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As you know, it’s much easier for retailers to profit from customer retention for repeat sales than it is to acquire new customers.
It’s also true that October through December is the most-profitable time of the year for retailers right?
Here’s another premise to consider:
Once you attract new holiday shoppers and make them happy, it’s more advantageous to convert them to loyal customers throughout the year.
It’s indeed possible to boost your customer retention and sales throughout the year from new and longtime customers, if you capitalize on your holiday-shopping sales.
It’s also easier to entice them to refer their family and friends to you.
Tactics to implement:
Assess your customer-retention status
The first step in planning customer-retention initiatives is to accurately understand your situation. That calls for key performance indicators (KPIs).
With KPIs, it’s important to use best best procedures for effective analysis.
Continue to monitor your customer retention
Nonstop analysis is necessary to avoid the typical downsides in order to develop inevitable and reliable conclusions.
Set goals
Focusing on the right details is a skill conducive for strategic planning and setting goals.
Subscription offerings
There are a number of operational benefits from offering E-commerce subscriptions – higher customer retention plus stronger sales, healthier profit margins, convenient management of inventory and decreased shipping costs.
“The purpose of a business is to create a customer who creates customers.”
-Shiv Singh
You can choose to solve your customers’ problems by providing services, publicizing new products or replenishing products.
You can also choose to fill your customers’ needs or to provide good gifts. If you do, be sure you offer a gift-worthy subscription, and a procedure to keep the customer once the gift expires.
Customer loyalty plan
A customer-loyalty plan is key to capturing repeat business – encouraging loyalty and remarketing to former customers.
Pick a customer-loyalty application for E-commerce. But understand which app helps you to achieve your goals.
At the minimum, you must obtain customer information (and permission) to send marketing messages, and to entice more purchases. You will accomplish this, if you offer rewards for long-term repeat business.
Email marketing
Don’t be boring and irrelevant by sending the same email over and over again.
Schedule a campaign with a myriad of emails at key times in what’s called drip or win-back campaigns.
Automate your emails to engage your prospects and current customers.
Some ideas: Encourage recipients to join your loyalty program, post product reviews, ask for feedback on your customer service, engage in social media, or to share product information with their family members and friends.
Convey your appreciation
Seventy percent of the time when customers change their loyalties, it’s because they feel taken for granted.
Differentiate your company for providing a happy buying environment – email thank you messages.
Encourage your customers to stay in touch with you by emailing coupon codes for free products with a purchase, a new discount or free shipping.
From the Coach’s Corner, here are related sources of information:
To Grow Your E-commerce, Select the Right Software – If you want to save time and make more profit on top of your revenue, consider fine-tuning your approach to shipping – from carrier discounts to shipping labels. That means analyzing and choosing the best software for your situation – now and down the road.
5 Tips to Rock with Your E-commerce ‘About Us Page’ – Your “About Us” page plays a crucial role in whether people will buy from you. It’s always an emotional decision. Here’s how to capitalize on it.
E-commerce: Shipping Practices for Customer Satisfaction – Conversions for customer satisfaction are paramount in E-commerce, which is built on the concept of prompt service. If you want to attract and keep customers, you must use best practices in shipping.
E-commerce: Strategies to Pick the Right Digital Partner – True, if you don’t have the necessary expertise, e-commerce services can be expensive. So to maximize value for profitable sales, it’s imperative to choose the right digital agency as a partner. Here’s how.
8 Tips to Make Your Social Media Boost Your E-commerce – Are you just starting out using social media? Well, if used well, social media is an excellent tool to accomplish two goals – connecting with your existing customers and attracting fans for new business.
“The purpose of a business is to create a customer who creates customers.”
-Shiv Singh
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