Retaining customers is 10x easier than acquiring them. But you will not be able to create the sticky effect with your customers unless you have a solid strategy behind it. Retention requires a loyalty model that makes your customers feel that they are getting preferential treatment for their loyalty. It also requires you to communicate the value of preferential treatment. Unless you communicate, how would they know that you are doing something for them? Without communication, your retention strategies may result in devaluing your products without any tangible advantage. Retention also requires you to have better experience and barriers that help them stick to your brand. Every brand has a different retention strategy. But what are the best practices when it comes to retaining your customers?
In today's episode, we invited a panel of cross-functional experts for a live interview on LinkedIn who brings significant expertise to discuss customer retention strategies for e-commerce. We covered many grounds in this episode, including the steps and processes for customer retention and why tracking invisible churn is important. Finally, we also discussed how to measure customer retention and why it is important to right-size the customer for product purchase alignment.
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