Best customer retention strategies: Part V

1.Measure lifetime value:

There is a huge difference between the one-off profit you might make on an average sale and the total combined profit your average customer represents over the lifetime of their business relationship with you. Once you recognize how much-combined profit a customer represents to your business when they purchase from you again and again,  you’ll realize that customer contentment is the most important aspect of the customer retention process.

The moment you understand how much time, effort and expense you can afford to invest in retaining that customer, you will be in control of your marketing expenditure.

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2. Gifts and premiums:

Premiums are promotional items like toys, collectibles and household products linked to a product, and often require box tops, tokens or proofs of purchase to acquire. Premiums fall into three categories:

i) Free premiums – sales promotions that involve the consumer purchasing a product in order to receive a free gift or reward

ii) Self-liquidating premiums – the consumer is expected to pay a designated monetary value for a gift or item

iii) In-or on-package premiums – small gifts are included with the package.

You can include these goodies into your customer retention plan to make it successful.


3. Tell your stories through case studies and testimonials:

Testimonials and case studies will facilitate your customer retention strategy further. It will make it easy for you to convince your existing and potential customers. They’ll help you tell your story in an easier way.

Case studies can also act as great content pieces for your blog. Once you have your reviews you can leverage them to do a number of things from increasing traffic and sales to turning them into fully fledged case studies.

Customer reviews

4. Meetups, webinars, and offline events:

You can organize meetups at local boutiques where fans of the service will meet up and have conversations about the different creative projects they are working on. You can also invite experts in your niche to participate and give knowledgeable presentations to the participants.

Make the event an iterating experience so that people can know when the next one will happen and so it will turn into a routine for your fans. Assure that all the sound and other logistics are organized appropriately and beforehand.

Offline events
Offline events

5. Sell over and over again:

Precisely, your selling has just begun when someone makes that initial purchase decision because virtually everyone is susceptible to buyer’s remorse. To lock in that sale, and all of the referrals and repeat business that will flow from it, you need to employ techniques that allay your customers’ fears and demonstrate by your actions that you genuinely care.

You should thank them and remind them again why they’ve made the right decision to deal with you. In other words,  you need to prove constantly that they have made the right decision.

Sell and then sell again
Sell and then sell again