The present crisis does not call for slothful marketing. You need to adopt the smartest and most-proven strategies to supercharge your promotion and sales. It’s unfortunate that many businesses do not have a customer retention plan but only focus on customer acquisition. It’s a haphazard and incomplete way of marketing. In fact, retaining the customers you acquired matters more.
See Why It is Important to Also Prioritize Customer Retention
Studies have proven over and again that it costs nearly 7 times more to win a new customer than retain the ones you already have. Besides, you would make over 120 percent additional profits by retaining just 5 percent of customers annually.
Indeed, you would definitely reap the ROI towards customer retention in the long run. Consequently, you will ultimately build a more flourishing business ultimately. So, act smart and make customer retention an important part of your marketing strategies.
Here are customer retention strategies that have always produced desired result;
1: A Customer Relationship Management System
A business can use a CRM (customer relationship management) system to track and communicate with its clients via an automated program. The system will allow you to target specific customers using customized messages that focus on information, products, subject matters, or items that interest such customers. This way, you are able to incorporate a retention system into your marketing mix.
2: Consciously Make a Budget for Retention Marketing
It’s high time you stopped putting retention marketing at the backburner when you make your marketing budget. Instead, retention marketing should be a priority when you make your next promotional budget. You should give it the same importance you attach to customer acquisition.
3: Assess Customer Value
Also, when you measure individual sales, you should also monitor and measure customer value. This process will score customers using essential criteria such as frequency, recency, as well as what their purchases are worth in monetary terms.
4: Communicate with You Customers Frequently
Thankfully, the internet has made it cost-effective and easier to stay in constant touch with your customers. The different online channels to engage with customers continuously include emails, postcards, and social chats. Also, let them know of upcoming sales when you contact them. Things as simple as “Thank You” notes and coupons can help bring repeat patronage.
5: Pay Attention to Service
Excellent customer service will remain in the top list of techniques to retain customers in the long term. This is why many notable companies and businesses in the United States outsource customer service to professional call centers in the Philippines. They want to make sure that customer service is not mixed with other business activities that prevent excellent customer service.
Finally, use every opportunity to win the heart of your customers.
Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! Inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams