Low hanging fruits strategies for retailers to increase customers retention
Great marketers are always thinking of ways to attract new people through the door. In the end, that’s the main reason why you hire them, right? But, what’s next? You acquire new customers, they go to your store a couple of times and then they disappear and never come back again. Why’s that? What happened?
In this blog you’ll learn simple tactics to power up your customer retention so you can:
You’ll also learn how STRAIN can help your store:
Many retailers we’ve come across have a very distant knowledge of the amount of recurring customers they have in their customer base. They count customers as the people who have bought from them in a lifetime – or the total of customers in the POS – but, in most cases, the real number ranges from 10% – 30% based on who has returned to the store in a 90-day period.
As business operators we can’t just depend on marketing and new customers to run a successful business! Sure, we need to invest in new ones but, most importantly, care and cater to our actual ones. It’s no secret that for every dollar you invest in acquiring customers, retaining your current ones only costs 10% of that. This is not only a fraction of the cost but also gives you a 60% higher chance of converting an existing customer than a new one.
Customer retention is all about building trustworthy relationships with your customers. By offering personalized experiences and interactions, you’re showing that you value and remember them as individuals. This personal touch can create a positive emotional connection between the customer and your brand, which can lead to increased loyalties over time.
We all love when we go to a restaurant and they welcome us by our name, right? Learning customers’ names may seem like a small detail but it can have a big impact on how they perceive your brand and your team. People love to be recognized and that’s an experience they’ll share with others. In the end, word of mouth continues to be one of the best brand recognition strategies.
So, now that we know all this, what are the low hanging fruits to increase customer retention?
At STRAIN we’ve compiled the following list. Start with just 3 of these strategies to make your operation thrive and have customers keep coming back:
Not only are these strategies extremely effective to drive traffic back to your stores but they are very aligned to being proactive rather than reactive. As a plus, the cost of executing them is fairly low and, in some occasions, close to none.
So, what marketing channels should you leverage as a retailer? It depends on what you want to accomplish and the amount of money you can invest. Also, keep in mind that not everyone is engaging on the same channels, that’s why the omnichannel approach is the way to go. But it comes with a cost.
If we as retail owners ever wonder how to lower costs in these rough times in the industry, don’t look further. Start connecting better with your customers and it’ll pay back.
STRAIN mobile APP and all in one platform helps retailers to centralize their sales, marketing, customer service, and retention tools to centralize their operation while lowering up to 70% of technology costs.