Acquiring and Retaining Customers During Times of Economic Change

The world economy is always fluctuating, but some changes are more disruptive than others. When faced with challenging times, it’s important to revisit the basics and remember the best ways to acquire and retain customers despite economic changes.

Understanding changing customer acquisition costs

You should already know roughly how much it costs in marketing to acquire a customer. By referencing your performance analytics, you adapt to any challenge and understand which social media posts, content pieces, and other forms of customer outreach resonate. Use surveys to understand the challenges your customers are facing, and incorporate this data into your overall strategic plan for overcoming the current situation. As an adaptive, highly personalized eCommerce platform, Magento 2 makes it easier to see the bright side of any situation.

What to do when sales slow down

No matter what happens, don’t panic. Maintain contact with your customers, assuage their fears, and do everything you can to keep sales channels open. Integrating with Magento 2 offers businesses a comprehensive solution for maintaining engagement with customers even during disruptive periods. Keep your messaging adaptive, and consider engaging in brand partnerships that might strategically benefit your customers during the particular crisis at hand.

Always have a backup plan

Never wait until it’s too late to plan what you’d do in the event of a disaster. Investing in supply chain efficiency and reliability insulates you from potential disruptions, and having a clear idea of how your company is positioned in relation to your customers and suppliers helps you ride out unforeseen circumstances.

Customer retention is all about remaining unperturbed by setbacks. In everything you do during trying times, project an aura of confidence that reminds customers your brand is an ally. Start by producing timely content to help them contextualize their experiences and understand where your brand plays a role.

Stay engaged with your customers

Don’t let an unforeseen economic downturn isolate you from your customer base. Your customers are just as disturbed by changes in their economic environment as you are, and what they really need is engagement to remind them that your brand remains a constant within a shifting landscape.

Address any crises currently at hand in your emails, social media posts, and blog posts, and provide your customers with a safe space to process any changes that may be causing stress. This approach will build trust and support long-term customer retention.

In-person events may need to be canceled, so try to host virtual events that bring people together during stressful times. A free workshop on how to make smart decisions during hard times could be a winner.

IronPlane is here to help

As a world-class provider of Magento development, integration, and optimization, IronPlane is standing by to help you deal with crises that may impact your eCommerce business.  Magento 2 offers the best tools for success during difficult times. One of the many improvements to this next-generation eCommerce platform is an entirely redesigned user interface (UI) with a heavy focus on metrics and engagement tools. We can help you make the most of these tools and much more.

Staying connected with your customers is always the key to long-term retention and healthy relationships. Showing weakness when times are tough can turn even the most loyal customers against you, but displaying leadership in the face of adversity can open up opportunities for retention others missed.