We live in a politically correct society today. So, does that ever have you wondering about your copy and your headlines? Do you ever wonder if your text is off-putting to people or just what the fuss is all about?
In this article, let’s look at Merry Christmas versus Happy Holidays in your headlines and ask, “Does it matter?”
First, we’re going to tell you upfront that this is ultimately your decision. You know your target audience best, and if you don’t, you should.
Do you know the value of loyal customers? Have you ever created a strategy built around keeping those customers while maintaining and building your relationship with them? Have you explored a customer retention strategy?
If not, we encourage you to do so. Retaining your current customer base is often referred to as the low-hanging fruit. What do we mean by this?
The fruit that hangs low is easily reachable, and it requires minimal effort to pick it. The same can be said for your current customers. They can be won or persuaded to stick around with little effort. Now, that doesn’t mean no effort.
Because you have to invest a little to get a lot, and we want to help you with your strategy, we’re going to look at customer retention stats, a study and best practices for 2016.
Customer Retention Stats
To drive home the importance of customer retention, here’s a list of stats:
It costs 500% more to acquire a new customer than it does to keep a current one. ~Destination CRM
It costs 16x more to bring a new customer up to the same level as a current one. ~Marketing Tech Blog
It’s cheaper to retain a customer than to get a new one. ~Econsultancy
The average repeat customer spends 67% more in months 31-36 of their relationship with a business than they do in months 0-6. ~Bain and Company
47% of customers would take their business to a competitor within a day of experiencing poor customer service. ~24/7
97% of consumers said they are somewhat likely to become more loyal to a company that implements their feedback. ~Apptentive
81% of consumers are more likely to continue doing business with brands that offer loyalty programs. ~Bond Brand Loyalty
For those of you who run an online eCommerce site, we bet you’d like to give your sales a lift.
In this article, we’re going to show you some ways to do just that. We are looking at eCommerce conversion rates, stats and best practices for 2016.
First, let’s look at the average eCommerce conversion rates (the percentage of people who take the desired action on your website).
According to one source, the average conversion rates are as follows:
First time visitors: 5.10%
Repeat visitors: 2.50%
Cart abandonment rate: 71.30%
Another source finds that product page conversion rates average about 8%. What does this tell us? It suggests that shoppers are entering websites more often through product pages instead of the home page.
This same study says that the top converting product pages are doing so at a 59% rate, while the bottom brands hover around .10%.
And, yet one more source sites average eCommerce site conversion rates between 2-3%.
While these rates vary a lot, we can point you in the right direction with the following info on conversion rates:
0-1%: Not good. Something might be broken on your site, and you need help.
1-2%: Below average. Check your incoming traffic and assess weak points on your pages.
2-3%: Average. It’s still a good idea to assess problems on your site.
3-5%: Very good. You’re getting somewhere now. Keep working at honing your conversion rate and see if you can leap any higher.
5% and above: You are the cream of the crop. Keep up the good work.