Retention rate is one of the key indicators of business efficiency. Audience loyalty is especially important in the case of online retailers, for whom spending the budget on attracting “one-stop customers” may be a waste of money.
Customer retention is a complex and multifaceted science. However, mastering its basic principles promises significant benefits.
Here is a list of 5 strategies that help retailers pave the way to the customer's heart and wallet.
1. Segmentation by life cycle stage
To better understand the needs of the audience, it is worth taiwan phone number data segmenting it. When dividing by the stage of the life cycle, the following groups can be identified:
Loyal customers;
New clients;
People who have completed the registration procedure but have not made any purchases;
People who changed their mind about making a purchase in your store.
Once you have completed the grouping, you should decide on key metrics for each of the audience segments. In the case of new customers, for example, an important indicator would be the total amount of the first purchase.
Achieving a goal is much easier when it is clearly defined. When it comes to new customers, your task is to turn them into advocates of your business. People who have limited themselves to registration should be pushed to make their first purchase. Those who have changed their mind about making a purchase from you should be “reanimated” as potential customers.