How to Reduce Friction & Drive Customer Retention in 2023?
- Posted on January 24, 2023 by Robert
- Reading time about 5 minutes
With stiff competition in the market, businesses are struggling to retain customers and win customers’ hearts. Delivering a good product or service is no longer sufficient to have a strong customer retention strategy. Customers today have high expectations with too many options available in the market when it comes to the brands they want to associate with. Every business must try to improve customer retention of existing customers as acquisition costs are 5 times more than the cost that it takes for retention.
In this blog, we will learn about the best tips and see how the right Customer Loyalty Software Solution can help to reduce friction and drive customer retention in 2023 and beyond.
Tips to Help Brands Boost Customer Retention in 2023
We all know the importance of personalized experiences that can help brands keep their focus on new customers acquired over the holiday season. Making customers want to continue to shop again and again is essential, which is why we are here with tips and tricks for the best customer retention strategies in 2023. If you are planning to turn your one-time visitors or deal-hunters into long-time shoppers during the holiday season, create the right and relevant experiences that bring shoppers back to your store again and again.
Here are the best ways to help brands build better experiences throughout the buyers’ journey to encourage loyal behavior and boost retention-
– Drive Engagement at the Right Time
One of the biggest challenges that brands face is less engagement between purchases! The solution is the create personalized experiences for customers at the right time, which is helpful in customer retention. Show your customers that you know them by sending messages that they might be looking for – with information like available point balance, VIP tier benefits, rewards, etc.
Novus Loyalty offers a bunch of robust features that can help brands automate touchpoints throughout their loyalty journey and send the right messages at the right time. Brands have witnessed maximum engagement with these powerful messages driving ROI up to 81% on loyalty flows triggered through SMS.
– Use SMS Review Requests for Feedback
Customer feedbacks are the most genuine way to know what your customers feel about your product & services. Make it simple for them to share their reviews and initiate the conversation with the help of post-purchase review requests sent through SMS. Brands can create a value exchange by rewarding customers with points or discounts for sharing their opinions about the products or purchase experience.
With this feature, Novus can help brands achieve huge success with an increase in the number of reviews received from customers, leading to a higher conversion rate on SMS review requests as compared to email requests.
– Let Customers Connect with Simplified Subscription Messages
Another best way to increase recurring revenue and reduce friction is with the help of the subscription channel. Yes! Simplifying subscription communications can be highly beneficial as your subscribers can engage with brands easily between their subscription purchases.
Your customers can easily purchase or modify their subscriptions directly through SMS without the help of customer support. This seamless subscription process helps to reduce existing friction and increase the likelihood of your customers staying subscribed for a long time. Having this feature enables customers to even adjust their deliveries, swap out products and cancel anytime.
– Friendly Reminders to Use Rewards at the right time
To engage customers with the right rewards, the redemption process should be easy to use. With the help of SMS messages, you can send reminders to customers by asking them to redeem their loyalty rewards. For instance, you can text customers that they have a redemption waiting for them at checkout which they can use to unlock savings on shopping for their favorite products.
You can include a link in the SMS which will lead them to confirm the payment page at checkout. This seamless experience will reduce the customer’s time and increase their repeat purchase rate. Customers want immediate responses and the ease of real-time interaction helps to make them repurchase their favorite products.
– Make Customers Redeem Rewards on Upcoming Subscriptions
With the help of Novus features, brands can make it easy for customers to earn and redeem loyalty points on subscription orders. This helps brands improve customer retention and even increase their lifetime value. Keeping the focus on your most loyal customers and rewarding them in the right way can increase the chance of making them stay subscribed for a longer time.
Apart from adding a subscription channel with a loyalty program, you can make use of referral rewards to help your brand turn existing customers into brand advocates and increase new customers count. Novus acts as a Best Referral Marketing Software that can help in engaging customers to bring in new customers through valuable referral rewards.
As we are now aware that customer retention is more important than ever for higher business growth and better customer loyalty, brands must now focus on keeping their current customers happy. With the help of the right customer loyalty software, businesses do not need to spend big on marketing, advertising, and sales outreach.
If you are looking for a way to turn your existing customers into repeat ones, Novus, our all-in-one loyalty platform is the one that can provide the best business loyalty programs for different brands across the world with higher customer retention and end-to-end customer experiences. Schedule a demo with the Novus team to see how we can help in earning customers’ trust by driving customer retention to a higher extent.