13 Powerful Retention Strategies That Keep Customers Coming Back

Hirsh Goswamy, vice president of marketing at Livionex Inc. & Fellow at OnDeck.

In business, growth is generally associated with acquiring new customers. However, focusing only on potential customers can lead to excessive cash burn, which can quickly jeopardize a company’s financial situation. To avoid such consequences, business owners must balance acquisition efforts against retention tactics. It is well documented that it is much cheaper to retain existing customers, not to mention that customers are more likely to buy again and spend more on subsequent orders.

In addition to business, there is also a human element to customer retention. Existing customers have taken a chance on you and purchased your products and/or services. Why not meet and even reward these people who have contributed to your growth?

The beauty of customer retention is that there are a myriad of strategies that can be implemented across industries. However, almost all retention efforts have a common goal: to keep the customer happy.

To help leaders interested in building sustainable businesses online, I asked the experts at businessroundups.org Business Council E-Commerce Group, a community I get to lead, to share their most successful customer retention strategies. The most helpful and thought-provoking responses from these seasoned entrepreneurs are listed below.

Surprise customers with a bonus benefit after purchase.

There is no better time to win a customer for life than right after the purchase. We immediately offer new buyers what we call an “above and beyond” bonus – a sort of perk that is more than what they’ve been sold. It proves that you are not like other companies, and they don’t want to leave knowing you have their back. – Matt Leitz, Bot builders

Ensure the correct use of data.

The right use of data helps you get to know your customer better, serve your customer better and personalize the experience for them. Customers should feel special in every interaction they have. It helps turn a transactional relationship into a trust-based relationship. – Liat Azulay, Amdocs

Create a well-structured loyalty program.

While providing a great customer experience is important, the reality is that most buyers are also looking for value for money. We’ve found that a well-structured loyalty program is the #1 customer retention tool. It gives customers a reason to keep coming back to you and makes them feel valued. – Jay Rawat, Zinrelo

Have a product or solution that creates real value.

Ultimately, the best retention strategy is to have a product or solution that creates real value for your customers. Make their success your goal and guide customers through the customer journey. If you can help their teams work smarter and make more of an impact, you’ve built the foundation of trust that is critical to retention. – Jonathan Cherky, Content square

Connect your consumers.

In our experience, the most successful customer retention strategy comes from connecting our members. Our weekly “Speaker Friends Friday” group call demonstrates the strength of our community and emphasizes our value as a convener. Every Friday our speakers share tips, ask and answer questions and applaud each other’s achievements. Everyone wins. – Bobby Carlton, Innovation Women, Innovation Nights, Carlton PR & Marketing

Focus on optimizing the product range.

Make sure your product range is specifically tailored to the target customer segment. This includes having the specific brands at the price and quantities the customer needs and delivered in the time frame the customer needs. In addition to functional purposes, an optimized product range can reaffirm a customer’s perception of their desired identity. – Albert Vita, Albert Vita

Make your customers feel extra special.

Specify a value they can’t find anywhere else. Show that you care and continue to enrich the product or service portfolio based on their needs and wishes. However, it is very important to announce that this additional benefit is only for them and it is created based on their input. – Martina Seferovic, OIP Inc

Build a human connection.

Build relationships and rapport. In other words, build a human connection – actually talk to your customers, whether it’s FaceTime or Zoom. People want and need people. With all technology taking over, our human biology demands human connections. – Justin Arnold, Flexx Mobility & Performance LLC

Customize your messaging.

To retain customers, you need to address them directly. Create unique and specific brand messages with the consumer in mind depending on your organization’s customer level. Talk to them briefly and concisely. Keep them up-to-date, let their voice be heard and incorporate them into your brand story. This way it’s not just customers – it’s important members of your community. – Christian Brown, Glewee

Provide a seamless customer experience.

Customers will remember and patronize companies that treat them right. Our focus on creating a positive customer experience was most successful. The customer’s experience during a purchase determines whether he continues to support our company. We have provided excellent, efficient customer service and ensured that the processes our consumers go through are as seamless as possible. – Learn Bale, Business School Netherlands International

Liaise with customers before and after purchase.

Think about why you need to retain customers. If they decide to leave you, something is wrong. My best advice here is to communicate with your customers before and after the purchase and most importantly, respond. If there are complaints, problems, questions and difficulties, provide the best possible customer service. You will earn their loyalty, and that could result in the best strategy. – Michael Podolski, PissedConsumer.com

Communicate shared values.

Translate your values ​​and share them with your customer. These shared values ​​- the legacy of what you and your product stand for – is what the customers will be loyal to first. This is followed by other benefits, such as systems of discounts and free shipping. – Oxana De Castro, FOXYLAB NEW YORK

Stay flexible.

Service and flexibility are important, because the pace of change in the supply chain has hardly been more extreme than in the past two years and continues. Everyone is busy innovating, adapting and shifting, so it is of the utmost importance to respond urgently to customer needs and be open to new ideas or arrangements. – Paul Ruf, Triumph Capital group

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