You ask any business owner that what is the main aim of your business? And pat comes the reply,
Yes that is the ultimate aim of any business person,by far and the most important aim.
However there are many ways you can increase the growth of your business.
And of these vary greatly in terms of time,space and money and how do you actually them in the practical approach.
Most brands also focus on the new net customer brand solutions in order that their growth goals are achieved.
They focus on the tactics which will also help them save the money and also the time.
It is called as customer retention.
New customers are important,but existing customers are also even more important.
So why is customer retention important for any business?
They are your first customers and have been responsible for the first ever growth of your business.Repeat customers almost spend around 67% than the average new customers.
Recommendation increases.It increases the loyalty from your other customers and is also important retention strategy.
Mouth Publicity is the most sought after retention strategy and also the most common way your brand can find new and existing customers.
So how can you calculate the customer retention rate?
To calculate,measure how much you are calculating the customer retention rate.
Measure the time in which you are measuring the customer retention rate.Then calculate and tally the number of existing customers at the time of your acquired period during your new customers.
How to value your customer?
The process of gaining new customers can take many months as one strives to –
Making them aware of their brand.
Create content and engage them.
Optimizing your site
Sending creative and relevant email campaigns.
Now after this repeat every single step of yours.
Also focus on re-engaging your customers and also save time,effort and money by maximizing this process.You only need to tempt them to return and that you no longer need to convince them after a certain point.
How can you boost your customer retention rate?
Adjust the pricing parameter
If you have an item which is exceptionally well then set the price with an increase of 20%.This is useful when you are selling propriety products.
Increase the order value of every sale.
Everyone wants to see the up selling part of your business and also the various cross selling strategies where you can relate the products and can also use other merchandising equipment s.
They can also be implemented on a basic level.
Build a loyalty program
Everyone likes to be recognized especially as a customer.Build a customer loyalty program which can sometimes sounds labour intensive but most of them offer loyalty programs which can make it easier for them to manage.
Rewards can range from a free shipping policy to a thank-you note in the view that you are resonating with your customers.
After you get your basics right you can move on to the next loyalty program.