During the ongoing COVID-19 pandemic, holding on to your current customers is more important ever. They’re more likely to buy from you again if they liked the product and service you provided. It’s also substantially more affordable to retain a current customer than acquire a new one.

Kristen Baker, marketing manager at HubSpot, notes that repeat purchasers spend more and generate larger transactions. They also refer more people and bring in more business. If you want to refresh your customer retention policies, read on. We share Baker’s top tips in this issue of Promotional Consultant Today.

1. Offer price-related perks for repeat clients. In this economy, discounts are especially helpful. Show some love to your returning clients by adjusting your pricing in a way that appeals to them. This could mean offering them bonus products or providing discounts for paying in full. Think of ways you can feasibly help your loyal customers when it comes to costs.

2. Maximize cross-selling and upselling strategies. Baker recommends that salespeople look for patterns in their sales data. Do customers often buy certain products together? Which items naturally complement each other and are more useful when paired as a combo? Do any products have versions that can be upgraded? Since online shoppers often begin their journey looking for a particular item, it’s important to be strategic when cross-selling and upselling.

3. Implement a customer loyalty program. With a customer loyalty program, you can reward the clients who continue to work with you. This could be anything from sending them a thank-you note or thoughtfully chosen promotional gift, or you could offer them a special discount every month. Baker recommends testing which offer resonates with customers and fine-tune your rewards over time. Remember to keep your loyalty program simple. Customers have enough on their minds right now, so make it easy for them to understand how to apply rewards.

4. Personalize the experience. Everyone likes to feel important. You can make your customers feel valued by simply using their name. Instead of sending generic marketing messages, personalize your communications with their first name. You could also greet customers by name (“Welcome back, [Name]”) when they visit your site.

5. Allow customers to subscribe. Some businesses are naturally set up for a subscription model. However, any business can boost customer retention rates by creating recurring subscriptions. This adds a layer of convenience and flexibility for your customers, whether they choose monthly, quarterly or annual subscriptions. Think of services you could offer customers by subscription, whether that’s on-demand customer support or promotional consulting.

6. Understand what your customers need. It’s always important to meet your customers where they are, says Baker. When you know who they are, what challenges they face, and what they need from you, you can provide the most value. When you know customers’ needs, you can also create the kind of content that’s most helpful. In doing so, you show that you continue to put your customers first.

You’ve spent a great deal of time, effort and resources to acquire your customers. Every one of them is hard-earned. Be sure you’re investing in them properly, so they stick with you. As you review your customer retention strategies, take time to consider the six tips above.

Compiled by Audrey Sellers

Source: Kristen Baker is a marketing manager at HubSpot