Brands must also look to provide good customer service.
This article suggests measures to improve customer retention. The piece cites a Marketing Metric report which found that the likelihood of selling to new customers is between 5 to 20%, which changes to 60-70% in the case of existing customers.
Companies must offer good customer service. When dealing the unhappy customers, brands must use the opportunity “to leave a good impression” by resolving consumer concerns. The article also suggests ensuring a smooth checkout process to encourage repeat purchases.
Data gained through studying the most loyal customer segments can inform future strategies and personalisation efforts. Brands making a positive social impact can improve their customer retention. The article references a Nielsen survey which revealed that 55% of customers are willing to pay extra on offerings from companies that have dedicated social impact plans.
[6 minute read]