Adding new customers is hard work and we’ve been taught that customer acquisition is more expensive than customer retention. So, what do you do when you add more new customers than you ever have before? That is the question eCommerce brands are trying to answer, all while they are trying to get record numbers of shipments out the door.
I came across an article that puts this into perspective and here is a great quote:
“Many business owners and growth strategists are familiar with the age-old statistic that acquiring a new customer can cost five times more than retaining an existing customer. This makes customer retention especially important for every business to master, especially during the coronavirus pandemic, when customer spending is at an all-time low.”
They suggest several steps to take, including a helpful formula to calculate your customer retention ratio. All this and more can be viewed here.
Another perspective focuses on why you should optimize your website with the goal of making every step of the process easy, they remind us that it is always a great idea to thank your customer with incentives.
To learn how to build customer loyalty here is an interview with former eBay & Walmart exec, Peter Paine.
Last, we have an article from CklickZ that suggests that among other things, why you should let your customers, old and new, know that you care.
Granted this is a lot , but to sum it up we can suggest a few key steps you should be take:
- Streamline every part of the buying experience
- Product descriptions should be clear and informative
- Search should be easy for your customers to navigate
- Checkout should be a breeze
- Confirm your orders with an email that includes shipment tracking details
- Over communicate with your customers so that you set proper expectations, then exceed them
- Review your sales data to identify trends, use that information to manage your supply chain and offer promotions that support your business goals, but most important of all, are attractive to your customers
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