How to retain your customers? Tips for Magento shops!
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The document outlines strategies for retaining customers in a Magento store, emphasizing that it is more cost-effective to keep existing customers than to acquire new ones. Key methods include enhancing customer service, implementing loyalty and rewards programs, utilizing personalization, employing retention emails, and effectively handling complaints. Each strategy is accompanied by advantages, disadvantages, and applicable Magento modules to assist with implementation.
How to retain your customers? Tips for Magento shops!
- 1. How to retain your customers? Tips for your Magento store
- 2. Everybody knows that it costs less to retain an existing customer than to acquire a new one. If you would like some numbers, according to the report of Bain & Company, obtain a new customer costs a company 6-7 times more. That’s why you have to treat your customers right after they buy not less, but even with more appreciation as it was before they buy. One of the most efficient way to grow your business is to keep your existing customers coming back. Why is it’s smart to retain your customers?
- 3. Why customers are leaving? Before we start with practical tips how to retain customers it would be useful to underline three main reasons why customers may leave: - 68% leave because they are unhappy with the service they receive. - 14% are unhappy with the product or service. - 9% decide to use a competitor.
- 4. Great customer service What can you do? - allow free returns - propose free shipping starting from certain amount of purchase - provide useful advices for clients - add social sharing buttons and comments to the product page “86% of customers state they would pay up to 25% more for a better customer experience.” - RightNow Technologies
- 5. Great customer service Advantages: • Proven results • Increases repeat purchases and referrals • Customers share great service experiences over social media Disadvantages: • Time consuming • Difficult to attribute/track • Can get expensive
- 6. Great customer service Magento modules that could help to improve your customer service: 1) Free Shipping Remaining Cost - Free 2) AddThis - Social Sharing Buttons - Free 3) Use live chat ! Check our presentation on this LIVE CHAT topic !
- 7. Loyalty & Rewards Programs “Loyalty programs can increase your repeat purchase rate by 20%” - Sweet Tooth It’s a tactic and tool used to increase customer loyalty and sometimes referrals. Customers can be directly rewarded, or can spend “points” or “credits” on discounts, status-based rewards, experiential rewards, charitable donations and more.
- 8. Loyalty & Rewards Programs Advantages: •Customers are familiar with them •You can use points to incent many different actions Disadvantages: Customers are generally members of multiple programs You need to make a program stand out to be effective
- 9. Loyalty & Rewards Programs Magento modules that could help to implement great Loyalty & Rewards program: 1) Sweet Tooth Loyalty Programs - 59$ 2) Loyalty Program by Amasty - 129$ 3) Points and Rewards by aheadWorks - 299$
- 10. Personalization “Marketers see an average increase of 20% in sales when using personalized web offers. ” Monetate Everyone wants to feel like they are special, and that is what personalization allows you to do. You can create a unique experience for each customer. These experiences can be as simple as emails that are addressed to them by name all the way to personalized product recommendations.
- 11. Personalization Advantages: • Increases conversion rates • Increases satisfaction • Small personalization techniques are inexpensive Disadvantages: • Large data collection solutions can be pricey • Implementation of larger systems can be time consuming • If personalization is wrong it can lead to reduced sales
- 12. Personalization Magento modules that could help to improve personalization level in your store: 1) Advanced Customer Segments by Amasty - 159$ 2) Recommendation Service epoq RS - free
- 13. Retention Emails “91% of your customers are checking their email at least once daily.” Exact Target One of the easiest ways to implement retention marketing is through retention emails. These are email campaigns that are designed to re-engage customers and encourage customers to purchase again. Retention emails can be done manually or added into the automation of an existing email service provider.
- 14. Retention Emails Advantages: •Easy to get started •Can be used with an existing email solution •Inexpensive Disadvantages: • Requires data collection to know how to set emails
- 15. Retention Emails Magento modules that could be useful: 1) MageMonkey - Official MailChimp and Mandrill Extension - Free 2) Email ― Follow Up Email by Mirasvit - 149$ 3) Abandoned Cart Alerts Pro by Aitoc - 99$ 4) Follow Up Email by aheadWorks - 199$
- 16. Appreciate complains One complaining customer actually represents many other customers who had the same problem, but didn’t complain. And because that’s true, you should try to uplift them every time. “When you treat complaints as opportunities to build loyalty, you can create customers for life and uplift your entire company in the process.” Ron Kaufman
- 17. Appreciate complains What can you do? - Provide customers with a way to give their feedback, positive and negative - Show appreciation for the complaining customer’s time, effort, communication, feedback, and suggestions - Always answers to the client’s complain and take them in consideration - Never leave without answer complains on your page in social networks - Fix the problem if complaint is fear
- 18. Have more question? Don’t be afraid - ask us! Write us @ start@opsway.com We will be happy to help you!
- 19. CHECK THIS AND OTHER MAGENTO TIPS ON HTTP://MAGETIPS.COM