Increase customer retention
1. Calculate metrics that will help you to measure, track, and analyze customer retention.
Calculate your base customer retention rate, net revenue retention rate, customer churn rate, monthly returning revenue churn, and customer lifetime value. Compare these to industry benchmarks to understand how you’re doing compared to others.
2. Segment your customers and personalize content and UX to each.
Collect information about your customers, segment them by natural groupings like purchase behavior or demographics, track customer retention metrics for each segment, and create personalized content for each.
3. Set up customer feedback loops that continually harvest information about what your customers do and don’t like.
Automate customer surveys, add interactive surveys and live chat to your website, and survey specific segments for detailed information. Offer perks or gamify reviews and integrate customer support.
4. Put together a customer retention strategy that addresses the problems you’ve identified.
Use information from unhappy and happy customers to improve your site, product, and offers. Work to build customer relationships and loyalty.
5. Rewrite post-purchase emails to nurture customer relationships, boost buyer confidence, and encourage repeat purchases.
Provide related product recommendations and discount codes in order confirmation emails. Offer FAQs and advice about their purchases. Remind customers to fill up on commonly-replenished products, and include a bonus offer to make existing customers feel appreciated.
6. Create brand loyalty programs to reward repeat customers.
Figure out who your loyal customers already are, and build a program that appeals to them. Provide rewards that your customers want in return for actions that you most want them to take. Make it easy to sign up and give you feedback about the program.