Customer Retention and Your Bottom Line

What is Customer Retention? It is keeping your customers loyal to your business. It is all about building a great relationship with your customer. Your business creates value in their lives and so they trust you with their money. And these customers will not only keep coming back, but they will likely bring others along with them.

Online marketing has often focused on finding new customers and reaching new audiences. Customer retention is a much easier way to expand your brand. And it is much more profitable. In fact, one study shows that a 5% increase in customer retention can increase your revenue by a staggering 25-95%. Creating a great online experience for your customers, will lead to a loyal base of customers who become ambassadors for your brand. 

Learning how to create customer loyalty online can be tricky, but it can be done! Here are a few tips:

  1. Know your base – Understanding your customers is the most important part. Get to know what inspires them, what interests them, and what keeps them coming back to your product or service. 
  2. Make the online experience easy – A page that is too bulky to load quickly? A website that is difficult to navigate? An online purchase that takes too long? If your web presence is difficult, customers will not stick around. Focus on creating a simple experience, so that customers will return.  
  3. Communicate often – Stay in touch with your customers through their preferred channels of communication. 
  4. Offer great content – Give customers tips about your product. Showing them how to utilize it better. Or, create interesting, fun or motivational content that you know will keep them interacting with you online. 
  5. Reward loyalty – Offer perks for returning customers. And, let them know insider information or invite them to try out new products or services before they hit the market.

Octane can be a valuable partner in retaining your customer base. Contact us today to find out how we can help!