Customer retention is the strategy of engaging customers so that they're motivated to continue purchasing from you. As a business owner, you may have tried many approaches to improve your business, but have you looked at your customer engagement efforts? While customer retention isn't an exact science, these innovative customer retention programs are worth a look. Just be sure to look at all strategies through the COVID lens of grace and sensitivity.
#1: Education
In a world where individuals are increasingly responsible for their own professional development, people will be grateful to your organization if you’re able to help them keep their knowledge fresh.
Education offerings can take a variety of forms, from online courses and podcasts to information repositories and access to subject matter experts. I know of a company that provides free sales and marketing training videos and certifications for customers and partners who want to grow their skills.
You can measure the success of customer retention programs involving education by tracking your Customer Retention Rate (CRR) before and after implementation, as well as ascertaining how completing educational initiatives correlates with repeat purchases.
#2: Pop-Up Engagements
"Surprise reciprocity" refers to the act of giving unexpected and delightful thanks to your most valuable customers in the form of a memorable gift or note.
Your offering need not be pricey if it's delivered with care and thought. Some of the best examples of surprise reciprocity are highly personal. If you run a toy store, you may send your customer’s child a handwritten birthday card with a free gift voucher enclosed. And if you have a pet supply store, you might send your customers a painting or cartoon of their beloved dog or cat.
Customer retention is the strategy of engaging customers so that they're motivated to continue purchasing from you. As a business owner, you may have tried many approaches to improve your business, but have you looked at your customer engagement efforts? While customer retention isn't an exact science, these innovative customer retention programs are worth a look.
#1: Education
In a world where individuals are increasingly responsible for their own professional development, people will be grateful to your organization if you’re able to help them keep their knowledge fresh.
Education offerings can take a variety of forms, from online courses and podcasts to information repositories and access to subject matter experts. I know of a company that provides free sales and marketing training videos and certifications for customers and partners who want to grow their skills.
You can measure the success of customer retention programs involving education by tracking your Customer Retention Rate (CRR) before and after implementation, as well as ascertaining how completing educational initiatives correlates with repeat purchases.
#2: Pop-Up Engagements
"Surprise reciprocity" refers to the act of giving unexpected and delightful thanks to your most valuable customers in the form of a memorable gift or note.
Your offering need not be pricey if it's delivered with care and thought. Some of the best examples of surprise reciprocity are highly personal. If you run a toy store, you may send your customer’s child a handwritten birthday card with a free gift voucher enclosed. And if you have a pet supply store, you might send your customers a painting or cartoon of their beloved dog or cat.
For the rest of my list, head over to the AMEX Business site.
Comments