The holiday season is right around the corner! It’s no surprise that the end of the year is when customer activity is at its highest. Aside from attracting new customers, businesses can seize the opportunity to turn one-time shoppers into lifelong customers. What’s needed is the right set of strategies to capture and retain customers and bring a substantial increase in year-long revenue. Here’s how businesses can increase their customer retention and make the most of the most wonderful time of the year.
- Invite New Customers into Your Loyalty Program
According to eMarketer, 55% of customers agree that rewards programs affect their decision in picking a brand to shop during the holiday season. Having an engaging loyalty program is effective in drawing in new customers while retaining those you already have! A loyalty program is a valuable business tool for marketing and remarketing to customers, and to keep them coming back.
Loyalty programs don’t have to be a classic point-collecting scheme and that’s all. Offer different types of engaging activities to keep your customer interested. Learn more of what you can incorporate in an effective loyalty program here.
- Reach Out to Existing Customers
Your existing customers are worth even more of your efforts this holiday season. With more leisure time and spendable income at hand, make sure you don’t miss this chance to reach out to them about any offers or rewards you might have. Use multiple communication channels such as email, SMS, and push notifications, and don’t forget to use social media too!
With a powerful tool such as our dashboard analytics, you can even group customers based on their unique behaviors such as visit frequency, average spending, or preferred item to purchase. That way, you can target them with the most relevant offers that match their needs and wants this holiday. This is why it’s important to collect your customers’ data, both new and old, as much as possible. Remember that the more data you can capture, the better equipped you’ll be to retain them even after the holiday hype.
- Try Alternatives to Discount
On the surface, discounts might seem like a quick way to boost sales, especially during the holidays. But if you think about the long-term implications of giving too many discounts for your business, such as eroding customers’ trust on your products’ values, it's generally not advisable to use discounts as your go-to strategy. Why not try an alternative instead, such as giving coupons? The fact is 63% of shoppers agree a coupon will convince them to make them a purchase! Coupons can be given in many different options, such as product bundles, buy one get one, or free limited item.
With our newest capability Vouchersoft, you can easily create, send, and track coupons for both your new and existing customers!
- Give Rewards Beyond Customers’ Purchase
80% of customers that leave a business felt the company could have done something to retain them. Don’t let the surge of customers you gain this holiday season only be one-time shoppers. The challenge comes once the holidays are over and customers get more wary to spend money after all that holiday shopping. So, give them a reason to keep returning to your business!
With an attractive rewards program, you can still reach out to customers with the right incentives and personalized offers. It’s not just about rewarding customers for making a purchase, but also for non-purchase activities that improve brand loyalty and engagement, such as posting on social media, filling out a customer experience survey, posting a review, or bringing in referrals.
The holiday season can bring a significant boost in your revenues and customer visits, but make sure it’s not the only time. These retention strategies can equip your business to better prepare and sustain yourself beyond the holidays, ensuring customers will stick around for the long run. Have any questions about how to start a retention program best suited for your business? Contact us and start your journey with us today!