A simple guide to creating lasting relationships with your retail patrons

As the owner of a retail company, what would you rather have: one-time sales from people you never see again or rich, ongoing relationships with a dedicated core group of loyal buyers? 

It’s a sure bet that you would opt for the latter every time. But wanting is one thing, and making it happen is another. Integrate the following tips into your business model to maximize customer longevity and loyalty.

1. Understand the benefits of customer retention.

Your company can bring in more money over time with a single customer who keeps coming back to make purchases. Customer lifetime value (CLV) is such an important metric because it shows the cumulative profits a client can bestow upon their preferred businesses over months and years.

In addition to monetary advantages, established customers forge a strong relationship with your store and can become fervent brand ambassadors. You can also use them as a vital resource for gauging buyer opinion or testing new products.

2. Make onboarding transparent and efficient.

Whether you are helping someone to sign up for a loyalty program or a monthly subscription, the initial process of becoming a customer is crucial. If it is plagued with inefficiency or results in customer confusion, it is likely that the client will not remain associated with you for very long.

Successfully bringing someone into your brand family works best when you personalize their experience as much as possible. By paying careful attention to your customer’s buyer persona, you can tailor your offerings to them. 

Nothing creates a better first impression than feeling listened to and cared about.

3. Furnish diverse payment options.

Whether you accept payments in store, online, or both, your customers will appreciate your willingness to offer a wide selection of ways to resolve their bill. In addition to taking debit and credit cards, your smart terminal should also be configured for digital wallets, ACH, and contactless mobile transactions. 

When people are allowed to use a payment method that they trust and feel good about, these positive emotions will also be transferred to your business.

Another increasingly popular payment type is the subscription or recurring billing model. Long used by wine clubs, gyms, utility companies and child-care centers, this plan lets your customer consent to have a set amount withdrawn from their credit card or bank account on a certain date for an agreed-upon length of time. 

Any company that provides payment processing for retail businesses will be able to help you configure your point of sale system to perform recurring billing.

Customers enjoy the set-it-and-forget-it vibe of a subscription and feel special once they are connected as a member of your brand family. 

As the seller, you have an unparalleled opportunity to foster and enhance a deep relationship with each subscriber, using your analytics tools to introduce them to new products and items that will enhance their ongoing purchases.

4. Emphasize superior customer service.

When buyers have questions or concerns about your products and services, you need to provide them with prompt, attentive attention that is focused on finding the best possible solution. 

Even if your merchandise soars above what your competitors offer, you will lose the advantage if customers receive below-average assistance.

Stellar customer care involves providing help on multiple channels such as by phone, knowledge base, user forums, email, and live chat, preferably 24/7. Additionally, you should monitor social media pages and respond to concerns publicly within one day. 

Other visitors to the page will take note of your prompt attention, and your long-time customer will appreciate your commitment.

5. Regularly solicit feedback.

Everyone wants to be heard and recognized, and your valued customers are no exception. When you ask buyers for their opinion of your products and services and act on their suggestions, they will come to recognize how integral they are to your success. As a result, your relationship becomes even stronger.

Surveys are cost-effective, easy to distribute, and useful in helping you to take the pulse of your clients. Once you get the raw data, you need to close the loop by analyzing it so that you can take advantage of the insights it provides. 

Should you decide to make changes that are based on survey results, be sure to publicly recognize the positive impact your customers’ reviews are having on the success of your company.

A long-time, satisfied customer is one of the most important assets your business will ever have. Cultivating this vital asset involves several components, including providing superior onboarding, a variety of payment choices, multi-pronged, and effective customer service and attention to your patrons’ ideas and opinions. 

Take the time to attract patrons and keep them coming back, and your retail operation is sure to thrive for the long haul.