10 Innovative Retention Strategies Demystified

Explore organic tactics, memberships, and top brand strategies for customer retention without relying on email or SMS.

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Surprise and delight: strategy?

Unexpectedly delighting customers can enhance loyalty and word-of-mouth promotion.

\"So I was trying to return and I did not buy on through Amazon because they didn't have, it was not available. Uh, it was not available on their store, but it was available through Shopify Shop. I don't know, like Shop.com, but it was through, uh, it's like market, another marketplace, and I bought it, but I cannot now I cannot return it because they said like, did you open it? I'm like, of course I'll open it so like. But in our policy, it says if you open it, you're not able to return and I'm like, now I'm like ending up with this $400 like mic.\"

Takeaway:
  • Exceptional customer service policies can surprise and delight customers.
  • Flexible return policies enhance customer trust and loyalty.
  • Positive experiences lead to word-of-mouth referrals.

How to educate your customers?

Educating customers about your products enhances their experience and loyalty.

\"I, I love the strategy. It does take some work on your end, but you can do it through different mediums. You can do it through email marketing, you can educate your customers about your products through your social media, through your blogs, platforms.\"

Takeaway:
  • Use various channels to provide valuable information to customers.
  • Educated customers are more likely to become repeat buyers.
  • Position your brand as a trusted expert in your field.

Importance of customer convenience?

Providing convenience enhances customer satisfaction and encourages repeat purchases.

\"So Amazon, as we all know, Amazon have a 2 day shipping. Uh, was a prime membership here in New York, when I used to work in corporate America, they had 1 hour or 2 hour delivery. Yeah, and also for the Whole Foods because I live not far from the distribution center, they do the same day delivery. Uh, so this is a convenience and people pay extra for convenience and people will stay with you because of the convenience.\"

Takeaway:
  • Fast and reliable delivery options increase customer satisfaction.
  • Customers are willing to pay more for added convenience.
  • Convenience can be a key differentiator in retaining customers.

Benefits of loyalty programs?

Implementing rewards and loyalty programs encourages repeat business and customer engagement.

\"So they have like this tier called general admission, this tier called Front row, VIP backstage pass and stuff like that. Uh, but basically, like depending on what tier you are at, um, you can get like different, um, like experiential rewards, so you have, uh, you can be featured on their Instagram and TikTok. I think they do have like a few million followers, so that's huge, so you can earn yourself a place in their Instagram or TikTok stories which I think is huge.\"

Takeaway:
  • Loyalty tiers motivate customers to reach higher levels for better rewards.
  • Exclusive experiences enhance customer connection to the brand.
  • Encourage sharing and advocacy through social media features.

Inspire customers with mission?

Aligning with a meaningful mission can attract and retain like-minded customers.

\"I think marketing is. I mean, obviously I'm gonna say it was email marketing. I might be biased Andre, right, working in this industry and their emails are excellent, by the way. But yeah, I, I, I think they're doing an amazing job with like influencer marketing with um all of this like community building thing and yeah, I might as well actually join their running club.\"

Takeaway:
  • A strong mission resonates with customers and builds loyalty.
  • Communicate your mission effectively through marketing channels.
  • Customers are more likely to support brands that align with their values.

Why introduce subscription programs?

Subscription models improve retention by providing consistent value and predicting revenue.

\"But they actually give you the option. So you can either get like an actual cashback, which is like $30 for example, you can get a $30 Visa debit card or if you want, you can get $36. Is like 20% more if you opt in to get like a gift card for the store and so basically they incentivize you to get a better value but with their store, which I think is like super cool because literally the money they do not leave that like ecosystem that you built for your business. So yeah, this is so cool.\"

Takeaway:
  • Subscriptions encourage ongoing engagement and loyalty.
  • Predictable revenue stream aids in business planning.
  • Incentivize customers to stay longer with increasing benefits.

Offer store credit to boost loyalty?

Providing store credit encourages repeat purchases and keeps revenue within your brand.

\"So there's no, uh no need for you to come back to the store, but store credit is how it works, so it's like 50% back, for example. So you're paying hundreds. Do, but you're getting back $50 in the store credit. So in the future, you want to come back to the store because if you want to spend another $100 you already have $50.50 dollars which you can apply towards your purchase. So, maybe for you as a business, it's the same thing in terms of how much discount you're giving, however, it gives incentive for a customer to come back to spend more with you and this is, I mean, perfect retention strategy.\"

Takeaway:
  • Store credit motivates customers to return and make additional purchases.
  • Keeps the money within your business ecosystem.
  • Enhances customer loyalty through perceived added value.

Use mobile apps for retention?

Utilizing mobile apps offers convenience and keeps customers engaged with your brand.

\"I mean, let's look at the HubSpot. If you're not familiar with the HubSpot, HubSpot have a lot of free tools that businesses are paying money for. So they started with a free tools and they still offer free tools like a free CRM, free chat on your website, free website builder. They have a bunch of free tools. This is how they get you kind of in the door and of course if you you want to use more of it, you have to pay or same thing with apps, you are using the app, let's say Fitbit Fitbit.\"

Takeaway:
  • Mobile apps provide added value and features to customers.
  • Offering free tools or apps can attract and retain users.
  • Apps can collect data to personalize customer experiences.

Benefits of membership perks?

Offering membership with exclusive perks can enhance customer loyalty and create brand ambassadors.

\"Can you imagine like 50 million people pay you as a brand money to be a part of this like exclusive club. I just checked and so they worth 5 billion, 5 or 5. OK, because I have like a different note in my note, but like it's still very impressive, right? I mean, it it's insane like especially considering that they were like pretty much at the verge of going bankrupt in the 80s and they just like because they didn't have enough money to like advertise, uh they come up with this like unique idea of having pretty much like ambassadors, I guess, but in this case, they were not paying ambassadors, ambassadors were paying them to be a part of this exclusive ambassador club. How cool is this, right?\"

Takeaway:
  • Membership programs can turn customers into paying brand advocates.
  • Exclusive perks encourage customers to invest in your brand.
  • Creating a sense of belonging boosts customer retention.

How to build brand community?

Engaging customers through a community can significantly boost retention and loyalty.

\"That's exactly what Gymshark did, they have this like amazing blog that they run about all of the like gym strategies, gym recommendations, stuff like that. They do have pop up shops where you can come and meet your favorite brand ambassadors and for brand ambassadors, they have this like the most influential like athletes and the most influential um like gym influencers and stuff like that. But I also love that they do have an online like clubs, like running club for example, but also like a physical club, physical running club in some cities.\"

Takeaway:
  • Building a community around your brand fosters customer loyalty and engagement.
  • Hosting events and creating online and offline clubs can deepen customer relationships.
  • Collaborate with influencers and brand ambassadors to enhance community appeal.

Episode Info:

Title:
Retention Strategies Beyond Email & SMS
Episode Link:
Keywords:
customer retention, loyalty strategies, subscription programs
Episode Air Date:
January 16, 2024

Podcast info:

Show Name:
Email Einstein
Author:
Vira Sadlak and Andriy Boychuk
Owner:
Vira Sadlak and Andriy Boychuk
Category:
Business

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