Customer Retention Techniques to Build Customer Loyalty

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4 Techniques to Succeed in Retaining your
Customers
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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.

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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.

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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.

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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

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Find Out Focus on Target Audience

• The first step which needs to be focused before
  actually planning the customers 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 customers retention keeping in the mind
  your target audience, it gives more profit or ROI
  than focusing on your new or average customers.

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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.

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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 dont 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.

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Seek and Act on Customer Feedbacks

• The companies who take the customer feedbacks and
  reviews seriously, become successful as compared
  to the customers who dont 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.

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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.

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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.

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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.

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Boundless improvement of user experience

• For creating and improving the customer
  experience, it takes the data for feedbacks and
  users 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.

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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.

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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.

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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.

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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.

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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. Dont 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 customers purchase
  history or behavior.

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Apt Message after Sale (Cont..)

• For Example
• Amazon has sent a post-sale email to its customer
  which also included cross selling products.

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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.

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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. Dont 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.

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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-c
  onsulting/. You can also share your suggestions
  or points and ask the questions via comments
  also. We would be happy to talk to you!

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Thank You!