Top 5 tips to Increase Customer Retention during CoronaVirus pandemic

The difference between brands that grow and those that don’t is customer retention. The more buyers that you can keep and continue to sell to, the more likely you are to achieve your business goals. The success rate of selling to an existing customer is 60-70%, while the success rate of selling to a new one is only 5-20%. (Source: Marketing Metrics)

However, the most common pitfall for brands around the world is that they think that if they have a great product or service to offer, then retention will follow naturally. Therefore investment to acquire customers happens to far exceed the investment in retention.

Here are the 5 top ways that you can use to retain your existing customers over the long-term and increase your profits.

 

1. Reward your loyal customers

Loyal customers should receive some incentive for choosing your brand over and over. Incentives include loyalty programs, discounts, or special offers to motivate customers. A well-designed and managed loyalty campaign using modern marketing platforms like moLotus can be of great help. Such campaigns could improve customer experience with brands, building rapport, and offering a tangible reason to stay connected. Interestingly, moLotus has features like mContest, milestone, mCard, etc. which can engage loyal customers, greet & reward them while increasing the overall customer lifetime value together with retention rate.

 

2. Personalize your communication

Personalization has gone beyond the simple inclusion of customer names in offers and messages. It includes content based on interactions, needs, and behaviors of individual buyers rather than only segments. Leveraging technology can take personalized communications to an unprecedented level, all the way to a one-to-one dynamic. Brands should embrace digital marketing tools like moLotus to send highly individualized, automated and interactive content to their customers for better customer engagement. Having access to rich buyer data is a boon and should be used for sending personalized recommendations, messages and offers.

 

3. Seek customer feedback

Feedback data is one of the most valuable things brands can have for increasing retention but they likely won’t get much insight unless asking your customers directly. Therefore adopting futuristic feedback tools like SurveyMonkey, SurveyGizmo, etc. should be at the forefront of your marketing strategy. With the advent of the ‘Rate-it’ capability of moLotus, the collection of real-time ratings & feedback via mobile phones has become easier and superior. The capability exhibits robust success rates, enabling the brands to analyze and improve upon.

 

4. Educate & interact with customers

It is advisable for brand marketers to refrain from using marketing ploys to lure their customers. Research shows that educating customers is a significant way of strengthening their trust in a brand. A thorough understanding of your product, its capabilities & limitations, gives them realistic expectations on what they can get from it. Therefore brands should educate their buyers about new services or features, when they need it and how they can be benefitted. Interestingly, a variety of rich media messaging formats are supported by moLotus advertising platforms including video, greeting, brochure, slideshow, and showcase. These offer marketers a unique opportunity to educate their customers, adding product pictures, voice-over, and music. Additionally, these promptly received rich media messages are highly interactive with multiple response options - Clickable URL, SMS, and Callback; which can make brand-customer interaction highly effective and engaging. In-app and email campaigns are also being used for the purpose of significantly low response rates.

 

5. Delight your customers

Conventional wisdom says that delighted customers have higher retention value. Studies have shown that buyers react positively to surprises like thank you notes, birthday coupons, additional discounts, etc. Brands should greet their buyers on special occasions and events. For instance, customized birthday greetings could be an effective way to delight them, enhancing loyalty. Since ages, brands have been relying on traditional channels like cold calls, SMS, and printed mailers for this purpose with limited or no results. The emergence of powerful platforms like moLotus has made it convenient to send automated personalized messages for special occasions without app or internet connection. Its specialized capabilities like Milestone and mContest are worth considering.

 

Conclusion

Undoubtedly, customer retention is about keeping your current customers happy, especially in a depressing time like this. If done correctly, they become unwilling to switch to another brand. You can make it more convenient for them to stay with you than to buy from your competitor. Successful brands are the ones that are digitally transforming their businesses, embracing robust marketing platforms like moLotus to enhance their customer retention strategies. Support your customers with retention strategies, and they'll support you!

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