It’s five times more expensive to acquire new customers than it is to retain existing ones. If you notice existing customers’ attention waning, you’d better react and do something to bring them back into the fold. At-risk customers are those who haven’t purchased within an expected timeframe (which will vary from business to business). When you notice a customer’s interest begin to fall off, it’s a good time to implement some strategies to re-engage them. You can try:
- Re-engagement emails
- Special offers for returning shoppers
- The promise of additional rewards in higher tiers
At-risk customers should be brought back to your brand before they shop with a competitor.
Your #1 fans: convert loyal customers into advocates
Perhaps the biggest benefit of a loyal customer base is that returning customers act as vocal advocates for your brand. They’re the kind of people who can’t stop recommending you to their friends, they share your posts on social media and even sport your branded tote bag on their weekly shop. So how do you get these loyal customers? Use your loyalty program not just as an effective customer retention tool, but a cost-effective way to acquire new customers too.
From rewarding positive reviews to offering points for referrals via email and social media, there are many ways to incentivize loyal members to become advocates.