October 26, 2024
Best Strategies for Customer Retention in the Festive Season 2024
Strategies for customer retention
You have carefully prepared for Black Friday and Cyber Monday to optimize your website and promote the products. Still, when this period is over, you still need to map out strategies for customer retention for further purchases.
But why?
A Shopify analysis states that customers acquired during the BFCM have a lower lifetime value than those obtained at any other time of the year for 64% of businesses. As a result, making sure that your consumer will stick around after significant sales and come back to your company for the following transaction is crucial.
Hence, this blog will show you some effective strategies for customer retention that you can apply to your online store.
Here are some of the most common and effective customer retention strategies that you can apply to your store during the BFCM campaigns to boost sales and increase conversions. Let’s take a look at each one’s characteristics and decide whether to choose them for your eCommerce site.
1. Utilize the retargeting ads
Retargeting ads work best after the BFCM holidays when compared to other strategies for customer retention. That’s because you’ve already had the potential customers’ data, and all you need to do is advertise your products to them again through social media and other platforms.
The purpose is to remind the previous clients of your brand, drive conversions, and keep them stay updated for the next product promotions.
Generally, there are two types of retargeting ads. They’re pixel-based and list-based retargeting. You should choose the one that best fits your business and can produce the best outcome among other strategies for customer retention.
2. Invite customers to your loyalty program
An article pointed out that 62% of consumers don’t think their most dependable brands are rewarding them enough. Meanwhile, 80% of customers leaving a business believe that the business might have done more to keep them around.
Therefore, a loyalty program will encourage repeat transactions from clients and is an effective tool for firms to remarket to existing clientele.
Besides, there are four types of loyalty programs to promote your business, including:
▪️ Points-based loyalty programs
▪️ Tiered loyalty programs
▪️ Paid loyalty programs
▪️ Value-based loyalty programs
For instance, rewarding your clients with a reloadable prepaid card can be a fantastic idea as well. Therefore, you should not miss any opportunity to make customers stay loyal to your brand and return to your store whenever they have something on their wishlist.
3. Send emails for upcoming sales and coupons
Emailing your customers about upcoming promotions is a great way to inform and remind your customers that you will offer them more attractive hot deals in the future.
Moreover, you can establish a strong relationship with customers both before and after their purchases. Let’s say the customer’s favorite products were out of stock during the BFCM events. Then, they may want to be informed when the products will be refilled or sold at a stunning price.
Additionally, you can also send emails with coupons instead of discounts. In this way, you can convince customers to come back and buy more without raising confusion about your product’s value.
Thus, an email from your store about those items will be a plus point for customer service and increase the possibility of successful orders.
4. Create FOMO of the last big sale throughout the year
Online merchants can utilize a variety of Fear of Missing Out (F.O.M.O.) strategies for customer retention and increase sales during the BFCM campaigns.
One of the best ways to apply this strategy is to get people into your store and offer discounts on purchases. You will get a customer’s attention if you mention that he can save some money and that this is his last chance to get that offer.
Hence, the customer is pushed to purchase out of concern that the discount offer won’t be available for long. Discounts may therefore be a key component in helping you increase customer retention.
Final words
All in all, the strategies for customer retention are as important as those during the Black Friday/Cyber Monday holidays. That’s because it can turn new clients into loyal ones to your brand and products.
Nonetheless, the most effective customer retention strategies are based on company objectives and an awareness of the steps customers must take to convert from first-time buyers to lifelong brand advocates.
Hence, choose your favorite strategies for customer retention and carefully prepare them from now on to maintain website traffic and revenue for your eCommerce site.
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