Did you know that it costs five times more to attract a new customer than to keep an old one?
If you're not doing everything in your power to keep your current customers coming back for more, you could be wasting a ton of money.
But it's never too late to change courses!
Keep reading as we explore some of the most effective customer retention marketing strategies and detail how they can help your business.
Personalize Your Outreach
The average office worker receives 121 emails every day. It's no wonder why click-through rates are so dismal.
But you're not destined for the spam folder just yet.
An easy way to stand out among the pack is by personalizing each point of contact. Make it conversational. Use the customer's name and only send what's relevant to the customer.
If you send them news about a sale for a product they've never purchased or shown an interest in, there's no incentive for the customer to open your message.
Address Issues Immediately
You can't make everyone happy. There will be times where you'll have to deal with an upset customer.
If you're not careful about your approach, you could lose the customer for good.
Pay close attention to your online reputation. See what people like -- and more importantly, dislike -- about your company and make sure to address the negatives.
Respond to criticism in a polite tone and show that you're eager to make the situation better. Most people are willing to give a brand a second chance, but you'll have to earn it.
Whether it's a new or repeat customer, always follow-up.
Doing so shows that you value their business and opens the door for future communications.
Be sure to add something like, 'please feel free to reach out if you have any questions' or 'let me know what else I can do' to show that you're interested in maintaining a relationship.
Learn Customer Preferences
Remember, customer retention techniques are all about seeing the individual and personalizing messages.
That includes learning customer preferences, as well as their dislikes.
While it can be tricky and take a while to receive data back, you can implement machine learning. It's a complicated and new process, but it's AI is showing quite a bit of promise.
Show Your Appreciation
Everyone likes to feel appreciated. Don't forget to thank customers for their business.
You can also show them how appreciative you are by sending bonuses like coupons, exclusive invites, and free rewards. Sometimes, inspiring loyalty is as easy as saying 'thank you'.
Customer Retention Marketing Can Save Your Business Big Bucks
Keeping customers isn't always simple. But it should be your biggest priority.
If you don't already have a customer retention marketing strategy, we'd love to help you find a solution that works for your company. Contact us today and let's see discuss how we can grow your business together.