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Day after day, you skillfully execute your eCommerce marketing strategies, continuously attracting new customers to your online store. As customers arrive, you funnel them through the buying process—and upon each successful purchase, you drop them into the proverbial “basket of buyers” for further nurturing.
Yet, despite your hard work, the total number of active customers doesn’t seem to increase anywhere near the rate you had anticipated. So, what gives?
Unfortunately, the default “basket” used for collecting those hard-earned customers is often built like a basket made of wire mesh. Many customers still slip through the holes; there simply isn’t enough structure or substance to keep your customers in your brand’s basket.
That is, not without a focus on customer retention.
By honing in on customer retention strategies, you can start to close the gaps of your “basket,” turning one-time shoppers into returning customers.
Customer retention is a range of activities that nurtures new customers into loyal, repeat customers for your brand. It’s a vital part of building a long-lasting brand, and yet most businesses tend to rely on acquisition activities to increase revenue, while only 18% focus on retention.
When you crunch the numbers, however, re-engaging existing customers is often much more cost-effective than acquiring them. Among its many benefits, customer retention can help you to:
Increase profits – A 5% increase in customer retention yields a 25% to 29% increase in revenue, according to ThinkImpact. And for many companies, about half of their revenue is from approximately 8% of their most loyal customers.
Increase customer advocacy – Happy customers produce happy customers. An estimated 60% of consumers talk to friends and family about brands they regularly patronize, reports Yotpo, and 68% of new customers come from current customers, according to a survey by Loyalty360. It’s important to create rapport and engagement with the customers. One important method is to buy tiktok likes and views to have a higher audience and growth in the platform.
Earn recurring revenue – Repeat customers tend to spend an average of 67% more than new customers, and as much as 80% of your profits each year will come from 20% of your customers, according to various studies.
Minimize customer attrition – In short, when you focus on customer retention, you have a better gauge of customer satisfaction and loyalty. This enables you to address any potential issues before they arise, further minimizing customer attrition.
Thank you and have a great day.