Customer Retention Strategies for Holiday Shopping Websites
As per the survey conducted by the HBS (Harvard Business School), increasing customer retention rates by 5% hikes profit by 25-95%. An average business loses around 20% of its customers yearly by failing in maintaining customer relationships. In some industries, this is almost 80%. This loss is staggering and can’t be overruled. One of the golden rules for tremendous success in any business is to convince the customers that they are more important to you than your competitors. Thus, it becomes necessary to delight your customers so they will not only stay with you but buy more stuff from you.
The only simple thing a firm has to do is to keep in contact with its existing customers, to build goodwill, and to prevent the customers from going away to any of your competitors. Generally, Businesses spend a lot of money opting to win new customers but they forget to keep the ones they already have. It costs a lot more to acquire new customers than to get an existing customer to purchase repeatedly from you. It is evident that the longer you keep a customer, the more they spend with you. Not all of these ideas may be appropriate for your business, but there should be something for everyone in this list.
4th quarter of 2015 was in full swing, and now is actually the best time to start preparing for grand 2016. The earlier you start its preparations, the better you will be positioned to gain the traffic and long-term happy customers. This will be the customers who will return to your store after the holiday decorations. So, let’s blast off into 2016, we have sorted the list of 6 customer retention strategies for holiday shoppers in 2016.
Rewarding Your Premium Customers:
Reward your customers by sending them a gift, and assist them in generating their business. The Gifts can be a physical gift with a special time-limited discount or privileged incentives that are exclusive to them. Want to do something special? Then you can write them a personalized handwritten note to thank them for 2015. Always “Under-promise and Over-deliver” and show customers that you are willing to support them whenever they are in troubles. Your business should be open to meet the convenience needs of your customers. If you don’t establish trust now, then the target customers will jump to your competitors. It is a crystal clear fact that the best customers are your current ones. Don’t take them for granted. Keep on top of their wants and needs. Thank them for being the best customers for the year past.
Effective Utilization of Emails:
How can Emails be the source? Surely, you can send ‘Miss You’ Emails and reach out to your customers that has not visited your store since long. An email with a personalized product will make them believe that you have learned their likes and dislikes. This will assist you build a more personal relationship with them. Emails can be your virtual ‘Newspaper’ or ‘Letter’ of Communication between you and your valuable customers. Thus, if the utilization of emails is done effectively then it becomes very easy to maintain your premium customers. By sending automated Order Follow up emails to the customers with highly relevant items to those purchased in December would increase the chance of your customers stepping back to your store.
Alluring the Customers by giving Coupons:
The New Year has just begun and you need to attract your customers by telling them that you still care for them. As the January rolls around, the shoppers are hoping to get huge discounts than normal days. So, you need to delight these bargain hunters with a special coupon with a small surprise. As per the survey, personalized coupons and discounts increase 30% of the sale than routine. Thus, you ought to allure your customers and rest will do accordingly.
Proper use of FB advertisements to connect with the Potential Customers:
Yes, Facebook is no more the social media for fun as it is utilized as the promising promotional way for most of online business. 35% of the traffic of any newly started venture comes from Facebook and so you must take the benefits of it. FB Ads is very much customizable and reaches to the people you want to. Thus, it is time to target the customers who have visited your store previously by recommending products picked just for them & try to convert them moderately.
Make your Home Page Catchy:
Everyone likes to be funky, stylish and in vogue. Why? Because it looks attractive and catchy. Similar is the case with online websites as displaying attention grabbers on your Home Page. By doing so, customers are likely to come back to your store either to look for items or to learn about it. Make sure these customers are abruptly greeted with the trending items in your selection to seize their interest again and eventually complete a purchase. To rise the conversion rates, display personalized recommendations on your Homepage so that items the customer is most likely to purchase are the ones they watch first.
The X-Factor for the customers:
This is one of the most significant things for the attraction or retention of the customers. X-Factor is the point which is particular and specific for different customers, and so you need to pinch out those factors to them. These factors can be mostly from the following:
- Do the unexpected
- Keep your customers informed (Emails and Reminders)
- Add value (Measure their lifetime value)
- Reducing Attrition
- Label your customers (Favorite, Recurring, Honorable, etc.)
- Use the words they love to hear (Free, Special, etc.)
- Frequent Communications Calendar
- Product or service integrity
- Courtesy system and Loyalty Programs
- A complaint is a gift & so turn your negatives into positives
- Magic Moments
- Overcome Buyers Remorse
- Conducting Regular Reviews, Questionnaires and Surveys.
- Welcome Book
The above factors are just the nut-shell of the things and attributes that can led to the higher customer satisfaction level.