Customer Retention Strategies to Grow your Online Business

1. 4 Techniques to Succeed in Retaining your Customers

2. What is Customer Retention? Before we go through the strategies for retaining customers, let us first understand what actually is a customer retention? ‘Customer Retention’ is the rate with which we measure how an eCommerce company is taking care of its customers over a duration. After all the business is for the customers and the success can be measurable through the customer satisfaction and retention. Prepared By : M-Connect Media

3. Customer Retention Rate • If you have a low retention rate, then you must what is going wrong with your process. • On the other hand, if you have a high retention rate, you should make a strategy to maintain that rate. Prepared By : M-Connect Media

4. How to Retain the Customers? It is difficult to retain the customer if any of you is not paying attention to another. • For retaining your customers, you should have an exceptional user experience, connection & communication with your customers and education. Prepared By : M-Connect Media

5. Techniques to Retain Customers Here, we have included 4 techniques which will help you in retaining your customers. • Find Out and Focus On Your Target Audience • Seek and Act on Customer Feedbacks • Boundless Improvement of User Experience • Apt Message after Sale Prepared By : M-Connect Media

6. Find Out & Focus on Target Audience • The first step which needs to be focused before actually planning the customer’s retention is that an eCommerce business needs to find out and focus on their target customers as well as existing loyal customers. When you create the plan for customer’s retention keeping in the mind your target audience, it gives more profit or ROI than focusing on your new or average customers. Prepared By : M-Connect Media

7. Focus on Target Audience (Cont..) • To identify your target customers, you can check the metrics such as Purchase frequency, Customer Lifetime value, Price sensitivity, Average order value etc. • To increase the retention rate and conversion rate, you also need to find out the annual rate of people leaving your site or subscriptions or memberships. • If you want to customize the retention process then you have to track the purchase behavior of your customers. Prepared By : M-Connect Media

8. What to Do? • To enhance the conversion rate of your brand, you can use the Net Promoter Score method. This will let you know about people who like your products and services (promoters), people who don’t like your products and services (detractors) and people have neutral experience or perspective (Passive) about you. • This will help you find out the group of people on whom you could focus more for retaining them on your website. Prepared By : M-Connect Media

9. Seek and Act on Customer Feedbacks • The companies who take the customer feedbacks and reviews seriously, become successful as compared to the customers who don’t take that into account. A customer review not only help to get your company credibility but it also helps to increase the conversion rate and build trust. Prepared By : M-Connect Media

10. Seek and Act on Customer Feedbacks (Cont..) • This happens because any new customer will first check the review before they purchase your product. They will believe in the review or feedback from others. • Taking down the surveys or feedbacks from your customers after they have made a purchase gives an opportunity to see the pain points in real time and help you to see the areas of improvements. Prepared By : M-Connect Media

11. Seek and Act on Customer Feedbacks (Cont..) You can ask for an on-page-survey depending on the following factors: • Duration on the website • At the step of “adding the items into their carts” • Number of webpages browsed • These feedbacks can help you to know the points using which you can retain your customers. Prepared By : M-Connect Media

12. What to Do? • Take down all the feedbacks seriously whether it is a positive or a negative one. If you have received a negative review, then take that into consideration and correct your mistakes. • This will increase the chances of building more customer faith in you. Prepared By : M-Connect Media

13. Boundless improvement of user experience • For creating and improving the customer experience, it takes the data for feedbacks and user’s site activity or purchase behavior. But for this, you need to have not the best technology but also upgrading systems. • When you determine the satisfaction level of the customers once they have made a purchase from you, it also reveals how they interacted with your site, happiness they got, experience they had and loyalty they have towards your website. Prepared By : M-Connect Media

14. Boundless improvement of user experience (Cont..) • If you want to provide the exceptional shopping experience to your customers, then you have to make sure that you prepare and follow a personalized approach. It not only gives them a personal touch but also connect with them emotionally. And this will give you long term loyal customers and increasing sales rate. Prepared By : M-Connect Media

15. Boundless improvement of user experience (Cont..) • To make a personalized touch, you can find out about the emotional motivators and execute your motivation plan. • Let us consider Ease and Convenience as the emotional motivator for your targeted customers. You should use such messages or designs which offer ease and convenience to your customers while they are shopping from your website. Prepared By : M-Connect Media

16. Boundless improvement of user experience (Cont..) • For Example : Nettleton Shoes, have a special section on their website which offers a chance to try their 1-2 pairs of shoes at their home before they actually take the decision of buying those. Prepared By : M-Connect Media

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18. What to Do? You must concentrate on providing a personalized and emotional touch to your customers. The emotionally connectivity between the business and customers ultimately establishes the trust factor and improves the sales. Prepared By : M-Connect Media

19. Apt Message after Sale • Before you send the emails or message after a sale, you should know about the purchase history of that particular customer. Don’t send a post sale message just after a week of a purchase. It will not look relevant or it will be too early for those messages. • You can send an email or message regarding cross selling products as per the customer’s purchase history or behavior. Prepared By : M-Connect Media

20. Apt Message after Sale (Cont..) • For Example: Amazon has sent a post-sale email to its customer which also included cross selling products. Prepared By : M-Connect Media

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22. What to Do? • In order to retain your customers through post sale messages is to send them cross selling products, new items in the same category or reminder of consumable products. • This will help you keep the track of their purchase and also connect with them. Prepared By : M-Connect Media

23. Conclusion • You may have some shortcuts to succeed in retaining your customers. But those shortcuts will not last long. You need to seek the data and take it seriously for creating the customer retention strategy. Don’t forget that if you are successful in retaining your customers, then those customers will bring value, sales and success to your business. • However, understand and learn from the points discussed in this presentation and retain your customers. Prepared By : M-Connect Media

24. Do you want more sales, more profit? For an eCommerce business, it is very crucial to gain credibility and popularity. And you can achieve that through your loyal customers. So, what do you do to retain your old/targeted customers? visit :https://www.mconnectmedia.com/ecommerce-consulting/. You can also share your suggestions or points and ask the questions via comments also. We would be happy to talk to you! Prepared By : M-Connect Media

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