Customer retention is an essential part of any successful business, and sticker sellers are no exception. By understanding why customer retention is important, how it can benefit your business, and what strategies you can use to encourage repeat customers, you can ensure that your sticker-buying customers keep coming back for more.
Retaining customers is “easy business” for sticker sellers. Our items are cheap, and so is our marketing budget. When you improve customer retention, that's one less ad you have to run. Cultivating customer loyalty also improves your online reviews and can even drive referral business. Let's dive into some customer retention strategies for your sticker business.
Why Is Customer Retention Important?
Having a loyal customer base is one of the most important aspects of running a successful business. Repeat customers are more likely to purchase more often and in larger quantities than new customers, meaning that they can provide a steady stream of revenue for your business.
Additionally, loyal customers are more likely to refer their friends and family to your business, helping you reach even more potential buyers. Finally, having a strong customer retention strategy helps build trust with your existing customers and encourages them to remain loyal to your brand.
Customer retention strategies on Etsy and other marketplaces
It's hard to retain customers when you're selling on a marketplace like Etsy. When someone asks where they got their sticker, your customer is more likely to say “on Etsy” than “from a specific business selling on Etsy.” While customer loyalty can be cultivated on these platforms, it's difficult. You do receive customer feedback via reviews, but customer expectations can vary on platform sites.
So if you're operating primarily on a marketplace, you'll need to consider how to convert the customer from an Etsy customer to YOUR local customer. Even if your customer retention rate is small, retaining customers – any customers – is going to lead to bonus sales for you.
Benefits of Customer Retention for Sticker Sellers
Sticker sellers have unique opportunities when it comes to customer retention. For example, stickers are often used as collectibles or gifts, which means that customers may be inclined to purchase multiple stickers from the same seller over time. Additionally, stickers are often used as promotional items or giveaways at events or conventions, which can help increase brand recognition and loyalty among potential buyers. Finally, since stickers are relatively inexpensive compared to other products or services, they provide an easy way for sticker sellers to reward their loyal customers with discounts or offers without breaking the bank.
I frequently find myself sending bonus stickers as a customer retention strategy. I always send my brand sticker, but if I get new customers, I might send them a bonus sticker as a way to collect customer feedback or increase the chances of a positive review. It's like an official loyalty program.
Strategies for Increasing Customer Retention
There are several strategies that sticker sellers can use to increase customer retention rates:
Implement email marketing campaigns
Email campaigns allow you to stay in touch with existing customers by sending them updates about new products or promotions. This helps keep your brand top-of-mind and encourages them to come back for more purchases in the future.
Create personalized experiences
Personalized experiences such as customizing product recommendations based on past purchases or offering special discounts on birthdays can help make customers feel appreciated and valued by your brand.
Offer discounts and rewards
Offering discounts or rewards programs such as loyalty points or referral bonuses is an effective way of encouraging repeat purchases from existing customers while also incentivizing new ones to join the fold.
Provide quality customer service
Providing excellent customer service is key when it comes to retaining existing customers – responding quickly and courteously to any questions or concerns will go a long way towards ensuring that they remain loyal to your brand in the future.
Examples of Successful Customer Retention Strategies
To illustrate how these strategies have worked for other successful businesses in the past, here are some examples:
- MailChimp uses personalized emails with targeted content based on users’ interests and past purchases in order to encourage repeat purchases from existing customers;
- HubSpot has implemented a feedback loop system where they respond promptly and courteously whenever someone shares positive things about their brand;
- Delighted offers loyalty points programs that reward their most active users with exclusive discounts;
- Bluehost provides incentives such as referral bonuses so that their current users can share their positive experiences with others.
It never hurts to ask
The best way to start understanding your best customer retention strategies is to just ask. Would your customer experience lend itself to a customer loyalty program? Or just some coupons for reordering? Does your customer satisfaction need to improve?
Understanding your customer expectations is the first step to increase customer retention. As you start, consider developing some key customer retention metrics that work for YOUR business. Is a repurchase your measure of success? Track it!
I hope this intro to customer retention strategies for your sticker business has been helpful. Do you have a customer retention strategy example? Drop it in the comments below and let us know what works for you!