How to Keep Your Best Customers

How to Keep Your Best Customers

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To turn first-time shoppers into brand advocates and repeat customers, many business owners and marketers want to keep them around. This is called customer retention, and it is more vital to your success than you might think.

For starters, acquiring new customers costs more than retaining existing ones. Also, repeat customers tend to spend more than new customers. That is, without a solid customer retention strategy, you are likely losing money and missing out on important engagement opportunities.

The good news is that there are many ways to gradually improve retention. Today, we’ll cover several powerful strategies for keeping customers returning to your site long after their initial purchase.

Ready? Let’s go!

  • Calculate Customer Churn Rate
  • Create a Solid Content Marketing Plan
  • Prioritize social media engagement
  • Reward Loyalty

Calculate Customer Churn Rate

Determine your customer churn rate first. Your churn rate is the number of people who buy something from your website but never return.

A pet store might label customers who don’t reorder after three months as churn. Annual renewals are often used to calculate churn rates.

Whatever type of business you run, you can calculate your churn rate using a simple formula. Here is the standard equation:

churn rate = canceled customers / total customers x 100

So, if you have 500 customers but 50 cancel or don’t return after a certain time, the formula is:

50/500 x 100 = 10%

Using this math, the churn rate in this case is 10%.

There is no official churn rate measurement. It varies by industry, resource, and product. Once you know how many people are leaving, you can adjust your retention rate accordingly.

Create a Solid Content Marketing Plan

Now that you know your churn rate, let’s talk about content retention. Blog posts, videos, and other visual media can keep users engaged with your brand and encourage repeat purchases.

More than ads, diverse content on your site will increase user retention. This is because 70% of consumers prefer content over paid advertisements.

You’ll need to write blog posts that address your audience’s concerns. The more you know about your site visitors, the easier it will be to create relatable and valuable content.

This strategy can help increase your retention rate as well as drive new organic traffic to your online store. Companies that publish 16 or more blog posts per month receive 3.5x more traffic than those that only publish 0-4 posts per month.

Prioritize social media engagement

Regarding online contests, consider how social media platforms like Facebook, Twitter, and Instagram can help retain customers. Did you know that 59% of people use social media to get shopping ideas? Every year, over 3.96 billion people visit these sites, regardless of industry.

Making social media engagement a priority for your company has many benefits. The main benefit is increased brand awareness. If a customer buys something from your site but does not subscribe to your emails, they may forget about you.

When calculating your churn rate, everyone who takes this path likely contributes to it. Instead of letting them go, you must remind them of your existence via social media.

Share some of your site’s best content on social media. Also, reminding existing customers that you’re still around and ready to do business will drive new visitors to your site.

Engage with your audience in the comments section of your posts. People will return to your site if they know you are available to answer questions and provide additional information.

Reward Loyalty

We’ve all shopped at a store that rewarded our loyalty. It’s nice to get a little extra from a company we like. Your clients probably feel the same way.

If you want to keep your best customers, you need to reward them for returning to your site. Set up a reward point system for your customers.

Essentially, visitors will be rewarded every time they shop with you. Most businesses choose to reward customers with points that can be redeemed for future purchases. With a second order, shoppers usually spend more than their points.

You can also reward brand advocates. Online contests are a great way to get repeat customers. The key is to reward everyone who enters, not just the winner.

So, after you announce the winner, send a discount to all participants. Even a 10% discount can help turn first-time shoppers into repeat customers.

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