Your business won’t amount to anything if you don’t have customers. The biggest problem is that most businesses are so focused on acquiring customers that they don’t know what to do once they succeed. When a business is unable to retain customers, it can make it difficult for them to grow, provide useful customer service and turn them into brand ambassadors and repeat customers. A high rate of customer retention works well for the bottom line of a business and it is also affordable. Why? This is because customer acquisition is 6 to 7 times more costly than customer retention.
In addition, repeat customers tend to spend considerably more than new ones and they are more likely to purchase from you. It is easier to sell to repeat customers because they know what kind of service and product to expect and they are an excellent source of word-of-mouth marketing. Suffice it to say, customer retention should be priority for a business and this is where retention marketing strategies come in. Retention marketing provides benefits such as lower costs of customer acquisition, increased revenue, improved customer service, deeper insight into customer needs, creation of brand advocates and higher referral rates and identification of new business opportunities.
If a business wants to reap the aforementioned benefits, it can implement these effective retention marketing strategies:
Begin with a free trial
One of the greatest ways of getting potential customers through the door is with simplified free version of your product or a free trial. It allows them to explore what you have to offer and they can discover the value of your product. When they come to realize the value it can offer, they will automatically stick around and make purchases.
Make it personal
You need to communicate with your customers in order to get insights, collect data and learn as much as possible about their needs, wants and problems because knowing this helps you in positioning your offerings as a solution. The more you are able to help in resolving their issues, the more likely it is that you will be able to retain them. You can learn about them through customer feedback and surveys and by collecting user profile data through social analytics.
Don’t just focus on selling
These days, it is not enough to just offer a product or service. With such tough competition in the market and plenty of offerings, businesses need to distinguish themselves from others in different ways. If you want to retain your customers and build loyalty amongst them, you have to earn their trust. There are several ways this can be done such as email marketing campaigns, blogging, maintaining an active online presence and providing information through your website.
Reward repeat customers
Customers want to feel appreciated and businesses should always reward them for their loyalty. You can use a rewards card or through special offers and this will work in bringing them back to your business.
Follow these unique retention marketing strategies and you will be able to keep your customers coming back for more.