4 Things You Need to Do to Maintain Customer Retention
What’s better than getting one new customer?
It sounds like a trick question, but the answer is not “getting two customers”, but “retaining existing customers” or what is often called customer retention.
While acquiring new customers is exciting and challenging work, retaining existing customers will result in a greater Return on Investment (ROI) at 5-25x less cost.
But what about a customer retention strategy that can make existing customers feel engaged and happy?
Here are 4 customer retention strategies to maintain customer loyalty to your brand.
1. Onboarding program
An onboarding program is part of customer success that teaches new customers how to use your product or service. Customers will be provided with direct guidance by company representatives who personalize the training according to their needs. This way, customers will not only save time, but they can better understand how your product can help them achieve their goals.
Onboarding is an effective customer retention tool because it can minimize the churn rate of new customers. First-time customers using your product may find it difficult and ultimately frustrating for them.
Remember that your customers have a limited amount of time to learn about your product. Onboarding can help customers on how to use your product and use it to achieve their goals.
2. Communication Calendar
Being more proactive with customers is sometimes necessary. For example, if there are customers who haven’t interacted with your brand in a certain amount of time, you should reach out to them and rebuild your relationship with them.
Consider using a communications calendar to manage customer engagement and create more opportunities for upselling and cross-selling.
A communication calendar is a chart that tracks your communications with customers. This calendar will notify you when “existing customers” haven’t interacted with your brand.
This method will also make it easier for you to provide offers and promotions. For example, when your subscriber’s subscription period is coming to an end, you can send an email to let them know that they need to make a payment to continue enjoying your subscription.
3. Customer Loyalty Program
The customer loyalty program aims to reward customers for their loyalty to your brand. The more they shop and interact with your business, the more rewarded they will be.
This can make customers feel good because they got more than just your product or service. They get valuable experience.
About 10% of your most loyal customers spend three times more than the rest of your customer base. So you have to make sure that those in the top 10% get great service and other benefits.
4. Have Customer Advisory
The most loyal customers are also the most valuable. Not only because of the money they spend on your product, but also for the information they provide. They will usually tell you why they like your product or service, and provide suggestions for product quality improvements if necessary.
Customer advisory can help you improve your products and services. Apart from that, you can also encourage customers to share their positive reviews publicly. Remember that customer testimonials are an effective method of cultivating the trust of potential customers in your business.
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