What’s better than getting new customers and subscribers? Keeping them, duh! Sure it’s super exciting to get attention from new fans and customers, but when customers keep coming back, it results in a greater ROI and costs a lot less. Like, upwards of 25 times less.
Of course, customer retention is easier said than done — especially when there are so many new things to try these days. That’s why the best strategies are all about inspiring loyalty.
In today’s Read, HubSpot takes a close look at 9 different types of customer retention strategies and how some of the biggest brands are using them to build their loyal following. Better yet, they tell you how you can apply these tactics on a smaller and more relatable scale.
Below are just a few:
- TOMS: Begin with a mission. Sometimes a brand inspires loyalty not through tactics and systems, but through what they stand for. Toms “One for One” policy is one of those missions.
- MeUndies: Use gamification and referral programs. As one might guess for an underwear subscription, MeUndies has a lot of personality. Not only is their referral program tight, but they also have a unique “nudge” button that you can use to motivate your friend to make the purchase. In other words, they’ve found a way to use their current customers to reduce cart abandonment!
- Amazon Prime: Use subscriptions to bolster the experience. Amazon Prime is so much more than what it was intended to be (just faster delivery). It’s now free shipping and gives you access to exclusive content. All that goodness comes with a price, losing about $1-2 billion in revenue every year. But since they’re selling things everyone wants, they make up for it in increased purchases.
- Apple: Create a divide between you and your competitors. We all remember the “Mac vs. PC” campaign, right? Apple certainly made a name for themselves as the cooler, more approachable brand. Wonder what Steve Jobs would think about these horrifying animated emojis.