E-Commerce

4 Reasons Why Customer Retention is Better than Customer Acquisition

4 Reasons Why Customer Retention is Better than Customer Acquisition 538 245 Delores Montgomery

When you are running an e-commerce website, your efforts are usually focused on getting as many customers as possible. You do that by employing SEO strategies to help drive more traffic to your website and you should hope that you gain some customers from the people that do visit your page.

That being said, if you have acquired new customers, your next move would be customer retention or retaining customers in a way that they keep coming back to your website to buy your products.

A lot of online entrepreneurs may have been quite successful by doing the things that I’ve mentioned above, but even if they have already established their businesses, they still think of acquiring new customers as opposed to making your existing customers happy. In other words, they are more centered towards thinking about customer acquisition than customer retention.

Well, in this article, I will tell you why the latter is always better than the former.

It is Cheaper

About 70% of online entrepreneurs say that retaining customers is actually way cheaper than acquiring new ones, so why the heck would you be focused on getting more instead of retaining what you have?

The reason why it is cheaper to retain customers as opposed to getting new potential ones is the fact that they already have a vested interest in your business, which means that you no longer have to spend money on additional marketing efforts.

Instead, what you should focus on is to implement a customer loyalty program so that they will be enticed to buy some more.

It is Much Faster

As stated above, your existing customer base already knows the products that you sell and convincing to buy some more of your products is so much easier.

For example, if you send out an email stating that they get 10% off their next purchase, then that is so much easier than refocusing some of your money to entice new potential prospects.

Remember, it takes quite a tremendous amount of time to convince new people to become your customers as opposed to just making your existing customers happy.

You Gain the Upper Hand

Thinking about customer retention is even better as it helps you gain the upper hand over your competitors. Studying your existing customers is easy and the data that you can collect from your study can help with your retention efforts.

In your quest to find out more information about your current customer base, you will find what they really like. For instance, if you see a customer’s profile and you judge it by your site heatmaps, you might find that they particularly go to the clothing section. In your follow-up email, you can send them a letter where you provide them with coupons that they can use on their next purchase.

By setting up and improving your customer retention efforts, you will gain the advantage in your industry.

Loyal Customers Will Support You

New customers may still not know anything about your company, but your previous customers do. That is why focusing your efforts in making sure that they come back to your company is vital. Loyal customers will always support you.

15 Tips to Help Bring More Customers to Your Online Store

15 Tips to Help Bring More Customers to Your Online Store 593 385 Delores Montgomery

It has now become so much easier to put up your own online store such as simple ecommerce website. But, first-time online business owners know the struggle of making money since they still do not know how to make things work in the online realm.
Fortunately, there are things that you can do online that will help you generate more revenues for your store. In this article, I will go over some tips to help you bring more customers to your online shop.

Look for Influencers on Facebook

Influencers are people who have a massive following. That is why you want to scour Facebook for influencers to help your cause.
You want to contact them and ask them if they could market your online store. They are usually cheaper to get than Facebook ads simply because all you have to do is give them some discounts or even some gifts before they will start promoting your brand.

Use Facebook Targeted Ads

Facebook is a great platform to advertise your business. There is a feature called “targeted ads” where you will be able to advertise to people who are most likely going to buy your products. This is a great feature, albeit you may need to spend some money on it.

Create a Follower Base on Twitter

Twitter is a good social media platform to create a solid follower base. You have to make sure that you do all of the necessary things to help you gain more followers by being active in the community (particularly where your target audience is) and making sure that you contribute well.

Ask for Referrals

If you have established a good follower base, you can also ask them to promote your products as well- but do so in a way that does not come off as a direct command.

Use Relevant Hashtags

Twitter is the first platform to make use of hashtags and it is quite a powerful thing. By using the appropriate hashtag, you can get to as many people as possible. Make sure to do so.

Join Meetups

You want to market your business first in your local area. Create a meetup event where you will invite some potential prospects. Ask them about what makes a good product and service and heed their advice as well.

Write a Blog Post

Writing a good blog post that highlights the features of your product will bode well for your business.
Guest Post on Authoritative Websites
Go to authoritative websites and forums and then do some guest posting there. That way, your online store gets more credibility.

Always Put Important Information in Your “About” Page

Your online store needs to have an ‘About’ page that highlights the story behind your business, your mission, and your vision. This is so that people will know what your business is all about.

Look for Unsatisfied Customers

You’re going to want to do some competitor analysis for this one. Find some bad or unfavorable reviews of your competitors and talk to these people. Gain any insight as to why they didn’t like the product your competitors are selling and then improve your service from there.

Employ a Referral Program

Many people want free stuff which is why you would want to create a referral program that rewards your existing customers by inviting new ones.

Ask for Customer Feedback

Every time a person buys from your store, make it a point to ask for their feedback as it will really help build the credibility of your online shop.

Don’t Forget SEO

Search Engine Optimization is a vital part of online platforms which is why you need to make sure that you’re using the best practices.
 


Create Your Own Newsletter

Invite people to go to your site and sign up for your newsletters. This is a good way to attract not only your existing customer base, but also potential prospects as well.

See What Your Competitors Are Doing and Do It Better

Take a look at your competition and pick apart the things that they do good and then make it better.
Source: https://beeketing.com/blog/bring-customer-to-online-store/