There is a substantial cost involved to acquire a new customer. When you consider lead generation services, marketing, and other incentives, it is easy to see that while new customers are important, keeping your current customers is even more critical, and provides better return on investment. There are challenges with any initiatives to increase customer retention. But there are some new solutions available to make those challenges much easier.
Challenge Checklist for Your Business
Almost every business can relate to these increased customer retention challenges. Review and determine which ones apply to your business:
Challenge #1 – Customer Profiles
Knowing your customers helps you to improve the online experience and to tailor your marketing to building loyalty. The customer profile stores information on your ideal customer. One key element to the customer profile is the analysis of your existing customers and their habits. This can include –
-Income or revenue levels
-Social media information
-Types of products purchased or interest expressed
The challenge is there is a lot of data mining work needed to build the profiles.
Challenge #2 – Online Experience
Your e-commerce web pages must be designed specifically to attract and retain your customers. If the online experience is awkward or cumbersome, the odds of the customer making a purchase or coming back are poor. Reduce your risk of cart abandonment, page bounce, or exit by improving the customer experience.
-Evaluate the different steps in the shopping process and optimize each.
-Fill in customer information wherever possible. For example if the customer enters the zip code, auto-populate the city and state. Also do address verification to improve shipping accuracy.
-Recommend products or services that are relevant to the customer.
-Offer exit-pop offers that make the customer think again before leaving.
Challenge #3 – Customization
Online shoppers really appreciate any type of individual attention. Create emails, social media ads, and other offers that complement the prior purchases or the customer profile.
Marketing Automation Makes it Simple
With the right retention management software, the challenges to improve customer retention will increase. Fyoosion bundles your solutions into an easy to use, fully integrated platform.