Early-stage e-commerce startups will learn quickly that few things are more important than customer retention.
Reducing churn is among the easier ways to boost bottom-line figures and move forward in creating data-informed growth strategies.
Proper feedback is key in this endeavor, as it creates a direct channel from the consumer to the business and its customer operations team.
What is Customer Retention?
Customer retention is an emerging field where businesses use data and optimized operations to increase the number of repeat customers and the profitability of each existing customer. When done right, it reduces customer churn.
Your best customers are not the ones who pop in to buy a single item — they are the ones who shop frequently, engage often, and invite friends to check your business out. Marketing to them so they continue buying is one of the most cost-effective ways to grow your operations, and this sort of retention is much different from customer acquisition or lead generation because you already converted the customer.
The Importance of Client Feedback
Client feedback plays a huge role in customer retention and is critical for early-stage businesses looking for quick wins. Client feedback helps you determine if your clients are satisfied with your service, what they like best and like least, and where you can improve.
When paired with customer churn prediction tools, it can offer extraordinary insight into business operations.
How Customer Retention Software Can Assist in Feedback Efforts
Customer retention software helps early-stage companies gain key insights about customer pain points, which can then be used by operations to fix problems as they develop and before they become overwhelming. Customer retention software gathers key metrics about customer pain points so you can find what you are doing best and do more of it, and find what you are doing worst and stop doing it.
Ways to Get Customer Feedback
- Offer an incentive or reward for feedback
- Use social media
- Run contests
- Post a link to a survey
- Send follow-up emails
Ready to learn more about the importance of feedback and client retention for early-stage and startup companies? Reach out to the pros at Overdue.io today.