- While the allure of new customers is undeniably appealing, when it comes to e-commerce profitability, the smart money’s on retention, every time.
- Acquisition is costly — a new customer can require as much as five times the investment needed to retain an existing customer.
- Retained customers also plough more back into your business. Studies have shown that an increase as small as 5% in customer retention can lead to a 25 – 95% increase in profits.
- So once you’ve decided to focus on keeping your existing customers around, happy and loyal, what’s the best way to ensure your retention strategy is firing on all cylinders?
- Brands need to make each and every customer feel truly valued, seen, and understood.
Nail Your Strategic Personalization
- Ecommerce is a fast-paced, competitive environment. Nothing ever stays still for long!
- But as quickly as technology advances — and you elevate the experience delivered by your store — customer expectations also rise.
- For modern audiences, personalization is now so much a part of their everyday lives, that it’s the brands that fail to leverage it correctly that tend to stand out.
- Being shown irrelevant, unappealing products and content feels jarring and doesn’t lay the foundations for a great brand relationship. It does nothing to help your quest for retention.
- All the more reason to make sure your personalization strategy is at peak performance when it comes to your customer communications.
- Reviews are a huge asset when it comes to obtaining data to help improve your personalization efforts. From interests, preferences through to gender and age range.
- The recently announced Okendo-Klavio integration means it’s easier than ever before to ensure your email campaigns are populated with perfectly personalized content.
- Campaigns in Klaviyo can now pull Attribute data directly from Okendo, fueling advanced segmentation that results in perfectly pitched emails, and skyrocketing engagement.
- Quickly gain insight into the type of content that is most likely to keep a customer interested, attracted and invested in your brand. A huge win for your retainment strategy.
Be Responsive to Individual Experience
- If you’re serious about retention, then it’s essential that you commit to creating gold standard customer feedback loops.
- The act of submitting a review should be the start of something, not the end. If a customer has gone out of their way to feed back on their experience, that effort needs to be respected and reflected in the way that your communication adapts as a result.
- Creating automated email flows that factor in reported customer experience (revealed by the reviews they leave) is a fantastic way to double down on positive feedback. This strategy also ensures that disappointed customers are handled sensitively, with the chance to be brought back on board.
- The new Okendo-Klavio integration offers excellent functionality in this area. “Events” recorded in Okendo can now be recognized by Klaviyo flows, triggering differentiated messaging.
- An example of this might be a customer leaving a glowing five-star review. Using the new Event Sync functionality, retailers can follow this up with an automated message to thank them. This personalized touch goes a long way towards making a customer feel appreciated.
- Beyond this, ecommerce brands can also use this positive experience to encourage the customer to refer a friend. By acting while the positive experience is still fresh in their mind, you have the chance to attract a new customer, while retaining a loyal one!
- If a negative review was left, you can still act to mitigate the damage and increase the chances of loyalty, by automatically triggering a Support email, to acknowledge their frustration, and try to minimize the disappointment they experienced. Damage limitation that in turn, leads to an increased chance of retention.
- With so much choice available in the crowded world of modern ecommerce, retaining the customers who’ve already invested in your products is absolutely crucial.
- The post-purchase experience is every bit as important as the path that led them to become an active customer in the first instance – and savvy online retailers are increasingly aware of this fact.
- Harnessing the power of smart, automated email flows, and the goldmine of insightful data provided by customer reviews, the new Okendo-Klavio integration offers ecommerce brands unrivaled scope to deploy smart new strategies to boost retention.
If you’d like to test out the Okendo app on a 30-Day FREE TRIAL, be sure to sign up by clickingcilcking this link > http://www.okendo.io/forms/demo/?affiliate_id=thesnowagency.com