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Customer Retention: What is it and why should you care?

What is customer retention? It is the practice of retaining (keeping) customers and converting them into return visitors. In Influencer lingo, this means converting likes and comments to followers and subscribers. Another way to think about customer retention is Brand Loyalty. 

Why is Customer Retention Important? 

For Influencers and content creators – like you – customer retention is crucial to long-term success. When an Influencer has a high customer retention rate, they can expect these two significant perks:

1. Customer Retention will save you money! 

Acquiring new customers or interested viewers will always cost more than keeping a current fan. How much more? On average, It can cost up to five times more to acquire a new customer than to keep a current one. 

2. Customer Retention will cause Brand Ambassadors to appoint themselves!

Customers/fans who have stuck around for a while are also significantly more likely to utilize word of mouth and organic sharing marketing to help spread awareness. Organic ambassadors (or stans) and word-of-mouth traffic are well worth their weight in gold. 

Consumers are savvy and often skeptical of ads or other business-approved marketing strategies but heavily rely on other consumers’ opinions during the buying process. 

Having more brand loyal customers talking you up is not only free advertising, but it’s a more authentic and effective way to advertise. 

So how do you achieve brand loyalty?

There are several ways to achieve customer retention. Here are some of the most efficient tactics: 

1. Have a smooth onboarding process

It should be easy for your potential customers to find you, find what solution you offer them, and then sign up however that looks for you. The more hurdles a customer has to jump through, the less likely they will complete the process. 

2. Keep them top of mind, always. 

It’s important to remember that you serve your customers, not the other way around. When deciding what content, products, or services to offer, make sure it’s what your customers are craving and have come to expect from you. 

3. Reward their loyalty 

It is too common to offer exclusive deals or content to only new customers, but this is not good for brand loyalty in the long run. You need to give them a reason to keep coming back and reward them when they do. Perks like referral discounts or exclusive bonus content are great loyalty rewards.

Ultimately there are countless other ways to keep your customers happy, and it will likely vary wildly depending on your industry, age of business, and other factors, but the goal is the same. 

Are you a creator looking to monetize your audience and your content? Apply to join the Infuse Platform and access exclusive brand campaigns today!

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