Acquiring and keeping customers is the core necessity for your business. When looking for ways to improve your client retention program, you can benefit from applying a well-tested and proven metaphor to guide your actions: the sales funnel.
In every customer interaction, there exists useful information for improving customer service and increasing your sales and profits. Keeping track of this information and using it to your greatest benefit requires a customer database and a well-defined strategy for customer database marketing.
While new leads and conversions must be a major part of your marketing efforts, you must also dedicate continual attention to customer retention strategies. Here are some fundamental techniques for maintaining customer interest in your business and for giving your client base good reasons to return to you again.
Timing is an essential part of serving customers effectively and expanding your business.
When you’re growing a business, especially when you’re on a limited budget, keeping customers is more than half the battle. In fact, studies suggest keeping an existing customer costs around seven to 10 times less than winning over a new one. These practical strategies will help you build a loyal customer base on any budget.
Growth doesn’t require constant hassle, but it does take clarity. Clarity is what makes a finely tuned customer retention system one of the most powerful weapons in your marketing arsenal. To be truly effective, though, that system must be based on focused, high-impact tactics tailored to your customer base.
An email marketing campaign offers a convenient and inexpensive way to communicate new offers to your existing customers. In carefully managed contexts, email marketing also provides connections with thousands of potential new customers.
Customer loyalty is one of the best indicators of lasting profitability. While a great product and fair prices play undeniable roles in keeping your customers loyal, those factors alone aren’t enough. To win repeat business, there’s more you’ll need to do.
According to recent research, improving your customer loyalty by just 10 percent can bring you an 80 percent boost in profits. When you think about it, a 10-percent improvement isn’t that drastic. Just by making a few changes in the way you approach customer retention, you could see an improvement like that within the year.
Before you finalize your 2013 marketing plan, take one more look through. Chances are you’ve left out at least one potentially profitable client retention strategy.
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