8 Successful Retention Marketing Strategies
It’s easy to get hungry for more customers when you notice your customer acquisition strategy working and your business growing. However, forgetting to ensure those customers stick around will mean more effort and frustration for you. A good retention marketing strategy will help you keep the customers you acquire by providing them with a great experience when they interact with your business. Here are some top customer retention marketing strategies to know!
1. Redefine How You Measure Customer Value
Measuring your return on investment (ROI) is simple: It’s the difference between how much a customer spends on their first purchase and how much it costs you to acquire those customers. But there is a better way of determining how much value each customer brings to your business, and that is through measuring your customer lifetime value (CLV).
Measuring the CLV will give you the potential net profit per person during the length of time they engage with your brand. This method is more effective at measuring your customers as it focuses on the value that they bring over a lifetime, instead of the one-off profit from one acquisition. Measuring the CLV gives a better prediction of future revenue, yet many businesses still overlook this.
2. Personalize Your Engagement
You can build trust with your existing customers by personalizing your engagement. Although being professional is important, you don’t want to come off as cold and uninterested. By personalizing your engagement, customers will know that if they need anything, they can reach out to you. They will also feel more connected to your brand on a personal level.
Personalizing your growing business is not very complicated. Software can help you store data in your customer relationship management (CRM) system. You can observe your customers’ contact records and observe every interaction they have previously had with your business. That way, when you need to reach out to them to present an offer or discount, or if they contact you for a question or return, you can communicate with them more effectively. You will have a history of all their pain points, previously purchased products, interests, and more.
Reading your customers like people instead of numbers will build brand loyalty and do wonders for your customer retention rates.
3. Be Where Your Customers Are
Consumer behavior has changed a lot over the years. Now, it is the consumer who dictates to brands how, where, and when they want to connect. Therefore, retailers must provide a consistent and seamless experience on all their channels, especially when a customer needs help or when something goes wrong. According to research, 87% of customers believe that brands need to put more effort into providing a seamless experience for them.
4. Restructure Priorities
Although smart marketers are realizing they need to improve their retention marketing, the process is a full-time project. It needs to be a priority for your entire business, not just your marketing department. You may need to create a specific position that focuses on retention marketing instead of just adding it as another item on your current email marketer’s to-do list.
Retention marketing requires more upfront work, but companies that take it seriously will notice the benefits. The ability to keep the customers you get will pay off in the long run, but you may need to invest up-front to do so.
5. Offer Quality Loyalty Programs
Want another way to hook customers to your business? Consider offering referral and loyalty programs. Quality rewards programs are great for businesses in different ways. They ensure that your customers are satisfied, and they boost your business revenue.
When customers know that they get something for simply interacting with your business, it improves the chances that they will stay your customers. In fact, 75% of customers agree loyalty programs are an essential part of their relationship with a brand. Take time to carefully establish a loyalty program and you will see your customer retention rates increase.
6. Keep Your Follow-Up Promises
The ultimate sign of professionalism in your business is to keep your promises. A good CRM software provides scheduling features that can help you arrange follow-up calls or emails in advance, or designate follow-up tasks to certain members of your team. When you do this, you can keep track of all your appointments with your customers and complete any tasks that you promised you would do. For example, if you have a list of customers that you need to update their information, begin now. Create tasks on your CRM, break up these customers into groups, and assign them to some of your colleagues to contact. With just a few clicks or phone calls you can touch base with these customers.
7. Be Transparent and Honest with Your Customers
Do your best to be open with your customers and establish a relationship built on transparency. Being transparent means letting your customers investigate what you are doing to improve their interactions with you and the products or services you offer. Having healthy, unambiguous conversations with your customers about how you can improve will go along way. Make sure any policies, like your return and payment policies, are clearly expressed so there are no misunderstandings from your customers.
8. Create Great Customer Experiences
Another great factor that helps customers stay loyal to a business is a positive experience. If you can ensure your customers have a good time when they interact with your business, you will go a long way. Whether this interaction is through your employees, customer service, or the product, if they experience a moment of joy, it is a huge benefit to you.
Customers want brands that they can trust. They want brands that hear them and pay attention to their needs. Take the time to go the extra mile for customers who had bad experiences by providing a solution to their concerns. Showing empathy can mean a lot to customers who had a previously rough time with your brand.
How Macromark Can Help You Retain Customers
A solid retention marketing strategy should be a top priority for your growing business. By offering your customers incentives to stay with you, you will stabilize your bottom line and give your business long-term security.
If you need help developing and implementing a retention or rewards program for your customers, look no further than Macromark. We can help you improve your strategy by creating quality ads and improving your strategies to retain and acquire customers.
If you want to experience the advantages of a successful customer retention strategy, give us a call. We offer a variety of services to our clients including print media, direct mail marketing, list brokerage, data solutions, list fulfillment, and list management. For more information about how we can help grow your business, contact us at 1-(845)-230-6300.
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