Establishing an online presence is so important for businesses these days and once you’ve got the basics in place attention understandably turns to growing and developing a customer base.
However, while you have given serious thought to how you intend to acquire customers, have you really considered the strategies you will employ to then retain them? This is not an issue that should be overlooked, as the research on this area undoubtedly speaks for itself.
Acquisition vs retention
According to information compiled by Invesp, it can cost businesses five times more to attract new customers than it does to keep existing ones. Despite this, the firm found that more companies choose to focus on the issue of acquisition rather than retention.
But what are the ultimate benefits of looking to keep your customers engaged? Last year, a study by Yotpo found that 60 per cent of customers who are loyal to brands will recommend the companies to their friends and family. Perhaps most interestingly, 39.4 per cent also claimed they would spend more on a product with a brand they trust rather than buying it cheaper elsewhere.
So while it is clear that retention offers some advantages, how do you ultimately go about achieving it? Here are a few suggestions on how you could address the issue today.
So many of us are signed up to loyalty schemes in some form or another, with Starbucks Rewards being a classic example of keeping customers engaged by providing them with access to perks and other offers.
The Yotpo study mentioned earlier states that 52.3 per cent of consumers are willing to join a loyalty scheme for brands they trust, while a Citi survey reported by Forbes recently suggested that 89 per cent of customers are increasingly loyal to a brand when they are a rewards member.
Keeping it convenient
Another important step to retaining customers is offering convenience, with Yotpo’s research finding that the issue is one of the core factors which makes people loyal to a brand.
Convenience and choice come in many forms but a prime example of it can be seen in the gaming world when you play slots online at LuckyPantsBingo.com. The site’s core focus is on offering a range of different bingo games, but it has also developed a large choice of slot games in order to give visitors access to a different experience. This idea of providing a range of games under one roof keeps things fresh and means consumers enjoy coming back for more.
We all appreciate good customer service and there is plenty of research to suggest it can make a huge difference to many people.
As NetImperative reports, the 2019 Eptica Digital Trust Study found that 59 per cent of consumers in the UK regard getting fast, satisfactory answers as key to winning their loyalty. Furthermore, 79 per cent of those polled added that they will switch to other companies if they do not trust a brand.
Customer retention can often be an overlooked part of business but, as all of the above highlights, its importance should not be downplayed. The ideas above are just a few thoughts on how you could boost the services offered to existing customers today.