Ann Marie Puig discussing overcoming retention challenges in an eCommerce business
Date : March 17, 2022 By
Retention of customers is more profitable than acquisitions. Therefore, it is important to concentrate on strategies to increase customer retention and not just on marketing strategies to get new customers. No matter what business type you are in, this is true regardless of the reason your customers are leaving. Businesses should not only focus on attracting new customers in order to increase their revenue but also need to pay attention to maintaining existing customers. Ann Marie Puig is a business consultant and process optimization expert. She discusses how eCommerce platforms can help improve customer retention.
It is important to have a good understanding of all the customer segments that make up the customer database. It is possible to segment them into loyal and loyal customers, customers who are underperforming, and customers who are not active. Once your customers have been segmented, you can drill down further to learn their business needs and industry. This will enable you to create appealing offers that appeal to your customers.
Customer loyalty is built by providing exceptional customer service. You can influence repeat sales and loyalty by providing personalized experiences that exceed customer expectations during the entire buying process. Puig explains that e-mail marketing campaigns must be personalized automatically to make customers feel special.
You can transfer the intangible effects of brand image work to a completely measurable level. Brand reputation management is all about understanding, measuring and correcting your brand’s attitude. To be the preferred choice for consumers, you must position your brand. Puig says, “If your customers trust you and respond to warning signs promptly, then recurring sales are guaranteed.”
A loyalty program can also be a channel to recurring sales. It is a great way to keep your customers loyal if you don’t overload them with advertising. To make your customers feel special and to encourage sales, it is important to reward loyalty with offers, promotions, and better purchasing conditions.
It is always wise to train customer service staff. Agents who have been trained to capture customer feedback are able to spot customers who are unhappy or who may be considering purchasing from them. They can then pass this information on to the company. Agents should be trained in passing on information about competitors to enable your marketing department to take the appropriate actions.
Training all employees on basic customer retention techniques is a great way to give them the tools to retain customers. This can be achieved by properly handling complaints, turning dissatisfied customers into loyal customers, and educating customers on the value of your products.
Last but not least, follow up with all new customers. This is a great strategy for all businesses, but especially so for e-commerce companies. It gives a human touch to a transaction that is impersonal and creates a foundation for loyal relationships. Although it is impossible to track every customer, you can set a dollar amount or currency and track any new customers who spend more. This can be done online and is easy to do.
It is always more profitable to keep existing customers than to acquire new ones. In other words, it costs seven times more to acquire a new customer than to keep an existing one. Keeping repeat customers is a great way to predict your workflow and revenue potential, as well as make it easier to service them with the knowledge that we have gained over time.