As a Small Business owner, it is imperative to Retain the Customers you have as attracting new customers costs nearly SEVEN TIMES the amount it does to retain an existing one. In addition, your existing customers are FOURTEEN TIMES more likely to buy from you than a new customer.
Here are the facts for ALL Dimensions of Customer Retention:
- 86 percent of consumers say loyalty is primarily driven by likability and 83 percent of consumers say trust. (Rare)
- 47 percent of customers would take their business to a competitor within a day of experiencing poor customer service. (24/7)
- The estimated cost of customers switching stores in North America due to poor service is $1.6 trillion/Yr. (Accenture)
- 27 percent of small business owners estimate that 11-20 percent of first time customers don’t return to their business (Belly)
- 32 percent of executives say retaining existing customers is a priority (Forbes)
- A 5% Increase in Customer Loyalty is directly responsible for up to a 95% increase in profit (Forbes)
- 66 percent of companies that saw a decrease in Customer Loyalty & up to a 20% drop in Revenue over the past year DID NOT HAVE A MOBILE LOYALTY APP! (Apptentive)
Business is a numbers game. So how do you get and keep more customers at lower costs? The trick is to focus less on advertising and more on customer retention, leveraging your existing customers to bring in new ones. Offering Loyalty or Gift programs through Mobile apps can be one of the best investments you can make when it comes to customer loyalty and retention; After-all, consumers would rather shop at a personable location owned and operated by their neighbors! Just be sure to give them every reason possible to come back through your door….. Including offering FREE* programs that rival the big store capabilities like Cardlis!
Surveys show that 73 percent of satisfied customers will recommend your service to others, and positive testimonials from existing customers are far more likely to influence people than a brand’s own marketing messaging. In other words, your existing customers are a goldmine. They require less investment, they buy more, and they bring new customers with them. With a mobile app, you can even ask for reviews from customers and what is so great about this strategy is that customers who download your app will generally write a positive review and give great testimonials since they are loyal customers.
How You Should Be Using Apps to Build Customer Loyalty
Here are a few more mobile app tips for customer retention:
Use a Mobile App That Interacts with Other Local Shops
Mobile apps flood the market today and are developed for various functions, such as entertainment, food delivery, taxi service, photo editing, learning, language translation, communication, shopping, videos, games, music, news, weather, and a lot more. Its estimated that on average users only access 9 apps from every 60 they hold on their phone! So it is imperative that your small business uses a platform that is accessed multiple times when shopping, accessing balances or viewing in other locations so you have a much higher chance of having your programs or promotions seen!
View demographic info that helps you refine your sales and marketing efforts. And most of all, use features like push notifications, mobile newsletters and loyalty programs to keep your customer base thriving.
Adapt or Die
Don’t sit on your data — adapt and evolve according to the trends you uncover. Do you know why Richard Branson, the billionaire owner of Virgin Atlantic Inc., lost to the venture capitalists in the Silicon Valley when he tried to go head-to-head with Uber? One simple reason: Uber was backed by an algorithm, by data. Analytics turned Google from good to great and Uber from an audacious venture to the peer-driven giant in transportation. The companies introduced their service, gathered the data, then used it to refine based on customers’ needs.
Long story short, don’t fall behind your competitors when it comes to your investments in new technology such as using a mobile app for your small business. Data shows that customers want to download and use mobile apps from their favorite small businesses. Don’t ignore the data that is right in front of you!
Focus on Customer Service
Ninety-seven percent of customers see customer service as the most important factor when choosing a brand. And after signing up, customer service weighs most heavily on customer satisfaction and net promoter score — or the likelihood that they’ll recommend your brand to someone else.
A mobile app is a great way for customers to be in touch with your business 24/7. Whether that’s for general business information or to ask you a question about your business. In addition, great customer service can come as a surprise. For example, mobile apps give you the ability to offer in-app only sales and updates on events which customers really appreciate.
Cardlis Applications Solves Local Customer Programs
Cardlis is a Western Canadian Company who’s sole focus is to help small business’s retain customers and be in the hands of hundreds of potential new clients. Cardlis offers Digital Loyalty & Gift programs that are Automatic, 100% controlled by Local business Owners and easily accessed by customers when and where they like! Learn customer demographics, query transaction details and print reports for tax purposes. Best of all, Entry Merchant accounts are FREE and large customer management is pennies/month! Compare that to Dollars wasted on Cards and large Management labor costs!
While you Reward your Loyal Customers, Cardlis Rewards Local Shoppers with Community Cash! Community Cash is additional points that customers receive while shopping in the Cardlis Network to be spent towards Gift Cards on the Cardlis APP. Cardlis – “Your Return Customer Powerhouse”
Cardlis can be managed in-store with the Cardlis Merchant APP on any iOS or Android smart phone/tablet or can be integrated with Point of Sale Software! No additional hardware needed!
*Cardlis is FREE for the first 100 Loyalty Customers and additional pricing starts at $20/month and as low as 1.27 Cents/Customer. See Cardlis Pricing for more information.