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5 Tips for Boosting Customer Retention

5 Tips for Boosting Customer Retention
By: Payoneer Posted On: November 06, 2018 View: 4

5 Tips for Boosting Customer Retention

Online sellers should put at least as much effort into customer retention as you do into acquisition. A strong retention strategy pays big dividends in the long run for your business.

The following is an overview of key strategies and tips to help you retain customers and optimize your profits.

Conduct Routine Research

It is difficult to retain customers without asking them what they want and what they think about your business. Surveys with people who abandon carts as well as those who make purchases help you learn about the things that motivate your customers.

Routine surveys via email along with more involved surveys conducted with long-term customers provide insights into the strategies that are likely to work for retention.

Focus on Product Line Expansion

It is odd to realize that attempts to sell customers more than they initially bargained for is a customer service when it’s done right. Customers find it simpler and more efficient to buy multiple products from the same provider once a business relationship is established.

As you grow your business and your customer base, develop product lines that give your first-time buyers access to more products that they need. Increase your revenue-per-customer while also keeping people engaged with your site.

Capture Subscribers

Ongoing communication is at the heart of a good customer retention strategy. Along with driving sales, prioritize subscriptions with your site visitors.

Email communication and newsletter subscriptions give you a powerful and economical channel to stay connected with your customers. Send regular site updates, product announcements, personalized content and special promotions.

Optimize Your eCommerce UX

Optimize the user experience for your visitors and customers. People prefer to buy from sites that are easy to use and emotionally satisfying. Evaluate the quality of your UX and look for any sources of pain or frustration.

Shopping carts are a common challenge for eSellers. Make it as easy as possible for new visitors to buy with by removing unnecessary hurdles. Don’t try to capture too much information at first. Instead, capture a customer and seek more personal data as you build the relationship.

Leverage Social Media

Stay active on a few social media channels that your audience utilizes. Regularly post content that your customers find valuable. Engage people directly as they discuss problems and solutions that align with the products that you sell. This constant social engagement keeps your brand front-and-center.

Build a Rewards Program

A rewards program is a tangible system designed to retain customers. You incentivize customers with modest discounts and deals as they make repeat purchases or reach certain purchase thresholds.

There is a fine line between driving business through too much discounting and moderately rewarding people that demonstrate loyalty to your site. The latter is the objective.

Conclusion

These are some of the most effective ways that eSellers can boost customer retention to optimize long-term profitability. Put these into practice and track the improvement in your per-customer profit.

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