Focus on strategies and tactics that will help you grow your customer base.Ģ. At this point your acquisition efforts should completely trump retention. Just starting: When you’ve just started your store there is one thing you should be focused on: getting customers.
Take a look at the timeline below for general guidance on your store’s potential investment levels.ġ. A store that started yesterday is vastly different than one that’s been up and running for many years. Whether you should focus more on customer acquisition or retention is heavily influenced by where your store is in its lifecycle.
But how much time and resources should you devote to your retention program? The answer to that depends on your store. In short, acquisition creates a foundation of customers while your retention strategy is how you build customer relationships and maximize revenue for each one. You want to ensure the customers you worked so hard to acquire stay with you, have a great customer experience, and continue to get value from your products. The goal of customer retention is ensuring a customer to make repeat purchases, be satisfied with a company's services, and not defecting to a company's competitor. What is customer retention?Ĭustomer retention is the practice of increasing a business's repeat customer rate and extracting additional value from those customers. When was the last time you looked for opportunities to re-engage customers to get them to come back? If you've yet to market to current customers after the sale, now is a good time to build a cohesive strategy for customer retention. This is the science of customer retention. It’s true for many businesses, especially in the crowded ecommerce arena where clicks and conversions always seem to be increasing in cost. It’s cheaper to get current customers to make a repeat purchase than it is to find new customers.
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