7 Proven Ways to Maximize Your Customer Retention Rate
There are a couple of ways to grow your revenue:
- Find new customers
- Increase your customer’s lifetime value
The easier and cost-effective way to grow your revenue is by increasing your customer’s lifetime value. You can only increase your customer’s lifetime value if you manage to get their repeat business. Repeat customers aren’t only the lifeblood of small companies but also of giant corporations.
The study shows that the probability of selling to your existing customer is 60-70%, while the likelihood of you selling to a new person is less than 15%. Your current customers are more likely to try new products in your store and spend more with your business.
If you build a relationship with your existing customers, you’re more likely to entice them to purchase various glass pipes and bongs. The way to do it is by educating them about the benefits of specific products. However, you shouldn’t bluff.
How to Get Regular Business With Your Existing Customers?
Over the years, we’ve clients who have been doing regular business with us. Some might argue that it’s challenging to retain customers for a simple retail store, but we’ve seen our clients doing that.
Here are some tips that you can implement without spending a lot of money to retain your customers:
Provide Seamless online and offline experience
Aim to provide a seamless experience, whether they’re buying your product online or offline. Keep in mind that you’re not trying to capture a one-time deal. Your goal is repeat business.
Explain your product’s benefits and suggest if they are the right fit for the product. Add frequently add questions and give them plenty of ways to make a payment.
Include services in your offerings
Your customers have plenty of choices these days, and they look more than just a product from a businessperson. Offer them a wide range of services. For example, you can add a physical delivery of the product they were looking for when they landed in your store. Another thing you can do is give them an option to rent bongs if possible.
Customer loyalty programs
There are plenty of ways to provide value to your customers. Provide them offers like 10% off for the next purchase or similar. You can see how credit card companies lure people into spending more with their schemes.
However, you must not provide things that your customers won’t value. For instance, please don’t give them 10% off the product by increasing its price. You must also not make the loyalty program too tricky. One example of a poor loyalty program would be giving them a free coffee after ordering 10 cups of coffee.
Get creative with technology.
It’s a must for retail stores to have an online presence to grow their revenue. In this age of technology, you won’t compete if you ignore the latest technologies. One way to take advantage of the technology is by using online data to fuel your physical store. Take a look at the trend in your area and see what type of products would sell better.
It’s crucial to offer a variety of products to your potential customers. However, those options must be relevant. Beacon technology is quite helpful to retailers. You can send signals and notifications to your foot traffic by using this technology.
Improve your customer service
Over 70% of people will switch brands if they have a terrible customer experience. Don’t ignore your customer service if you want repeat business. You need to respond to your customer’s queries quickly to make them happy. Also, don’t try to argue a lot if someone comes to your store in return. Knowing that they can easily switch products, they will be more likely to do business with you next time. Check out some on-demand products:
- Gold Congo Chillum Pipes - $995 Ambassadors Package
- Massive Bongs
- Combination of a variety of on-demand products to fill your store
If there is a shortage of a trending product in your store, you can also offer physical delivery of that product to them the next day. Have your presence on social media platforms and answer their queries using multiple channels.
Tailor your message to each consumer’s journey
One of the ways to make your customers happy is by taking time to understand them. Spend time with your foot traffic and talk about their preferences. You can also use the post-purchase data to customize your message according to each customer.
If a person likes to collect glass pipes, give them options of trending products that they might not have on their shelf. Recommend products based on their wants, not your profit.
Consistently gathering feedback will increase your chance of making practical changes in your business. Not all will indeed give you feedback, but you can get an idea of what customers in general want if you have enough samples.
Ask questions like:
- What do they think about your product and service?
- What do they like about your store and also things that need to improve?
- Which channel do they prefer for communicating with the store?
Over to You
None of the things we suggested in this article is out of retailers’ reach. Frankly, you only have to try a little harder to be better than most players in this industry. You will find plenty of people with no passion, only entering to make quick money.
Are you ready to take action to retain your customers? If yes, what tip would you try first?