It’s only natural to think about acquiring new customers when brainstorming ways to increase sales. Customer acquisition equals revenue growth, right? This is true, but many businesses are missing out one key detail here. If you spend too much time and energy obtaining new customers, you may overlook the ones you already have. Make sure to focus on your customer retention rate as well!
According to data from Sixads, loyal customers spend 67% more than new ones. It’s likely that taking stock of your own shopping experiences will confirm this. Once you find a company you’re happy with, you probably make repeat purchases. In the same way you develop any relationship, you gain trust in the business as time goes on. Furthermore, you grow to expect a certain level of quality and service every time you shop. When the business continues to fulfill these expectations, it encourages you to keep coming back.
Now think about your business. This summer, you probably attracted new clients, but what are you doing to maintain them? Rather than seeking new audiences this fall, try to optimize your customer retention rate. What steps can you take to keep those customers who were excited about making their first purchase? We’ve got a few ideas to help you brainstorm!
3 Ways to Boost Your Customer Retention Rate This Fall
1. Offer Exclusive Fall Discounts for Returning Customers
No matter what type of business you own, new seasons present an opportunity for change. Whether your customers are clearing out their wardrobes or prepping their homes for winter, fall gives them the opportunity to re-evaluate their needs. This makes it a great time for seasonal sales and discounts. Black Friday is coming, for instance. Consider ways to increase your customer retention rate this year, even if you already have a plan in place for this type of event. Giving an additional exclusive discount that only applies to return customers will encourage them to participate.
2. Start an Informative Monthly Newsletter
Your existing customers know what to expect from your products and services. They’ve interacted with your employees, navigated your website, and received a product they were satisfied with. Still, they might forget about your brand as time passes. Life gets busy. Plus, today’s market is competitive, so it’s especially important to stay current. A monthly newsletter can keep your current customer base up to date on news related to your brand. You can also provide customers with tips, testimonials, video content, and links to your blog posts. This keeps them “in the zone,” so to speak. If you create a compelling newsletter, it should remind customers about your brand and boost your customer retention rate.
3. Take Advantage of the Holidays
Halloween, Thanksgiving, Christmas, and plenty of other major holidays take place during fall and winter. These benchmarks provide businesses with a chance to offer complimentary items, sales, and access to exciting events. And they’re right around the corner!
This fall, remind your customers to take advantage of your inventory by sending them a seasonal e-mail. For example, consider a customer who bought swimwear from your shop in July. Perhaps they didn’t realize you also sell outerwear like jackets, winter coats and knitted hats. When customers receive e-mails that promote your seasonal products, they’ll be more likely to make a second purchase.
Partner with Because You’re Busy Co when Focusing on Your Customer Retention Rate!
Because You’re Busy Co knows how to create relevant, engaging and accessible content for your business. We specialize in creating websites, blogs, social media posts, and newsletters that are compelling and consistent with your brand. Partner with us keep in touch with your customers, so that your business can reach its highest potential! Visit us online or contact us today at 410-324-3934 to get started.