When looking at customer retention there are some shocking stats that every marketer should consider!
Customer acquisition vs. retention marketing stats
• Acquiring New Customers can cost 5X more vs. retaining existing customers
• Harvard Business School, have shown that even a 5% increase in customer retention can lead to an increase in profits of between 25 and 95%.
• 44% of the companies have a great focus on customer acquisition vs. 18% that focus on retention
• 89% of the companies see customer experience a a key factor in driving customer loyalty and retention
• The Probability of selling to an existing customer is 60-70% vs. selling to a new customer is 5-20%
• Existing customers are 50% more likely to try new products and spend 31% more when compared to new customers.
With WeSupply Post-Purchase Experience platform we are communicating with the customer at every stage during delivery.
With emails and SMS such as:
Post-Purchase email automations are ensuring full transparency and because they contain important information regarding each product we see an open rate between 60% and 80% as well as CTR up to 48%. Yes, it might sound unreal but they are real. Also our beautiful Branded tracking page is visited more than 3 times by the customer during the anticipation time.
These are great opportunities to re-engage with the customer!
These re-engagements can generate direct revenue by upselling new or complimentary products to micro-conversions such as User Generated Content.
The re-engagement strategy that you choose is dependent on your business objectives, and it is a phenomenal way to offer a great Post-Purchase customer experience!
Let’s dive into it!
Your customer probably found your product via advertising or direct link. They probably came directly to your product page, loved the price and purchased. But most likely they have not browsed your entire website and they are not aware that you are running a sale or promotion campaign for an entire line of products. It is never too late to let them know!
The customer purchased the most amazing footwear from your website! If you would have a direct interaction with the customer you know that “those pants” would be a great match for their outfit to complete the look.
Are selling electronics, furniture or clothing? There are customers who need help understanding how to install the product, how to secure it or just how to take care of it!
If you are selling clothing, you know that very few people will check the label on how to wash and dry the product, often resulting in destroying the fabric and asking for a refund. You can avoid it!
Getting a great piece of clothing or gear is just the beginning. How to style that product or how to use it is often the venue how you tell your brand story. Use this opportunity to show your customers how others are wearing/using these products.
And if you already engaged with your customers, why not ask them to take a picture and tag you with the hashtag #yourbrandrocks
Sticker Mule built an entire campaign around this. Their customers are featured on their Instagram account, what a great way to help your customers, as well as your own followers and create engaging content for free.
We all know that some of your customers might need a little bit of help or they are just terrified by returns. Use this opportunity to reassure them that they made the right decision. Show them how they can quickly reach out to you in case something didn’t work out as expected. Let them know your return process is effortless and fast!
Your customers just spent their hard earned money, and they will take good care of the product for the years that come. Unfortunately sometimes things don’t go as planned, and extended warranty might help them keep their product longer.
Are you selling replenish-able products? And I don’t mean just paper towels, it can be coffee, pet food like Chewy does, underwear like MeUndies or even protein bars from RXBAR
Often you just have to show that you care, honest, simple questions such as
If you have more advanced solutions in place to survey your customer for CSAT and NPS, don’t hesitate, this is your opportunity! Some of your customers will be eager to share what they think!
Yes a coupon code, it can be as simple as “Free Shipping”! In case your customer forgot to buy something.
Or just a simple $10 that they can use towards any other purchase.
Whatever you choose, it’s most likely below the cost of acquiring a new customer via other sales channels.
While we can have all kinds of creative ideas, a sincere “Thank You” video will bring a smile on your customers face and shows that you truly care.
You probably have a blog with amazing content created for your customers, or you might have Videos where you review your products, or… an amazing podcast!
Showcase these engaging content pieces to your customer!
I am a big fan of REI, besides being a phenomenal store they also have events custom tailored to you. If you purchased hiking gear you might be receiving “Compass Navigation” Event Invites. These are great opportunities for them to meet their customers face to face, understand why they like their products, how they use them or if they have any feedback.
From a simple Meetup to fully built out events at your store after working hours, it’s up to you on how far you take it!
We all know that the best marketing is word-of-mouth marketing, but we also know that it works better if we give a little incentive. And if you ask at the right time, when the customer is insanely happy about the product they just received, then why not take the opportunity and initiate your word-of-mouth marketing.
Do you have a wishlist functionality or the ability to create product lists?
Use this moment to advertise it! Especially if you offer price change notifications!
There is nothing better than when we get notified that our favorite product just dropped in price 20%, or you have a promo for it!
PS: Ohh, and if you did not do this before, just analyze what people have added to their wishlist, and you might be able to run a small promo just for them 😉
Often purchasing the product is just half the job before you can truly use it! Some products need to be installed by professionals, assembled or custom molded for your needs. Use this moment to remind them that booking an appointment is necessary, and while we already know when the product is going to arrive… well, you got the point!
Warby Parker advises making an optometrist appointment so that the customer has the proper prescription and can order the glasses they prefer. Obviously, if a customer does follows this advice, there’s a much higher probability that they’ll order the glasses they tried on:
Great for the planet and great for you!
Let’s analyze this for a bit, first of all whatever is possible to recycle, we must recycle, the planet is suffering and retail has a big share in the harm we caused.
Second, if the customer needs to recycle your product, it means that it’s the end of life, this also means that most likely they will need to buy a new one soon. And if you have stores, why not invite them at that point to recycle it at your store. Most likely you will be able to re-engage with the customer at that point.
Keep in mind to educate your customers from the beginning as they will consider your alternative when time comes.
Fashion, Beauty, Activity, Photography, Hobby are just a few industries where there is an entire community around the product. If the customer is passionate about their product they will be excited to get to know other community members as well.
The more visible your program is, the better it will perform.
This might just tie multiple elements together! Easy, faster future checkouts, loyalty points, better order management, you name it! But if the customer checked out as a guest, I bet you would like them to create an account, and while they do that, why not even invite them to signup for your newsletter.
There are many ways to re-engage with your customer, it all depends on your creativity. But one thing it’s for sure keeping the customer happy throughout each step of their journey all the way to refunds is the most important!
While it’s quite challenging to keep up with the ever rising cost of customer acquisition there are many strategies that we can use to re-engage with existing customer.
These strategies will provide an overall better customer experience as well as it will help you save some serious dollars!
Checkout how much you can generate and save by re-engaging with your customer using Post Purchase Emails