A key to retail profits is to up your customer retention game. Unless you have a bare-bones marketing budget for minimal results, in major markets it can cost you as much as $300 just in advertising costs to attract one customer.
True, marketing has evolved rapidly in the last quarter century. And yes, it’s important to be mindful of trends, especially digital marketing trends.
Outstanding loyalty programs for stellar customer engagement play an important role to improve your prospects for lifetime customer value.
Implement strategies to thoroughly attract, engage and retain customers with digital convenience and price-saving.
Digital initiatives will save you time and money to increase your revenue with enhanced customer retention results.
Here are six tips:
1. Design and implement an integrated approach
It isn’t enough to just have an e-mail campaign. You must set the stage for a dialogue. Plan to send in-stock announcements. Send delivery-confirmation e-mails.
In all communications, include your branding to prevent buyers’ remorse. Too many companies rely on their shipping companies for these messages.
Timing is important, too. Delivery confirmations with your branding should go out within minutes of a delivery.
2. Your loyalty program should include a points-based scenario
Every time customers make a purchase, award them redeemable points to enhance their shopping experience. Again, such communications must include your branding.
This is also where your pricing is important. If you give a few points for every dollar in a purchase, be sure you price your products right.
You can also consider awarding points for a product review with a bonus if customers include a video or picture in the reviews.
Again, if you strategically price your products, you can also consider a discount on most or all products and free shipping once their orders reach a minimum dollar amount.
Plan also to permit redemption of their points in the online checkouts and mortar store purchases.
It’s all about showing value and convenience.
3. Facilitate convenience with social logins
Decide which social mediums your likely customers use such as Facebook, Twitter, Pinterest or Instagram. Permit your visitors sign in and register with social sites.
Consider inserting buttons for the salient social sites as well as a toolbar from AddThis or ShareThis that allow customers to use any one of nearly 300 social mediums.
4. Implement a subscription-and-save model
For frequent sales to the same customers, consider a subscription program with discounts that will lead to frequent purchases.
Include subscription options on all your product and checkout pages.
While you’re incorporating these ideas, be careful. Top e-commerce sites risk losing money by adding too many bells and whistles.
5. Keep an open mind
Again, it’s all about value and convenience. Promote all sales channels and enable one-click shopping. Allow your customers to use their favorite channels – from your bricks-and-mortar location to your Web site.
Consider using comparison-shopping malls and engines to enable you to appear on a diversity of channels to target your prospects.
Make it possible for your customers to visual how your products’ utility. For example, if you sell wearable items, empower customers to virtually try them out.
6. Build Trust
It’s important to take precautions. Be mindful of your legal requirements.
Make certain you’re using the latest security measures and strategies. Be prepared with a response strategy in the event of a breach.
Tell your customers what you’re doing to solve the issue, and give them ample opportunity to get in touch with your company.
From the Coach’s Corner, here are editor’s picks for relevant articles:
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