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How to improve your customer retention in post-COVID-19 economy
Many business owners and marketers around the globe struggle with retaining existing customers. We also know that it is way more affordable than acquiring new ones. Focusing on retention is especially important during uncertain economic times and in a post-pandemic economic environment. Moreover, the idea of taking better care of a customer, being helpful and thoughtful will become a necessity. Read on to learn how to increase your retention rate and why it is even important to do so.
Retaining customers is essential for a long-term goal and success of your business. Converting an existing customer to buy something with you is less expensive and much easier, as well as repeat customers spend more than first-time buyers. It goes without saying that today customer retention is extremely important, as the current situation made people reconsider how and where they spend their money.
In order to retain customers during shaky times, you can adjust your products or services based on consumer current needs, implement latest technology and digital tools, share useful and personalised content. Here are some general points worth paying your attention to:
Analyse what you can do differently to meet consumers needs and address their immediate concerns. Increase the quality on most popular/essential merchants and offers. Don't forget to provide good user experience.
Distribute top offers and deals by regions and language – Of course we all understand that to keep growing you need to enlarge your audience. But what if you have already reached your top level in your region? The answer is simple – try another one. You may not even know that your target audience is already existing and waiting for you. Add new languages, simplify the shopping process, invade new regions.
It is also important to communicate your brand value to your existing customers. Do not just throw messages like "we are all in this together", but actually provide useful and valuable resources, content, offers so they can actually see your intentions.
There is absolutely no need to stuff your product with unnecessary functionality. People use only those features that really work. If you'll make your product complex and less logical in usage, the possibility of user loss will be very high.
Keep in mind that the pandemic crisis has personally affected your consumers on multiple levels. Create more personal and compassionate messages within the content. Customisation and personalisation should be on point.
You can also find more specific tips on how exactly our digital tools and products can help you to grow the retention rate.