RETENTION STRATEGIES
Are you Receiving Enough Repeat Business?
Retention strategies help your business increase the Customer Lifetime Value of your existing customer base. These strategies are often called traffic drivers, which work to keep your business top of mind through channels such as social media marketing, email marketing, abandoned cart management, and managing the user’s experience.
Retention Strategies also help to create new customers through referrals.
83% of Satisfied Customers are willing to refer products or services
Are your customers coming back for more?
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Are your customers coming back? Reflect on your retention marketing strategy. Photo by Jeff Finkelstein, Fall Reflections, Snow Mountain Ranch, Winter Park, CO.
Imagine having a store that people only come to and purchase from once. This obviously is not ideal for business, right? Retention strategies work to remind and encourage customers to come back for more as well as to recommend and refer your business to friends. There are many reasons that customers don’t come back to a site and most of it has to do with forgetting due to busy lives.
Creating and executing effective retention strategies are great for reminding customers that, “Hey, remember us? We’re still here and we’d love if you stopped by.” In a world full of information at every turn, consumers no longer spend a lot of time seeking out information; instead, marketers need to focus on placing the information in front of them. The goal of this is, of course, to increase sales and repeat customers for a more sustainable business.
[/toggle][toggle title=”Process”]The process of retention strategies begins with the goods or services your business provides. How relevant is it to the consumer? How often are new products and sales available? We like to take multiple paths to redirect the customer back to your site. From abandoned cart follow-ups to display ads to email marketing to social media, we look at how your target market behaves to come up with the best decision on how to execute a retention strategy that communicates directly with your customer base.
Whichever direction we take, our focus is to build a stronger relationship with the consumer. By providing effective communication, we show the consumer that we are here for them and we know what we’re doing. Customers don’t appreciate when businesses only focus on the initial sale and leave them behind to chase another new customer. They need to feel valued and important.
[/toggle][toggle title=”Profit”]Increasing the amount of traffic that comes through your site allows for more opportunities for sales and conversions. Customers that have purchased before are more likely to purchase again, especially if you have great products to offer. When you get better traffic to your site, it boosts the quality score and search engine rankings. This in turn builds more trust in your business and products. When consumers have trust in a company, they’ll return more often on their own, and sales will increase.
Remember, it is more profitable to maintain and grow your current customer base than the effort it takes to acquire new ones.
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