We’ve all heard the saying that retaining a customer and creating multi-buyers is a much easier and more cost efficient than acquiring a new customer. In fact, most sources estimate a new customer costs between 4-10x more than retaining an existing customer*. Multiple sources also state that profits are significantly higher for companies who invest in customer retention and not just acquisition^. And anyone in business loves to make a profit…. So the big question here is:
How can you convert your existing leads and customers into multi-buyers?
To give you a nice starting point. Here are 7 easy ways you can maintain value for your customer, enhance buying frequency and increase your bottom line.
Regular Email Newsletter
Whether it’s daily, weekly or monthly, a regular email will keep your business top of mind to your subscribers. Ensure your emails are full of valuable content as well as back-links to your website and current offer to assist in bringing leads into your sales funnel and converting existing customers into multi-buyers or brand advocates.
2. Retargeting Campaigns
Retargeting provides substantial returns on investment because it allows your business to follow-up, re-engage, or offer the next logical step to previous leads and customers. Retargeting also enables you to maintain your brand presence with anyone who has previously engaged with your business, keep you top of mind for when they are ready to purchase.
3. Optimisation of Thank You Pages & Sales Notifications
If you have an online store (of any kind) presenting up-sell and cross-sell options to your customers is crucial to increasing your average basket size, increasing customer satisfaction and creating more profits for your business.
Even by simply adding a product offer to email sign-up confirmation page, into the footer of your e-commerce receipts, or on your website thank you page you are increasing your opportunities for people to buy from you.
4. Exit Offers
When a visitor to your site expresses intent to leave by moving the mouse to close the browser tab, present an offer to them. It may be in the form of:
- a free opt-in to bring the visitor into one of your sales funnels
- a “You forgot to check-out your items” to lower cart abandonment
- a “did you know we also offer…” to capture the interest of the visitor
- a couple of links to other blog posts of similar topics to keep the visitor on your website longer getting more acquainted with your brand
- a “how can we help” support desk request form
- a special coupon or upgrade deal specific to the content the visitor has been interested in to secure the deal
Presenting free, valuable or incentive-driven offers to customers on their intent to leave your website improves customer engagement, basket size and buyer frequency.
5. Loyalty Programs
Creating a loyalty or membership program provides a great platform for you to engage customers with your products and services more frequently, deliver your offers straight to your existing customers, and encourage customers to become frequent buyers. As loyalty members are usually existing customers, uptake on offers is higher and easier as they are already familiar with your brand, products or service.
6. Cart Abandonment or Lead Follow-Up
Customers abandon purchase for a reason. It may be as simple as they accidentally closed the browser tab or got caught on the phone and forgot to complete the purchase. A courtesy follow-up email works great, and to entice the customer you could even offer a special discount if they complete the sale within 24 hours.
People also opt-in to your lead magnets for a reason. If you have the capacity, follow-up with them personally and find out what they were struggling with that lead them to sign-up for your freebie and offer ways you can continue to help them. Alternatively automate your follow-up to keep them engaged by offering them similar information of value and continue to nurture them to purchase.
7. Customer Appreciation Offers
Invest in your existing customers and show them that you care. Offer them a private sale, additional content or exclusive offers. Make your existing clients feel appreciated and nurture them to become brand ambassadors and loyal customers.
The ball is in your court now. Go ahead and try a few and don’t forget to review the results. I would love to hear how these strategies worked for you. Feel free to share in the comments below or email me directly.
If you need more facts and figures to show you just how powerful customer retention marketing campaigns can be, check out this insightful infographic from Invesp.
Infographic by- Invesp