Why Does Customer Retention Matter?
Developing new products, maintaining a competitive advantage, and attracting new customers are all part of growing a business. It can feel challenging to keep business growth steady, but there are many simple and cost-effective ways to focus on keeping your customers interested. A customer retention rate is the percentage of your existing customers that remain customers over a period of time. Focusing on customer retention can help to alleviate some of the costs and stress associated with running a business, as these customers already know they like your products. A strong customer retention rate can set you on a strong path towards growth.
5 Ways to Improve Your Customer Retention Rate
1- Customize Your Packaging
Custom packaging helps your brand stand out from competitors and helps to create a lasting impression in your customers’ minds. High-quality packaging will show your customers that you value their business and want them to remember your brand even after their purchase. Including a thank-you card is always a good idea, too. This helps to make the purchase feel more personal and customers will be more likely to purchase again if they feel a connection to your brand.
2- Reward Customers
Another great way to improve your customer retention rate is to thank them with rewards. This is most commonly done by offering existing customers special pricing or discounts. You can include a customized packaging insert within your packaging to tell customers about promotional discounts and new products. If you have an email list, sending existing customers promotions via a customized email is another great way to connect.
3- Get Creative with Sales
Customers who have already purchased from your business will know what they like. To encourage them to shop again or to browse for different products, include a “recommended for you” or “customers also liked” section on your website. This will help customers who may not have time to browse your whole website make purchasing decisions, while also making them feel like you’re keeping them in mind.
4- Create a Customer Loyalty Program
Customer loyalty programs can be implemented in a variety of ways. Depending on what your business sells, you can offer customers a point-based system in which they can earn rewards after each purchase, or offer monthly perks like a discount code and free shipping. Ultimately, a customer loyalty program helps to keep customers loyal to your brand, and loyal customers are likely to repurchase over a period of time.
5- Ensure Package Security
Your customer retention rate can be improved by reassuring your customers that their products will arrive safely. Creating custom packaging can help to make sure fragile items will deliver without damage, and sending shipping confirmation emails and tracking details help customers feel like they’re being kept in the loop about the status of their order. By avoiding damages in-transit, your business will benefit from loyal customers and an improved customer retention rate.
GCB Solutions has the packaging industry experience to help you through shifting trends. Whether you are beginning the design process or looking to make that final push to launch, we can help.
Call us at (904) 263-2804 or schedule a free consultation, today!