Churn is the typical marketing evil. Whatever your biggest growth pace, the pesky churn rate will always find a way to interrupt marketing’s flourishing.
Churn occurs when customers discontinue their membership to your product, and revenue from each client continues to decline until they no longer return to you.
So, how do you reclaim their patronage?
You take advantage of growth hacking.
1. Use Initiate Email Drip Campaigns
More companies than ever prioritize customer retention above acquisition today, recognizing that sales efforts with current customers have a high success rate of 60–70%, highlighting the critical nature of client retention. And email marketing is, by far, the finest vehicle to do that.
When done correctly, email marketing can assist you in the following ways:
- Reconnect with customers
- Ensure they get the most out of your product
- Show them how valuable they are to your company
When it comes to efficient growth hacks for client retention, email drip campaigns reign supreme in terms of generating leads and facilitating conversions, with a through-the-roof return on investment (ROI) of 122%.
2. Integrate Chatbots for a Personalized Experience
Integrating a chatbot may significantly increase retention by satisfying client expectations, acting in place of customer support, and offering a consistent customer experience even during odd hours. Additionally, you may use them to perform surveys to ascertain the precise characteristics of your target consumer persona by inquiring about their age, demographics, and interests.
This will assist you in securing retention by pushing and featuring products relevant to a customer’s browsing history and shopping preferences across multiple touchpoints, ensuring that they return to do business with you in the future as well.
Additionally, you can program your chatbot to incorporate a hint of personalization to bolster your retention efforts by encouraging users to take a more serious view of your services. For organizations with a worldwide audience, a valuable technique to personalize their chatbots is to incorporate language preferences to ensure that customers feel comfortable discussing their inquiries.
3. Ask For Feedback Via Surveys For Retention Efforts
Individualization is essential to customer retention. It varies depending on the service or product offered, the types and quantities of consumers served, the frequency and duration of brand-customer contacts, and the strategy for business growth.
Feedback surveys are an essential tool for measuring and tracking retention efforts. There are numerous feedback surveys that you may do, but three techniques will help you generate the most relevant and valuable results.
- Post-purchase evaluation
- Periodic satisfaction surveys
- Continuous satisfaction tracking
4. Invest in Referral Marketing
Businesses that invest in referral marketing can convert leads more quickly than they can through other channels. Referrals from family, friends, and influencers help build good perceptions of your product. Not to mention that referral consumers have a lower cost per acquisition and help you to decrease costs.
Indeed, consumers acquired through referral marketing had somewhat greater retention rates, resulting in a 16% increase in LTV. Additionally, clients recruited through recommendation programs had a 37% greater rate of retention.
Create a referral program by establishing a system that rewards your consumers for their loyalty and use referral marketing to expand your brand’s recognition and reach.
5. Utilize AI for Predictive Analytics
Predicting when customers may defect can make or ruin a firm. The more knowledge you have of client preferences, the more innovative and successful retention strategy you can develop to retain them.
AI-powered predictive analytics can assist you in surveying existing customers’ purchase intent and identifying which customers are at risk of attrition so that you can target them.
By monitoring primary consumer data, you can be notified when a customer demonstrates a high proclivity for desertion. Tracking customers at risk of attrition using their purchasing histories and ongoing behavior will provide you with the information you need to notify your marketing team of inactive accounts. You can then tailor a response to it in order to decrease your turnover rate.
Retention is always a struggle for new and established businesses alike. The real kicker here is that one’s target demographic and market are not regularly subjected to innovative marketing initiatives.
Additionally, in today’s competitive world, retention is a difficult endeavor.
This is when the aforementioned tips and tricks come in handy, providing additional fuel for your retention efforts and assisting you in growing your company.