surprised. The regular reward systems work well enough, but there should be certain peeks that will provide them with additional perks thus boosting their satisfaction levels.

For example, you can come up with several milestones that are relevant in your customer relationships, and then use an adequate reward system to mark them. An email that doesn’t contain new product pushing but rather a much-welcomed ‘thank you for your loyalty’, followed by an unexpected discount or additional product or service free of charge. You can imagine your customers will feel seen and heard, and not to mention appreciated.

Introduce a loyalty card program

A loyalty program is a must for any company that wants to retain their customer base. However, the type of loyalty program also plays a vital role in customer satisfaction. It is always best to offer a range of rewards in order to make it more appealing for your customers to stay onboard. Now, one of these should definitely be a card loyalty program. For example, a new co-branded Mastercard program is designed to suit customer needs and it can do wonders for your brand recognition. Opting for this type of loyalty program enables businesses to gain a wide range of insights into cardholder purchasing behaviours, and this type of information supports co-branders in making timely market decisions. And as you know, having the right data is essential for any type of informed decision regarding service and product placement and quality.

Create a customer community around your brand and remain transparent

Now, you might wonder how these two things are connected. Well, the first thing you need to understand is that customers don’t connect to your brand as much as they connect to each other over the fact that they like the same brand. This is the actual basis for creating a customer community. But this also means that your customers will communicate to each other about their experiences with the brand, and this is where transparency is key. Offering the same conditions to everyone, ensuring that you keep to your promises and that quality of both product and communication is kept high. That way you can at least attempt to make sure that the communication among your customer community is based on positive experiences.

You also need to give your customers visibility, both on your social media channels and your website. It will give a more personal touch to your business and provide both current and future customers with a human side to which they can relate. By implementing this and other social media engagement techniques, you will create a strong community and loyal customers.  Including customer portraits with testimonials and reviews makes a huge difference.

Improve your customer targeting

As we have already mentioned, loyalty card program can be quite beneficial for obtaining additional information on your customers, but you can also use social media for data gathering. The key is precise targeting for certain customer groups. So, close monitoring of their purchasing habits and preferences is a must. That way you can personalize the customer targeting and increase the probability of the positive outcome. You can also use a CRM software in order to get some of the data you need, it lets you view a customer’s purchase history which, in return, can help determine what kind of offer will be most appealing to each individual, thus allowing you to increase the relevancy, enabling you to keep your brand on your customers’ minds.

Customer Retention

These are just some of the ways you can retain your customers and ensure their loyalty. A lot depends on the business industry you are in, as well as on the type of products and services you are offering. This is why it is important to create a custom strategy that will be the most beneficial to your particular customer group.

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