Social media platforms are making brands pay to reach an audience. A new business means increased competition. So, it is getting expensive to acquire new customers.

The main thing is strategy, which will help you make money and increase profits, especially through repeat customers.

The nine best customer retention strategies that work

1. Utilize the customer’s account: The customer’s account can be a double-edged sword. Accounts can facilitate repurchasing and provide access to shipping information. Customer accounts are often seen as big commitments for the customers.

If they have the option, many people prefer to check out as guests. So the best trick is to provide an option to create an account after placing the first order. If you are on Cogent, your account is optional, and we only send a direct invitation after you complete your first purchase.

2. Improve your customer support: The support system helps you effectively communicate with customers to provide them with support at every level. A support system will assist you in communicating with customers both before and after the sale.

If you help the customer avoid problems and get the most out of your product, it will be a favor for both you and the customer. Depending on your product mix and margins, sending a small gift to your best customers can be a great way to remind them to return while adding an element of surprise and delight. It will also help to increase customer satisfaction.

3. Start a customer loyalty program: A customer loyalty program, also known as a customer retention program, is a very effective way to increase purchase frequency, but it will also motivate customers to purchase often and earn rewards. This becomes very profitable for both you and your customers.

Creating a programme can be as simple as rewarding customers for their purchases. Also, you can opt for automated loyalty apps, which will reward your customers for a variety of actions.

4. Send engaging emails: If purchase frequency is the backbone of customer retention, then email marketing is the backbone of customer engagement. Email marketing allows you to build relationships with customers before they make a purchase. Each email and message that you send to your customer is valuable.

The best way to start email marketing strategy is with a follow-up email one week after a purchase, thanking the customer for doing so. Your email can also include customer reviews that will increase value and satisfy customer desires.

5. Offer a discount or credit: The word “discount” comes with a warning. When you offer a discount on a product, you are informing customers that prices will be dropping, which may result in a loss of revenue. It also causes a risk when the margin is tight. Sending a discount coupon is a great way to improve customer retention. Most people check for discounts before shopping online.

6. Collect customer feedback. Why do people buy your product in the first place? What do they need next? Find the answer by analyzing the data and segmenting people who have been more active in the last 3 months. Run surveys and give customers content and products that suit their needs.

7. The perfect return process: The return process will make or break customer retention strategies. Give them a great experience, and they will return to buy again. If you provide a positive experience, 43 percent of your customers will return to you. About 70% of people check the return policy before ordering. So avoid falling short on customer expectations by clarifying these.

8. Offer a subscription service: Subscribing will make people buy something every month. They provide recurring revenue for businesses while also keeping existing customers engaged. Also, subscriptions can provide excellent experiences for customers who want them. The best part is that the service will not be an entire business model.

9. Turn complaints into resolutions: mistakes occur throughout the customer journey. Shipments can be delayed for a variety of reasons, including product damage. Own those mistakes and turn unhappy customers into loyal ones through great customer service. Whenever there is an unhappy customer and he gets a damaged or wrong product, own the mistake, give him a sincere apology, ship a free replacement, and explain what you will do so that it doesn’t happen again. Use CRM tools in this process.

Which customer retention strategy is right for your business?

Now that you’re equipped with a list full of good customer retention strategies, which will you choose? Every strategy won’t work for every business, but as long as you’re keeping the customer’s needs in mind, they’ll be happy to purchase from you every chance they get. Cogent can help you find and provide the best strategy that will suit your business and help it grow.