{"id":41916,"date":"2020-03-16T00:00:00","date_gmt":"2020-03-16T07:00:00","guid":{"rendered":"https:\/\/newrcblog.wpengine.com\/customer-retention\/"},"modified":"2025-03-13T06:29:06","modified_gmt":"2025-03-13T13:29:06","slug":"customer-retention","status":"publish","type":"post","link":"\/us\/en\/blog\/customer-retention\/","title":{"rendered":"8 affordable strategies to improve your customer retention"},"content":{"rendered":"<p>Customer retention is a vital part of building a thriving business.<\/p>\n<p>But maintaining a satisfied and loyal customer base takes a fair amount of thought and dedication.<\/p>\n<p>Your existing customers are your primary assets. To earn their continued business, you need to offer a great customer experience and build solid customer relationships.<\/p>\n<p>In this post, we\u2019ll dig into the importance of customer retention and take a look at some strategies you could use to keep your customers coming back for more.<\/p>\n<p>What we\u2019ll cover:<\/p>\n<ul class=\"table-of-content\">\n<li><a href=\"#What is customer retention?\">What is customer retention?<\/a><\/li>\n<li><a href=\"#Why is customer retention important?\">Why is customer retention important?<\/a><\/li>\n<li><a href=\"#How to calculate your customer retention rate\">How to calculate your customer retention rate<\/a><\/li>\n<li><a href=\"#8 tried and tested customer retention strategies\">8 tried-and-tested customer retention strategies<\/a>\n<ul>\n<li><a href=\"#Set the right expectations\">Set the right expectations<\/a><\/li>\n<li><a href=\"#Prioritize great customer support\">Prioritize great customer support<\/a><\/li>\n<li><a href=\"#Keep customers excited about success\">Keep customers excited about success<\/a><\/li>\n<li><a href=\"#Emphasize team relationships\">Emphasize team relationships<\/a><\/li>\n<li><a href=\"#Provide value through content\">Provide value through content<\/a><\/li>\n<li><a href=\"#Unleash the power of reciprocity\">Unleash the power of reciprocity<\/a><\/li>\n<li><a href=\"#Create a loyalty program\">Create a loyalty program<\/a><\/li>\n<li><a href=\"#Invite feedback\">Invite feedback<\/a><\/li>\n<\/ul>\n<\/li>\n<li><a href=\"#3 real-life customer retention strategies in action\">3 real-life customer retention strategies in action<\/a>\n<ul>\n<li><a href=\"#CVS\">CVS<\/a><\/li>\n<li><a href=\"#Bank of America\">Bank of America<\/a><\/li>\n<li><a href=\"#Zappos\">Zappos<\/a><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<hr \/>\n<p>Want to retain more customers? See how customer-obsessed your business is\u2014take the quiz! \ud83d\udc47<\/p>\n<p class=\"p1\">\n<div class=\"download-form-widget standart-download-form\" data-url=\"https:\/\/netstorage.ringcentral.com\/documents\/quiz_how_customer_obsessed_your_business.pdf\" data-id=\"69d02c4601fc5\" id=\"69d02c4601fc5\">\n\t\t<button tabindex=\"on\"  on=\"tap:69d02c4601fc5.toggleClass(class='open')\" class=\"open-modal-download-action download-form-button\" type=\"submit\">\ud83c\udf1f Want to provide better customer service?<\/button><\/p>\n<div class=\"download-form-modal\">\n<div class=\"download-form-modal-body\">\n<div class=\"download-form-modal-content\">\n<div class=\"download-form-modal-title\">\ud83d\udc40 Ready to see how your business stacks up? <\/div>\n<form class=\"download-form SMB\" method=\"post\">\n<div class=\"download-form-part\">\n\t\t\t\t\t\t\t<input class=\"download-form-input\" aria-label=\"Full Name\" aria-required=\"true\" aria-invalid=\"false\" type=\"text\" name=\"fullname\" placeholder=\"Full Name\" data-dl-events-hover=\"true\" data-dl-element=\"text\" data-dl-additional-info=\"download form\">\n\t\t\t\t\t\t<\/div>\n<div class=\"download-form-part\">\n\t\t\t\t\t\t\t<input class=\"download-form-input\" aria-label=\"Email (please enter a work email address)\" aria-required=\"true\" aria-invalid=\"false\" type=\"email\" autocomplete=\"on\" name=\"email\" placeholder=\"Email (please enter a work email address)\" data-dl-events-hover=\"true\" data-dl-element=\"email\" data-dl-additional-info=\"download form\">\n\t\t\t\t\t\t<\/div>\n<div>\n\t\t\t\t\t\t\t<input type=\"hidden\" name=\"popup_form\" value=\"1\">\n\t\t\t\t\t\t<\/div>\n<div>\n\t\t\t\t\t\t\t<input type=\"hidden\" name=\"Lead_Entry_Source__c\" value=\"RC Blog\" class=\"download-form-input\"\/>\n\t\t\t\t\t\t<\/div>\n<div class=\"download-form-part\">\n\t\t\t\t\t\t\t<button class=\"download-form-submit\" type=\"submit\" data-dl-element=\"button\" data-no-auto-dl=\"true\" data-dl-additional-info=\"download form\" data-dl-name=\"Take the quiz\">Take the quiz<\/button>\n\t\t\t\t\t\t<\/div>\n<\/p><\/form>\n<p> \t\t\t\t\t<button on=\"tap:69d02c4601fc5.toggleClass(class='open')\" role=\"button\" tabindex=\"0\"  class=\"download-form-modal-close\"><\/button>\n\t\t\t\t<\/div>\n<div class=\"download-form-modal-thank\">Enjoy the quiz! <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p>\n<hr \/>\n<p><a name=\"What is customer retention?\"><\/a><\/p>\n<h2 class=\"heading h2\">What is customer retention?<\/h2>\n<p>Customer retention is the never-ending challenge of persuading your existing customers to stay with your business instead of leaving for someone else.<\/p>\n<p>Depending on your business model, this might involve encouraging your customers to revisit your store or getting them to renew their annual subscription with you.<\/p>\n<p>Achieving good customer retention generally means offering a great <a href=\"https:\/\/www.ringcentral.com\/small-business\/blog\/customer-experience\" target=\"_blank\" rel=\"noopener noreferrer\">customer experience<\/a>. After working so hard to get your customers in the first place, you have to keep on giving them good reasons to stick around and continue buying from you.<br \/>\n<a name=\"Why is customer retention important?\"><\/a><\/p>\n<h2 class=\"heading h2\">Why is customer retention important? (We\u2019ve got the numbers to prove it&#8230;)<\/h2>\n<p>Good customer retention improves your customer lifetime value and increases revenue.<\/p>\n<p>In other words, the more you can hold on to your customers, the more you can sell to them over time.<\/p>\n<p>However, this simple fact is often overlooked. Many businesses focus the bulk of their efforts on acquiring new customers at the expense of satisfying the ones they already have. Almost 80% of companies spend less than 30% of their resources on retention-focused messaging<sup>1<\/sup>.<\/p>\n<p>Here are five reasons why customer retention deserves the same attention as customer acquisition:<\/p>\n<h3 class=\"heading h3\">1. A direct benefit to your bottom line<\/h3>\n<p>Improving your customer retention can have a disproportionately beneficial effect on your bottom line.<\/p>\n<p>For example, research by Frederick Reichheld of Bain &amp; Company revealed that just a 5% improvement in customer retention can boost profits by 25%<sup>2<\/sup>.<\/p>\n<h3 class=\"heading h3\">2. Less expensive than customer acquisition<\/h3>\n<p>Customer acquisition is an essential part of any business strategy. After all, you can\u2019t hold onto customers you don\u2019t have.<\/p>\n<p>But finding new customers is also expensive, costing up to seven times more than retaining an existing customer<sup>3<\/sup>.<\/p>\n<p>What\u2019s more, building a long-term relationship with a newly acquired customer can be up to 16 times more expensive<sup>4<\/sup> than maintaining a relationship you\u2019ve already established with an existing customer.<\/p>\n<h3 class=\"heading h3\">3. Less convincing required<\/h3>\n<p>Familiarity is one of the main reasons why retaining an existing customer is so much cheaper than generating and converting a new one.<\/p>\n<p>Makes sense, right? Your existing customers are more inclined to trust you since they\u2019ve already bought from you and know what to expect from doing business with you.<\/p>\n<p>This makes it easier to get them interested in other products and services that you offer, which translates into lower marketing costs and a shorter sales process.<\/p>\n<p>In fact, you have a 60\u201370% chance of selling to an existing customer<sup>5<\/sup>, compared to a 5\u201320% chance of selling to a new one.<\/p>\n<h3 class=\"heading h3\">4. Existing customers spend more<\/h3>\n<p>Retained customers are also generally higher-paying customers, with existing customers spending on average 31% more than newer ones<sup>6<\/sup>.<\/p>\n<p>They also contribute most to business revenue, with as much as 68% of business coming from repeat purchasers<sup>7<\/sup>.<\/p>\n<h3 class=\"heading h3\">5. Brand advocacy<\/h3>\n<p>Customer retention is a strong indicator of customer satisfaction, and satisfied customers spread the word.<\/p>\n<p>People are a whopping <i>four<\/i> <i>times<\/i> more likely to do business with you<sup>8<\/sup> when they\u2019ve been referred from someone they trust.<br \/>\n<a name=\"How to calculate your customer retention rate\"><\/a><\/p>\n<h2 class=\"heading h2\">How to calculate your customer retention rate<\/h2>\n<p>Before taking any new steps to improve your customer retention, you should first get a handle on your <a href=\"https:\/\/www.ringcentral.com\/small-business\/blog\/customer-retention-rate\/\" target=\"_blank\" rel=\"noopener noreferrer\">customer retention rate<\/a>.<\/p>\n<p>Your customer retention rate measures the proportion of customers that stay with you over a given period of time\u2014usually a week or a month.<\/p>\n<p>Average retention rates vary by industry. For example, average monthly user retention is 5% in the finance industry, 4% in media, and just 1% in ecommerce<sup>9<\/sup>.<\/p>\n<p>To calculate your retention rate, use this formula:<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-43311\" src=\"\/us\/en\/blog\/wp-content\/uploads\/2020\/03\/customer-retention-rate.png\" alt=\"customer retention rate formula\" width=\"930\" height=\"700\" \/><\/p>\n<p>It might look a little confusing, but it\u2019s actually pretty straightforward&#8230;<\/p>\n<p>For example, imagine you started the month with 70 customers, then gained 40 new customers, as well as losing 13 customers. At the end of the month, you\u2019d have 97 customers.<\/p>\n<p>Here\u2019s what your formula would look like:<\/p>\n<p>((97 \u2013 40) \/ 70) x 100 = <b>81.43%<\/b><\/p>\n<p>Once you\u2019ve calculated your retention rate, you\u2019ll then have a benchmark that you can compare against so you know the effectiveness of any new customer retention strategies you put in place.<br \/>\n<a name=\"8 tried and tested customer retention strategies\"><\/a><\/p>\n<h2 class=\"heading h2\">8 tried and tested customer retention strategies<\/h2>\n<p>How do you retain customers?<\/p>\n<p>Well, besides offering a great product at a good price, customer retention comes down to building solid <a href=\"https:\/\/www.ringcentral.com\/small-business\/blog\/customer-relations\/\" target=\"_blank\" rel=\"noopener noreferrer\">customer relations<\/a> and delivering outstanding customer experiences.<\/p>\n<p>These are the key ingredients that earn customer loyalty.<\/p>\n<p>But where should you begin?<\/p>\n<p>Here are eight robust customer retention strategies to help you on your way:<br \/>\n<a name=\"Set the right expectations\"><\/a><\/p>\n<h3 class=\"heading h3\">1. Set the right expectations<\/h3>\n<p>Managing your customer\u2019s expectations is an important <a href=\"https:\/\/www.ringcentral.com\/small-business\/blog\/customer-service-skills\/\" target=\"_blank\" rel=\"noopener noreferrer\">customer service skill<\/a>\u2014and one of the best ways to build a durable customer relationship.<\/p>\n<p>Not only does it show customers that you\u2019re competent, but it also gives you a clear gauge of the service standards that will either disappoint or delight your customer. In other words, by setting expectations early on, you\u2019ll know <a href=\"https:\/\/www.ringcentral.com\/small-business\/blog\/customer-expectations\/\" target=\"_blank\" rel=\"noopener noreferrer\">what it takes to meet them and exceed them<\/a>.<\/p>\n<p>Setting expectations means spelling out to your customer how the relationship will work. This involves being transparent about your process, what\u2019s included in your product or service packages, how you\u2019ll communicate, timeframes, deadlines, data protection, refund policies, and so on.<\/p>\n<p>Honesty is a key part of keeping customers on your side; don\u2019t make promises you can\u2019t deliver. If you aren\u2019t able to meet a particular expectation, communicate it as early as possible and offer your customer an <a href=\"https:\/\/www.ringcentral.com\/small-business\/blog\/apology-letter-to-customer\/\" target=\"_blank\" rel=\"noopener noreferrer\">apology letter <\/a>or email, and some form of compensation\u2014like some extra store credits, a free subscription extension, or an upgrade.<\/p>\n<p>Remember that your first interaction with a customer will set the tone for the rest of the relationship. If their initial experience with you is underwhelming, it\u2019s likely that they\u2019ll have low expectations of what you can do for them in the future.<\/p>\n<div class=\"tip\">\n<div class=\"tip-heading\"><strong>Pro-tip:<\/strong><\/div>\n<p>Learn more about the anatomy of a good <a href=\"https:\/\/www.ringcentral.com\/small-business\/blog\/support-email\/\" target=\"_blank\" rel=\"noopener noreferrer\">customer support email<\/a>.<\/p>\n<\/div>\n<p><a name=\"Prioritize great customer support\"><\/a><\/p>\n<h3 class=\"heading h3\">2. Prioritize great customer support<\/h3>\n<p>One of the central pillars of great <a href=\"https:\/\/www.ringcentral.com\/small-business\/blog\/customer-service-vs-customer-support\/\" target=\"_blank\" rel=\"noopener noreferrer\">customer service<\/a> is great <a href=\"https:\/\/www.ringcentral.com\/small-business\/blog\/customer-support\/\" target=\"_blank\" rel=\"noopener noreferrer\">customer support<\/a>.<\/p>\n<p>Customer support refers to any activity geared towards helping customers resolve technical issues that they may encounter when using your product.<\/p>\n<p>To have a positive impact on customer experience, your customer support should be:<b><\/b><\/p>\n<ul>\n<li><b>Fast:<\/b> Customers want<a href=\"https:\/\/www.ringcentral.com\/small-business\/blog\/agile-customer-service\/\" target=\"_blank\" rel=\"noopener noreferrer\"> agile customer service<\/a>. One easy way to do that? Speedy responses.<\/li>\n<li><strong>Effective:<\/strong> Customers don\u2019t just want quick answers; they want complete answers. Did you know that 67% of churn can be avoided if you resolve issues the first time they\u2019re raised<sup>10<\/sup>?<\/li>\n<li><strong>Friendly:<\/strong> Support agents should have a human touch. No one wants to talk to a robot. You might have heard the many <a href=\"https:\/\/www.ringcentral.com\/small-business\/blog\/great-customer-service-stories\" target=\"_blank\" rel=\"noopener noreferrer\">great customer service stories<\/a> of how Zappos has really nailed this with their team (more on that later).<\/li>\n<li><strong>Consistent:<\/strong> Customers expect a seamless experience across different touchpoints. Don\u2019t transfer a customer between different people on your customer service team and then make them repeat their information from the beginning every time. That\u2019s just annoying.<\/li>\n<\/ul>\n<p>Meeting the demands of high-quality customer support isn\u2019t always easy, but the right customer support tools can make life much easier for agents.<\/p>\n<p>For example, customers want to be able to contact you through whatever channel they find most convenient. In other words, you may need to offer <a href=\"https:\/\/www.ringcentral.com\/small-business\/blog\/omnichannel-customer-service\/\" target=\"_blank\" rel=\"noopener noreferrer\">omnichannel customer service<\/a> so that customers can reach you by phone, email, live chat, or however else they like to communicate.<\/p>\n<p>You can do this by using tools like <a href=\"https:\/\/www.ringcentral.com\/engage\/channels.html#ring-cc\" target=\"_blank\" rel=\"noopener noreferrer\">RingCentral\u2019s omni-digital customer engagement platform<\/a>, which lets your agents manage all channels through a unified desktop:<\/p>\n<p><iframe sandbox=\"allow-scripts allow-same-origin allow-presentation\" title=\"Digital Customer Engagement | RingCentral Engage Digital\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/PZC3o5YN90E?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen sandbox=\"allow-same-origin allow-scripts allow-presentation\"><\/iframe><\/p>\n<p>And if you\u2019re serious about providing a good customer experience that doesn\u2019t make your customers repeat their situations every time, make sure your team can quickly pull up a record of their relationship with your business and any other relevant details.<\/p>\n<p>For example, <a href=\"https:\/\/www.ringcentral.com\/digital-customer-engagement.html#ring-cc\" target=\"_blank\" rel=\"noopener noreferrer\">RingCentral\u2019s customer profiles<\/a> pool together information about your customers based on their history of interactions with your business. This means you can immediately get up to speed on their particular needs:<\/p>\n<p><a href=\"https:\/\/www.ringcentral.com\/digital-customer-engagement.html\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" class=\"aligncenter wp-image-5106 size-large\" src=\"\/us\/en\/blog\/wp-content\/uploads\/2020\/07\/image6-60-961x1024.png\" alt=\"RingCentral\u2019s customer profiles pool together information about customers based on history of interactions with the business.\" width=\"840\" height=\"895\" \/><\/a><br \/>\n<a name=\"Keep customers excited about success\"><\/a><\/p>\n<h3 class=\"heading h3\">3. Keep customers excited about your (and their) success<\/h3>\n<p>Ideally, setting good <a href=\"https:\/\/www.ringcentral.com\/small-business\/blog\/customer-expectations\/\" target=\"_blank\" rel=\"noopener noreferrer\">customer expectations <\/a>should help keep them excited about doing business with you.<\/p>\n<p>You should try to keep customers thinking about how your product or service can help them achieve bigger and better things.<\/p>\n<p><a href=\"https:\/\/www.ringcentral.com\/small-business\/blog\/customer-success-stories\/\" target=\"_blank\" rel=\"noopener noreferrer\">Customer success stories<\/a> and <a href=\"https:\/\/www.ringcentral.com\/small-business\/blog\/writing-a-case-study\/\" target=\"_blank\" rel=\"noopener noreferrer\">case studies<\/a> are a great way to help customers visualize the kind of results you can bring them and offer a clearer picture of how the customer relationship can work in practice.<\/p>\n<p>\u201cSneak peek\u201d content and product announcements are also excellent opportunities to get customers excited about the success they can achieve with your latest release.<\/p>\n<p>Ultimately, customers buy from you because they want results of some kind. The more you show how you can help keep them achieving those results, the likelier it is they\u2019ll stick around.<\/p>\n<p>&nbsp;<\/p>\n<p><a name=\"Emphasize team relationships\"><\/a><\/p>\n<h3 class=\"heading h3\">4. Emphasize team relationships<\/h3>\n<p>Over time, customers and clients will often develop a strong relationship with a specific member of your team, like an account director or customer success manager.<\/p>\n<p>And while this may be a positive thing, it can pose a sliiiight risk to customer retention.<\/p>\n<p>When a <a href=\"https:\/\/www.ringcentral.com\/small-business\/blog\/happy-customers\/\" target=\"_blank\" rel=\"noopener noreferrer\">customer\u2019s happiness<\/a> with your business becomes dependent on their relationship with one individual, it makes you vulnerable if that individual changes roles or decides to leave your company.<\/p>\n<div class=\"tip\">\n<div class=\"tip-heading\"><strong>Pro-tip:<\/strong><\/div>\n<p>One way to avoid these situations is to expose customers to multiple team members during meetings, calls, and email discussions. This way, they\u2019ll develop good bonds with more than one member and won\u2019t find it as difficult to adapt if someone leaves.<\/p>\n<\/div>\n<p><a name=\"Provide value through content\"><\/a><\/p>\n<h3 class=\"heading h3\">5. Provide value through content<\/h3>\n<p>One of the best ways to keep customers happy is to empower them to get as much as they can out of your product or service.<\/p>\n<p>When a new customer comes on board, they shouldn\u2019t be left in the dark about how to use your product and accomplish specific tasks.<\/p>\n<p>But you don\u2019t always have to guide them by the hand either. Most customers want at least the ability to find answers to their questions on their own, and 70% of them expect companies to offer \u201cself-service\u201d solutions<sup>11<\/sup>.<\/p>\n<p>So as well as having real-life support agents for customers to contact, you should consider <a href=\"https:\/\/www.ringcentral.com\/small-business\/blog\/create-knowledge-base\/\" target=\"_blank\" rel=\"noopener noreferrer\">building a comprehensive knowledge base<\/a>\u2014full of useful articles, tutorials, and case studies\u2014to make it easy for customers to teach themselves how to use your product:<\/p>\n<figure id=\"attachment_5107\" aria-describedby=\"caption-attachment-5107\" style=\"width: 644px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"wp-image-5107 size-medium\" src=\"\/us\/en\/blog\/wp-content\/uploads\/2020\/07\/image2-121.png\" alt=\"RingCentral\u2019s knowledge base lets customers find answers to a wide range of FAQs. \" width=\"644\" height=\"400\" \/><figcaption id=\"caption-attachment-5107\" class=\"wp-caption-text\">RingCentral\u2019s knowledge base lets customers find answers to a wide range of FAQs.<\/figcaption><\/figure>\n<p>&nbsp;<\/p>\n<p>Emails and newsletters are another great way to send customers targeted updates about new products or features they might want to try out. Or how about sending them a curated list of <a href=\"https:\/\/www.ringcentral.com\/small-business\/blog\/knowledge-base-article\/\" target=\"_blank\" rel=\"noopener noreferrer\">knowledge base articles<\/a> that could give them unique or little-known tips?<br \/>\n<a name=\"Unleash the power of reciprocity\"><\/a><\/p>\n<h3 class=\"heading h3\">6. Unleash the power of reciprocity<\/h3>\n<p>Showing customers that you care about them using thoughtful gestures can go a long way towards creating lasting goodwill.<\/p>\n<p>Unexpected acts of kindness and generosity can really change how customers view your business and tap into their innate sense of reciprocity. When someone does something nice to you out of the blue, a part of you can\u2019t help but want to return the favor.<\/p>\n<p>Surprise gestures can be powerful whether they\u2019re big or small. An extravagant gesture might be to send a loyal customer a pair of tickets to a big game, while a simpler gesture might be to write a handwritten thank-you note to a customer who\u2019s just bought from you for the first time:<\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-5108 size-medium\" src=\"\/us\/en\/blog\/wp-content\/uploads\/2020\/07\/image1-140.png\" alt=\"Showing customers that you care about them using thoughtful gestures can go a long way towards creating lasting goodwill.\" width=\"395\" height=\"400\" \/><\/p>\n<p>Kind gestures and surprise packages don\u2019t have to cost a fortune. In many cases, it\u2019s the thought that counts. The trick is to regularly brainstorm new ways to delight your customers in unique and meaningful ways.<br \/>\n<a name=\"Create a loyalty program\"><\/a><\/p>\n<h3 class=\"heading h3\">7. Create a loyalty program<\/h3>\n<p>Nothing promotes customer retention and motivates repurchasing quite like a loyalty program.<\/p>\n<p>In fact, <a href=\"https:\/\/newsroom.accenture.com\/news\/members-of-customer-loyalty-programs-generate-significantly-more-revenue-for-retailers-than-do-non-members-accenture-research-finds.htm\" target=\"_blank\" rel=\"noopener noreferrer\">members of loyalty programs spend up to 18% more than non-member customers<\/a>.<\/p>\n<p>When customers realize that they\u2019ll be rewarded for doing repeat business with you, they\u2019ll find it harder to drop you for someone else.<\/p>\n<p>Your loyalty program could be as simple as giving customers a reward after placing a certain number of orders or spending a certain amount.<\/p>\n<p>A popular way of implementing reward schemes is through loyalty apps. These are like digital-age loyalty cards that let customers collect credits after each transaction and redeem rewards in store. A good way to build <a href=\"https:\/\/www.ringcentral.com\/small-business\/blog\/customer-engagement\/\" target=\"_blank\" rel=\"noopener noreferrer\">customer engagement<\/a> with these programs is to give them a head start with some welcome credits when they sign up.<br \/>\n<a name=\"Invite feedback\"><\/a><\/p>\n<h3 class=\"heading h3\">8. Invite feedback<\/h3>\n<p>Acting on <a href=\"https:\/\/www.ringcentral.com\/small-business\/blog\/customer-feedback\/\" target=\"_blank\" rel=\"noopener noreferrer\">customer feedback<\/a> is one of the most powerful ways to <a href=\"https:\/\/www.ringcentral.com\/small-business\/blog\/improve-customer-experiences\" target=\"_blank\" rel=\"noopener noreferrer\">improve your customer experience<\/a>\u2014and retention.<\/p>\n<p>When you listen to what unhappy and <a href=\"https:\/\/www.ringcentral.com\/small-business\/blog\/happy-customers\/\" target=\"_blank\" rel=\"noopener noreferrer\">happy customers<\/a> have to say about their experience with you, you get a clear understanding of what you\u2019re doing right and how you could level up your offering.<\/p>\n<p>The sooner you can act on any problems, the less likely it is customers will leave.<\/p>\n<p>What\u2019s more, asking customers for their opinions shows that you care about what they think. This is a huge factor affecting customer satisfaction: most customers (68%!) who churn do so because the company didn\u2019t care enough about them<sup>12<\/sup>.<\/p>\n<div class=\"tip\">\n<div class=\"tip-heading\"><strong>Pro-tip:<\/strong><\/div>\n<p>Learn how to use <a href=\"https:\/\/www.ringcentral.com\/small-business\/blog\/customer-survey\/\" target=\"_blank\" rel=\"noopener noreferrer\">customer surveys<\/a> to get useful feedback from your customers.<\/p>\n<\/div>\n<p>Pay close attention to the feedback that passes through your support team, comb <a class=\"waffle-rich-text-link\" href=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/customer-review-examples\/\">customer reviews<\/a> of your product, send emails to your subscribers inviting them to share their thoughts. Try anything that gives you an insight into what makes your customers tick\u2014and what ticks them off.<br \/>\n<a name=\"3 real-life customer retention strategies in action\"><\/a><\/p>\n<h2 class=\"heading h2\">3 real-life customer retention strategies in action<\/h2>\n<p>Now, let\u2019s look at what some customer retention strategies look like in practice.<br \/>\n<a name=\"CVS\"><\/a><\/p>\n<h3 class=\"heading h3\">1. CVS\u2019s ExtraCare rewards program<\/h3>\n<p>CVS is a company that really understands the value of loyal customers.<\/p>\n<p>In 2016, CEO Larry J. Merlo revealed how <a href=\"https:\/\/www.dmnews.com\/marketing-channels\/multi-omnichannel\/article\/13035118\/personalization-is-at-the-heart-of-cvss-extracare-loyalty-program\" target=\"_blank\" rel=\"noopener noreferrer\">the business focuses on reaching the 30% of customers that account for 75% of its revenue<\/a>.<\/p>\n<p>One of the biggest challenges facing a company like CVS is preventing customers from switching to services like Amazon to buy convenience pharmacy items. CVS manages to differentiate itself by stocking some exclusive brands, but its greatest differentiator is that it\u2019s able to offer exceptional personalized shopping experiences using data from its ExtraCare program.<\/p>\n<p>With more than 80 million active members, CVS ExtraCare customers get 2% worth of credit\u2014called \u201cExtraBucks Rewards\u201d\u2014on each transaction. These credits can then be used towards other in-store purchases.<\/p>\n<p>CVS sends customers personalized coupons based on their purchase history. For example, if you often buy shampoo, you might receive an email coupon for $3 off for your next hair care purchase. CVS also emails customers whenever items they frequently buy are discounted and lets them know how much they\u2019ve saved each year by being a part of the program.<\/p>\n<p>CVS has also created the CVS Pharmacy app that gives members easy access to their credits and coupons and even reminds in-store customers when <a href=\"https:\/\/cvshealth.com\/sites\/default\/files\/cvs-health-extracare-app-article-image.png\" target=\"_blank\" rel=\"noopener noreferrer\">there\u2019s a relevant deal available in the app<\/a>:<\/p>\n<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-5109\" src=\"\/us\/en\/blog\/wp-content\/uploads\/2020\/07\/image4-94.png\" alt=\"CVS Pharmacy app gives members easy access to their credits and coupons and even reminds in-store customers when there\u2019s a relevant deal available in the app.\" width=\"608\" height=\"405\" \/><br \/>\n<a name=\"Bank of America\"><\/a><\/p>\n<h3 class=\"heading h3\">2. Bank of America\u2019s self-service portal<\/h3>\n<p>As one of the biggest brands in the finance industry, Bank of America offers customers an <a href=\"https:\/\/www.bankofamerica.com\/help\/overview\/?request_locale=en_US\" target=\"_blank\" rel=\"noopener noreferrer\">excellent self-service portal<\/a> to help them resolve common issues efficiently.<\/p>\n<p>When landing on the main help page, users are asked to enter which state they\u2019re in so that they get the most accurate information when clicking through.<\/p>\n<p>The help page itself is clear and well-organized, letting people immediately recognize and select the topic most relevant to them. (Or they could just use the search bar to find what they need.)<\/p>\n<p>The page also reserves space on the right-hand side for more urgent or <a href=\"https:\/\/www.ringcentral.com\/small-business\/blog\/how-to-deal-with-difficult-customers\/\" target=\"_blank\" rel=\"noopener noreferrer\">difficult customer<\/a> needs like reporting suspicious activity or reporting a death.<\/p>\n<p>What\u2019s more, the \u201cWe\u2019re here to help\u201d box reminds users that they can always contact a real-life representative if needed:<\/p>\n<p><img decoding=\"async\" class=\"aligncenter size-large wp-image-5110\" src=\"\/us\/en\/blog\/wp-content\/uploads\/2020\/07\/image7-51-1024x560.png\" alt=\"Bank of America offers customers excellent self-service portal to help customers resolve common issues efficiently.\" width=\"840\" height=\"459\" \/><br \/>\n<a name=\"Zappos\"><\/a><\/p>\n<h3 class=\"heading h3\">3. Zappos\u2019s legendary kind gestures<\/h3>\n<p>Zappos lives and breathes customer satisfaction.<\/p>\n<p>The business considers itself a customer service company first, and an apparel company second. And this ethos pays off: <i>75% of orders<\/i> through Zappos come from repeat customers<sup>13<\/sup>!<\/p>\n<p>The company\u2019s customer service team is world-famous for pulling out all the stops to delight its customers.<\/p>\n<p>For example, every year, the team sends 13,000 custom-made cards to customers to mark special occasions like weddings and birthdays<sup>14<\/sup>:<\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-5111 size-medium\" src=\"\/us\/en\/blog\/wp-content\/uploads\/2020\/07\/image5-77.png\" alt=\"Zappos\u2019s legendary kind gestures\" width=\"695\" height=\"338\" \/><\/p>\n<p>Members of the customer service team are also empowered to make gestures on a case-by-case basis. One such example involves the story of a customer named Debora<sup>15<\/sup>.<\/p>\n<p>Debora called the customer service team because she wanted to buy a specific pair of shoes that were popular among people who stand all day. As they got talking, the customer service agent learned that Debora was a nurse at a facility caring for adults with special needs. She had been working there for over two decades and was well past her retirement age.<\/p>\n<p>Touched by Debora\u2019s commitment to her patients, the service agent sent Debora the shoes for free as well as cookies to the residents of the facility where she worked.<\/p>\n<p>That kind of goodwill? Priceless.<\/p>\n<h2 class=\"heading h2\">Ready to improve your customer retention rate?<\/h2>\n<p>Customer retention is an essential component of growing a sustainable business.<\/p>\n<p>Only by working hard to satisfy your customer base can you hope to foster the type of loyalty that keeps customers coming back and spreading the word.<\/p>\n<p>Many businesses overlook customer retention in favor of lead generation. We\u2019ve seen how this can be a costly mistake.<\/p>\n<p>Take advantage of the retention strategies and examples covered in this post when coming up with your own plan to retain more customers.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<div style=\"font-size: 14px;\">\n<p><sup>1<\/sup>thedrum.com\/news\/2017\/02\/21\/80-b2b-companies-overlook-customer-renewal-messaging<\/p>\n<p><sup>2<\/sup>media.bain.com\/Images\/BB_Prescription_cutting_costs.pdf<\/p>\n<p><sup>3<\/sup>salesforce.com\/products\/service-cloud\/best-practices\/customer-retention-rate<\/p>\n<p><sup>4<\/sup>customersthatstick.com\/blog\/customer-loyalty\/customer-retention-infographic<\/p>\n<p><sup>5<\/sup>clickz.com\/are-ecommerce-customer-retention-strategies-improving\/105454<\/p>\n<p><sup>6<\/sup>invespcro.com\/blog\/customer-acquisition-retention<\/p>\n<p><sup>7<\/sup>loyalty360.org\/Loyalty360\/media\/ResearchAndReportDocs\/Research_Paper_Loyalty360_Survey.pdf<\/p>\n<p><sup>8<\/sup>nielsen.com\/us\/en\/insights\/article\/2013\/under-the-influence-consumer-trust-in-advertising<\/p>\n<p><sup>9<\/sup>mixpanel.com\/data-reports\/2019-product-benchmarks-report<\/p>\n<p><sup>10<\/sup>ameyo.com\/blog\/customer-experience-statistics-which-will-impact-your-business-in-2016<\/p>\n<p><sup>11<\/sup>slideshare.net\/stevenvanbelleghem\/the-self-serving-economy\/13<\/p>\n<p><sup>12<\/sup>clientinsight.ca\/the-1-reason-customers-leave<\/p>\n<p><sup>13<\/sup>sharpencx.com\/blog\/zappos-customer-service<\/p>\n<p><sup>14<\/sup>zappos.com\/about\/stories\/pec-cards<\/p>\n<p><sup>15<\/sup>zappos.com\/about\/stories\/clt-powered-by-service<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Customer retention is a vital part of building a thriving business. But maintaining a satisfied and loyal customer base takes a fair amount of thought and dedication. Your existing customers are your primary assets. To earn their continued business, you need to offer a great customer experience and build solid customer relationships. In this post, &#8230;<\/p>\n","protected":false},"author":29,"featured_media":50472,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17901],"tags":[743,818,18164,18165,18166],"class_list":["post-41916","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-leadership","tag-customer-experience","tag-customer-retention","tag-customer-retention-strategies","tag-retention","tag-retention-strategies"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.3 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>8 affordable strategies to improve your customer retention | RingCentral Blog<\/title>\n<meta name=\"description\" content=\"Discover why customer retention is so important and 8 things you can do to retain more customers (and increase their lifetime value).\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/customer-retention\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"8 affordable strategies to improve your customer retention\" \/>\n<meta property=\"og:description\" content=\"Discover why customer retention is so important and 8 things you can do to retain more customers (and increase their lifetime value).\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/customer-retention\/\" \/>\n<meta property=\"og:site_name\" content=\"RingCentral Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ringcentral\" \/>\n<meta property=\"article:published_time\" content=\"2020-03-16T07:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-03-13T13:29:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/wp-content\/uploads\/2020\/03\/puppy-at-SMB-scaled-e1641313074345.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"930\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"RingCentral Team\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@ringcentral\" \/>\n<meta name=\"twitter:site\" content=\"@ringcentral\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"RingCentral Team\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"16 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/newrcblog.wpengine.com\/us\/en\/blog\/customer-retention\/#article\",\"isPartOf\":{\"@id\":\"\/us\/en\/blog\/customer-retention\/\"},\"author\":{\"name\":\"RingCentral Team\",\"@id\":\"https:\/\/newrcblog.wpengine.com\/us\/en\/blog\/#\/schema\/person\/65a168321317ffd562e0d77745f1b358\"},\"headline\":\"8 affordable strategies to improve your customer retention\",\"datePublished\":\"2020-03-16T07:00:00+00:00\",\"dateModified\":\"2025-03-13T13:29:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"\/us\/en\/blog\/customer-retention\/\"},\"wordCount\":3192,\"publisher\":{\"@id\":\"https:\/\/newrcblog.wpengine.com\/us\/en\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/newrcblog.wpengine.com\/us\/en\/blog\/customer-retention\/#primaryimage\"},\"thumbnailUrl\":\"\/us\/en\/blog\/wp-content\/uploads\/2020\/03\/puppy-at-SMB-scaled-e1641313074345.jpg\",\"keywords\":[\"customer experience\",\"customer retention\",\"customer retention strategies\",\"retention\",\"retention strategies\"],\"articleSection\":[\"Business &amp; 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