![]() The third is to extend the duration of customer relationships-to maintain those enhanced behaviors for a longer time. The second is to enhance the profitability of existing customers-to motivate people to engage in behaviors that generate higher returns. The first is to acquire new customers-to increase the number of people who use a product or service. And, at the most basic level, these profits can be increased in only three ways. The logic is as simple as it is compelling: Profits from customer relationships are the lifeblood of all businesses. In addition to content marketing, we can help grow your referral business and gather reviews, plus much more.Achieving the full profit potential of each customer relationship should be the fundamental goal of every business. If this free guide leaves you with more questions, our team is ready to answer them. It includes usable email templates, ways to have better conversations and follow up tips to help you stand out and stay in touch.Ĭustomer retention marketing is essential to the success and growth of your business. We’ve put together a super informative (and free!) guide all about how long-term relationships and loyal customers benefit your business. Taking advantage of opportunities to reach out to clients you have not talked to in years.Maintaining a professional appearance all the way to the inbox and beyond.Reminding customers of upcoming events and seasonal tips.Staying in touch with your current customer base.That’s where digital marketing comes in.īy simply staying in touch using content marketing, email marketing, and social media marketing, you can see success in multiple ways: But for most businesses, maintaining that kind of personal outreach for every customer just isn’t realistic. For some businesses with a very small number of high-value clients, that can be accomplished on a 1-on-1 basis. ![]() The solution that’s proven to work is staying in touch on a regular basis. Switching up your strategy will help you get more value from your marketing budget and waste less time pursuing every potential lead you can find, whether or not they’re a good fit for your business. There’s an opportunity here to focus more on existing customers, rather than chasing down new ones. So why do so many businesses focus mostly on acquisition and neglect marketing that keeps customers loyal? Customer retention marketing opportunities The data shows us that retaining customers is just as important as, if not more important than, acquiring new ones. American Express found 33% of customers will consider switching companies after just one instance of poor customer service.companies lose $136.8 billion per year due to avoidable consumer switching. One customer experience agency found loyal customers are 5x as likely to repurchase, 5x as likely to forgive, 4x as likely to refer, and 7x as likely to try a new offering.The success rate of selling to a customer you already have is 60-70%, while the success rate of selling to a new customer is 5-20%.Increasing customer retention by 5% can increase profits from 25-95%.Acquiring a new customer can cost five times more than retaining an existing customer.Customer acquisition & retention marketing stats ![]() Read the customer retention and acquisition stats below to see the differences between the two. Not convinced? For many business owners, hard facts are worth more than anecdotes and assumptions. Find out how to turn cold leads into long-term relationships.ĭownload the free From Lead to Loyalty guide. It’s an ongoing struggle as you think about your business goals.įree download: Long-term relationships are key to your business’s success. Your past customers are a huge asset to your business, so it’s crucial to maintain a strong relationship with your past and existing clients so they stay loyal.Īnd yet many small businesses spend most of their marketing dollars on finding new customers instead of nurturing the ones they already have.
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