Customer Retention Strategies

Customer retention starts as soon as someone buys your product. Developing a post-purchase relationship with your customer starts with nailing their shipping experience.

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While gaining new customers tends to garner all or most of an ecommerce team’s attention, getting them to stick around is another ballgame with an entirely different ROI (spoiler alert: It’s cheaper than attracting new customers). While many customers might see the benefits of your business initially, over time, they may start to see some red flags or other reasons to break the partnership. But while it's inevitable that you’ll have some customers that’ll leave you at some point, the goal is to retain as many of them as you can. Luckily, there are customer retention strategies that have been proven to lead to a lot of success. In this piece, we’ll dive deeper into customer retention and explain how it works for ecommerce businesses.

What is Customer Retention?

The customer retention concept involves tactics that are used to get customers to stay your customers. It involves an intricate process with various strategies that help to increase your customer retention rate. Take a look at some of these strategies below:

Send Surprises

One customer retention strategy that has worked for many ecommerce businesses involves sending the customer a surprise. Some companies even write a handwritten note that states how much the company appreciates their loyalty. Be sure to look up customer retention strategies PDF documents to see more examples of this tactic.

Use Automation

While our jobs are getting busier and busier by the day, this leads to customers not getting the attention they deserve. But in a world full of new software technology, automation is taking the world by storm. In this day and age, there are many types of software options that allow you to create automated messages that are sent to your customers without doing a thing. Go ahead and Google a customer retention strategies PPT to see some of these strategies in action. You might also try to research a popular customer retention strategies Slideshare for more direction.

Customer Retention Examples

Still confused about how customer retention works? Not sure how to relate it to your business and your customers? To help you with the process, it’s important to do your research on customer retention examples. Try to find professional examples that have led to great results. You might also try to find customer retention strategies case studies from successful companies. This can help you visualize how this can work for your business and it can get you one step closer to establishing and crushing your customer retention goals.

Many Resources Out There

When ecommerce businesses dive into customer retention strategies, there is a huge learning curve. But in a world with so many resources out there regarding case studies and examples to gain knowledge, you can skip those painful learning experiences altogether. While there will always be some learning to do, utilizing the many resources available can help you learn customer retention strategies earlier than you ever imagined.

Templates

If you’re new to the customer retention concept and you need a little boost to get started, there are many customer retention strategy template solutions out there. These strategies are already laid out for you; all you have to do is fill in your own content, then watch your strategies come to life! There are templates for many different areas of your customer/client relationship. One important area to focus on involves customer retention strategies in CRM.

How To Retain Customers

Knowing how to retain customers isn’t an easy mountain to climb. With so many strategies and tactics to understand, it can all be very confusing. Additionally, one strategy might work for one company and be totally useless for another. That being said, it takes a thorough evaluation and many hours to find the strategy best suited for your needs. In the world of ecommerce, retaining customers is very difficult. Many people shop online for one item, then choose a different store for the next item. On the other hand, they may not shop online again for a very long time. But no matter when they hop online for a purchase, you want to make sure that they choose your business every time. Keep reading to learn the different customer retention plan options for your ecommerce business.

Create Loyalty Programs

In ecommerce, you want to give your customers every reason to buy a product through you. And what better reason is a discount? If you create a loyalty program that rewards customers for making a purchase, it can do wonders for your retention rate.

Focus On Post-Purchase Experience

One reason that ecommerce stores fail with customer retention is that they don’t focus on the post-purchase experience. Once a customer makes a purchase, you should really check in with them to see how they like their product, to get a review, or to offer a special deal for purchasing through you. And if you constantly target them after that initial purchase with different customer retention tactics, then you could really see a boost in your customer retention rate.

Retention Marketing

When it comes to ecommerce customer retention, sometimes these strategies fall into the hands of the marketing team. Many of these strategies relate to sending ads, emails, or other forms of communication, so it makes a lot of sense for marketers to handle these processes. Take a look at the different ways that marketing can play a role in customer retention strategies:

Email Marketing

When it comes to customer retention, many strategies involve reaching out to customers via email. Whether it’s after a newsletter signup, a product purchase, or a shipping delivery, emails can — and should be — sent to the customer. However, there are many different strategies to this and it really depends on your industry and phase in the customer journey. For example, customer retention strategies in service marketing will look far different compared to strategies for product marketing.

Sales

With many ecommerce businesses, marketing and sales go hand-in-hand. On many occasions, the marketing team might also be in charge of sales. That being said, these experts understand the journey of the customers and can target them at various phases. They also probably understand sales renewal strategies, which is a great form of customer retention. But no matter your role within an ecommerce business, understanding customer acquisition and retention strategies is key.

Positive Customer Retention Strategies

While it’s great to see results when you’ve implemented customer retention strategies, positive results are even better. Positive customer retention strategies involve strategies aimed at not only retaining the customer, but growing revenue over time as they continue to purchase items from you. This is a very important distinction to make. While you always want to retain as many customers as you can, your revenue will stay the same if that customer never purchases from you again. In order to make it a positive customer retention experience, growing revenue over time through continued purchases is the key to a successful customer retention strategy.

Few Purchases Could Turn Into Thousands

The great thing about ecommerce sales is that one purchase can turn into thousands more. If a customer sees value in your products and feels that your business offers exactly what they need at a good price, then you can see the sales coming in quickly. But while some customers just keep buying from you without needing any marketing or communication, some customers need that extra marketing push. Be sure to check out a stages of customer retention PPT to see how these tactics can come to life.

B2B Customer Retention Strategies

While there are many factors that help to decide the type of customer retention strategy to use, the same goes for B2B customers. It's important to understand that you need to target these companies differently than you target your regular, everyday customers. So if you’re a B2B ecommerce company and you want to ramp up your customer retention efforts, then there are some B2B customer retention strategies you should understand. Take a look at these considerations below to help you with the process:

Receive Customer Feedback

If other businesses buy from you, then that can be a lot of revenue for your business. In fact, some ecommerce stores need businesses to purchase from them to keep their company afloat. But one reason that many businesses decide to part ways with a certain ecommerce store is that the store isn’t focused on the customers’ needs. To help with this, ecommerce stores should receive customer feedback to understand what they could do better.

Observe B2B Customer Retention Examples

With so many B2B ecommerce stores out there, chances are that there are some of them crushing it at customer retention. That being said, try to dig up some research on successful customer retention company examples. This can help your company understand what works and what doesn’t.

Benefits Of Customer Retention

While getting first-time customers to purchase is great and all, getting them to stick around is an issue that many ecommerce stores are having. While the problem sometimes relates to the products you sell or the industry you’re in, sometimes it relates to poor customer retention strategies. And one of the biggest mistakes that businesses make relates to not focusing on customer retention. Take a look at the many benefits of customer retention:

More Revenue

It's not rocket science to understand that more customers equals more revenue. That being said, this leads the pack when it comes to the benefits of customer retention in the ecommerce world. The more customers you retain, the higher the chance that your sales will grow.

Saves Money

Let’s say that your customer retention rates are through the roof. That might mean that new customers aren’t really a huge priority at the moment. And if you’re a small ecommerce company that is already working like crazy, maybe you can’t even handle new customers. So if your customer retention strategies are doing exceptionally well, that might mean that you don’t really have to spend money on marketing to new customers, which could save you a lot of change.

By making customer retention a strong focus of your ecommerce business, you can watch your sales soar through the roof.