Customer retention is one of the most important metrics for any business to consider. Repeat custom helps brands forecast and make key decisions, with new business topping that up.
As the backbone of any business, the more you strengthen your customer loyalty and trust, the more likely they'll come back to you time and time again. In this article, we've highlighted 5 ways to improve retention, strengthen relationships and prevent churn.
1. Map Out Your Customer Journey And Lifecycle
Firstly, you need to understand where customers are in their lifecycle and what they need at that stage. This means you need to have a plan in place to communicate at each phase of their journey.
It's important to know what your customer knows about your business so you can tailor your approach accordingly. If they know nothing of your brand or haven't heard from you for a long time, then it might be time for some education about what makes your company unique and special.
And if they're already loyal customers, it's a perfect opportunity to strengthen that bond and send reminders about why they should continue to do business with you.
Source: Smart insights
2. Leverage Lead Scoring To Determine Customer Engagement
Lead scoring is a great feature within Force24 to keep track of how active or passive you should be with your existing customers. As they go through the buyer's journey time and again, you can assign scores to actions and keep track of the engagement levels.
This will help you tailor your outreach to where they are in the journey and identify opportunities to keep moving them along. Remember, especially in the case of cross-selling, even existing customers require the appropriate nurturing to help them convert again.
3. Keep It Personalised
One of the most important things you can do to strengthen relationships is to deliver increasingly personalised experiences that add more value. Just like your interactions with lifelong friends are much more desirable and valuable than your interactions with acquaintances, this should be your goal with customers.
With Force24, you can use personalisation tags on emails and microsites to create a personalised customer experience. If you haven’t collected substantial data to do this, you can use our forms and pop-ups to collect key information to insert personalisation.
You can also utilise Genius Blocks and AB test your content to see what works best for your audience.
Examples of personalised campaigns:
Lead nurturing campaign
Purchase feedback campaign
Customer nurturing campaign
Reactivate engagement campaign
Behavioural campaign-(visited/clicked/submission related)
Exclusive competition and prize draw campaign
4. Identify Advocates And Reward Loyalty
As a business, you want to make sure you're doing everything possible to keep customers happy. One way to do that is by identifying and rewarding brand advocates, and establishing a 'loyalty campaign'.
Beyond the value that returning customers bring - in terms of reduced acquisition costs and increased purchases - they can also become advocates for your business and reduce the legwork required when bringing in new customers.
Force24 can help you identify brand advocates and contact engagement with lead scoring, IP tracking and web activity tracking.
You can then set up a loyalty campaign journey to offer them an exclusive deal for their next purchase. Generally, happy customers will keep coming back. And as a marketer, you should be able to identify who those happy customers are and encourage them to be your advocates and referrers.
5. Customer Feedback Is Key
Instead of guessing or making inferences, why not collect regular feedback where your customers can share their thoughts and become true advisors for your business? After all, who better to tell you exactly what they want than the customers themselves?
And as a final tip, create a follow-up journey after the date of their purchase. It’s a great way to extend your customer lifecycle and understand if your product/service meets their initial needs.
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