When it comes to growing your brand and ensuring your business stays profitable, it’s important to have a strong customer base to fall back on. Without traffic to enhance your reach and consumers to make sales, you’re essentially a ship that’s taking on water. 

One big mistake that many companies make is to focus too much on bringing in new customers, when, in fact, it’s often more useful and efficient to put your energy into securing strong consumer retention rates instead. 

That’s because statistics show that it’s five times cheaper to hold onto an existing shopper than it is to bring in a new one. While this is something that’s important for all companies to acknowledge, it’s especially relevant to those whose primary presence is online. 

This is a fact that many of the most successful internet industries are very much cognizant of, and the online casino sector provides a prime example. Funneling many of their extensive resources into keeping hold of the customers they have; they utilize a number of strategies to ensure that retention rates remain high. 

Here are three that may be helpful in securing the future successes of your own business. 

Reward loyalty 

While the internet casino sector goes to great lengths to entice new customers in, with providers like Paddy Power having whole pages devoted to showcasing their new bingo promotions online, they put an equal amount of effort into rewarding the loyalty of their existing clientele. Referral bonuses are just one example of this, with free spins for every day you play being another. The idea behind this is to highlight how important repeat custom is to their company, and to provide an incentive that encourages it. This is a strategy that all businesses can replicate and is guaranteed to yield tangible results.

Engage with customers 

Another way that online businesses can ensure repeat custom is by giving their brand a personality. A sense of connection breeds loyalty, and one of the best ways to set yourself apart from the crowd, and give your company a sense of compassion and caring, is by utilizing social media platforms like Facebook and Twitter. 

This tactic is used to good effect by many internet-based casinos, who use these mediums to share news and content that they think might be of interest to their customers. By creating this level of engagement, most especially through direct forms such as mentions and hashtags and responding promptly to any queries or concerns, you provide a customer experience that sets you apart and encourages consumers to stay.    

Personalize the experience Source:

In addition, it’s helpful to tailor the client experience as far as you’re able. This links back to the point we made about engagement and relationship building – if a client feels seen and valued, they’re more likely to reward you with repeat custom. There are lots of ways the online casino industry achieves this; from recommendations made on the basis of previous behavior through to tailored customer communications. The idea is to show that you’ve been paying attention, and by doing so, to provide targeted content that not only appeals, but makes your customers feel appreciated too.

Isn’t it time you put these lessons to use in improving your own customer retention rates?