Customer retention is a necessity for any brand that desires to progress. Most successful brands have numerous marketing programs which help in securing customer loyalty. These programs include but are not limited to: Upselling, Cross-selling, Subscriptions, Reward programs, Beta Testing, and Product reviews and feedback.
Upselling is a sales tactic that involves introducing or persuading a customer to purchase a more expensive or upgraded version of what is about to be purchased. This usually works for existing customers compared to prospective customers as they mostly have positive and prior experience with the product and they trust the brand to an extent. To employ this sales tactic properly, it is necessary to study the customer’s behavior or spending habits. Be specific about the upgrade you are proposing and the advantages. Make sure they get a clear difference between the current product or service they are about to purchase and the upgrade proposed. If the customer understands the value they are about to get for the extra money, they’ll be more likely to upgrade.
Cross selling is another marketing tactic that involves recommending a related product or service to a customer who has just purchased or is about to purchase a product. When done properly, this can be a way to get the customer to purchase more as they’ll need the related product at one time or the other. Related or complementary products can also be recommended based on the customer’s past purchases. After considering the customer’s needs, make sure to stress the importance of the complementary product you are about to offer, for example, for a customer who has just redesigned a website , offer secure hosting as well while explaining the importance of this service..
Subscriptions as a marketing program can constitute a variety of things. It can involve offering attractive plans and programs which can be renewed by the customer periodically most especially if you are offering a service. These subscriptions should offer more value and have numerous advantages which should be restricted to existing customers. However, these should be interesting and affordable for the customer. It should also go in line with the customer’s needs and preferences.
Reward Programs include promos, coupons, incentives, or limited time offers made available for existing customers as a way of appreciating them and maintaining their loyalty. One way to use this as a marketing tactic is to include progressive reward systems which ensure the customer gets more rewards the more they patronize the brand. These rewards can either come as a surprise or be explained to the customer beforehand.
This marketing program gives customers the opportunity to try out or experience new products or services which have not been made public. Current customers can be given a first-hand experience on products which are still in development or are about to be released. Rewards and discounts can be offered to the customers involved in this process. This can help in improving the relationship between the brand and the customer as the customer would feel more connected to the brand. Beta testing can also make the customer more eager to try out the final product. The goal is for the customer to give reviews after testing the product or using the service. Beta testing can be used as a way to get a sample of the general customers’ feedback on a soon to be released product.
Product Reviews and Feedback
Product reviews and feedback involve communicating periodically with current customers to get feedback on previously purchased products or services. It could also be a way to offer solutions to problems the customer may encounter with the product or service rendered. After purchasing a product, a customer may be asked to take a quick review detailing their experience with the product, which would be made public for prospective customers to view.
Bonuses or coupons can be offered to existing customers after taking such reviews. They can also have the opportunity of getting more review bonuses if they purchase and review more products and services.
It’s important to spend just as much time marketing to your current customers as it is to focus on new leads and to keep your customers happy and increase brand loyalty. The marketing programs mentioned above are among some of the most effective ways of retaining customers, ensuring customer loyalty, and making more profit. They help to improve positive relations between the brand and the customers and can be modified depending on the customer’s needs, purchase history, and preferences.
In addition, keeping your existing customers is a necessity to help reduce the cost of acquiring new customers, which will help your bottom line in the long run. Satisfied customers will also be a good referral source through word of mouth and online reviews.