Why You Need to Retain Customers
Customer retention is essential to your business and you should know why:
- You’ll spend at least 5 times less on customer retention than customer acquisition
- Returning customers account for almost a quarter of retailers’ revenue, but only make up 12% of the total customer base
- Repeat customers spend 15% more in a single order and 120% more over the course of the year
- The probability of selling to an existing customer is 40% more likely than converting a new customer
Looking at those statistics, you can gauge the health of your customer relations. When used correctly, you can expect new customers because of your existing ones.
Overall, customer retention is extremely important to your business, so now let’s take a look at how you can effectively use customer retention to your benefit.
How to Grow Your Business with Customer Retention
Effectively using customer retention to help your business is very easy as long as you’re using the right strategies. Some of which include:
Proactive customer service
Set expectations early and often so customers know your process and that you can deliver.
Implementing a customer loyalty program
This provides even more value to your customers, so they’ll want to keep coming back
Having great content ready to share
Providing relevant content with your customers will let them see that you care about them and want them to increase their knowledge
Implementing personalization
Knowing your customers’ buying history is important, it shows that you’re paying attention to each individual customer
Creating a community
Give customers a reason to come to your store or business by hosting community events, this builds trust and positively influences buying decisions
Post-purchase communications
Following up with customers is important because they’ll know that you care about how they feel about your products or services
Need Help Retaining Customers?
Retento was created to focus on customer retention. It lets you engage, retain, and grow customers at any stage of the buyers’ journey. Through this software, you’re able to create marketing campaigns through multidimensional targetings such as location, audience type, promotion or product offering, and date range.
Since proactive customer service and engagement is key to retaining customers, recording business-related calls lets you evaluate and enhance your customer service, sales processes, closing techniques, and everything in between.
Through Retento you will also receive instant marketing research results, whether you’re asking for customer feedback, assessing your sales reps, or testing a product design.
Retento allows you to maximize retention rates that keep your business growing. Contact a sales rep today!
