Managing customer retention rate is an incredibly important part of growing a small business. While there’s a certain attraction that comes with catching new customers, and keeping the existing customers coming back will result in a better ROI. Customer retention is basically a process that a business uses to reconnect with old and new customers just to increase its sales and profits.
The holiday season drives more customers to spend their money than any other time of the year. It is considered easier to encourage existing customers to buy more rather than getting new customers. So how can you re-engage your existing customers on this holiday season to come back and buy from you more?
Here are some strategies that will definitely help you to get repeat sales on this holiday season;
- Introduce Loyalty Program
This year customer loyalty programs are influencing customers in their decision making process on where to shop during the holiday season. This holiday season, shopping will be in its full swing. Add discounts, gifts, reward points, and free shipping to your loyalty program. By implementing a loyalty program you are making your existing customer feel special. Make your customer feel that he will be benefitted more in the future if he/she remains loyal to your business.
- Referral Marketing
Referral marketing is another great way of getting the attention of your existing and new customers. Let your customers know that if they refer your business to their friend circle, they will be benefitted with discounts and other rewards. Additionally, make the referral marketing program easy because your customers will leave the program if they found it lengthy and complicated.
- Social Media Retargeting
Social media retargeting is a process wherein a business reintroduces its products and services to customers that are interested in and offer them a promotion that inspires them to return to your business. Social platforms such as Instagram and Facebook has made the retargeting process easy for small businesses by providing various ad formats. Social media retargeting strategy will also help small businesses to boost their sales on this holiday season.
- Offer Freebies
Customers love to get something valuable for free. Offering freebies to your customers can increase valuable exposure of your customers about your products/services. Another benefit of offering freebies to your customers is that you can grow your email list that you can use for your marketing campaigns. Remember that presentation counts when it comes to offer freebies. Usually people judge the products based on their appearance and the way they are presented to them.
- Use Drip Marketing
With drip marketing you can communicate information about your business through marketing messages either it be from phone calls, emails, social media posts, postcards as well as printed newsletters. Stay in touch with your customers by sending them short messages and this can be achieved by using drip marketing process. Drip marketing helps small businesses to stay fresh in their customers mind.
If you are a retail business owner and looking for business loans to fund customer retention strategies to boost your Cyber Monday sales, a business loan from Merchant Advisors can help. For more details, please give us a call on our toll free number (833) 827-4412. Alternatively, get your free online quote by filling our online application form, if you’re ready to apply for a business loan.