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This is because all barriers to purchase have already been overcome. Existing customers may just need a slight nudge to increase your share of their wallet, and this will speed up your sales process. After all, existing customers already know you are a trustworthy company with products or services that are beneficial.

You have already offered them a pleasant business experience previously, and because of this, they are much more likely to make future purchases and generate more business for you. In comparison, persuading potential leads into becoming customers sometimes requires a lot of time and effort, and ultimately, costs more. The bottom line is, it takes a lot of time and effort to convince leads to convert into customers, whereas existing customers should take very little convincing. Existing customers simply want a pleasant and consistent experience.

Customer retention marketing opportunities

In a nutshell, they just want you to keep your promises. On one hand, this data is vital to your customer retention efforts and gives you the tools to create personalized and targeted promotions to maximize your chances of success. But, moreover, this will all assist you in your future acquisition efforts; you will know exactly what kind of people are most likely to become loyal customers — who they are, where they hang out online, what motivates them to buy and what kind of messaging they best respond to.

When you offer clients this level of service, and over-deliver, your chances of client retention increase significantly. As smartphones and laptops take over our daily interactions, the desire to speak to a human being in real life or over the phone is becoming a novelty. It's usually over email, but I have also met with members in person and over the phone. Additionally, I like to reach out when there is a customer service issue. In an age of artificial intelligence and overseas customer service, it's my experience that people really enjoy a personal touch, and to know that I am truly invested in their experience.


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  7. I am the CEO of Studio 15, a socially responsible fashion brand. After leaving behind a year career in the corporate fashion world, I started a company that focuses o Share to facebook Share to twitter Share to linkedin Majority of customers visit your website or your brick-and-mortar location only one time. This explains why a majority of businesses are increasingly using live chat as the primary channel to support customers instead of using phone or email, which are slow and context-deprived. Loyalty programs are not just strategies to make your customers stay with your brand, they also help you shape customer behavior.

    For example, you can leverage the lure of loyalty or reward points for your e-commerce store if you want customers to perform certain actions, such as downloading your mobile app, creating an account with you, or referring your products to other people in their network. Just start by rewarding customers for their second, or repeat purchases, and you will soon see a spike of customers who return to your store for more.

    Make sure you craft engaging in-product messaging to let customers know how easy it is to earn new reward points and entice them to keep spending more. Even when the reward credits are small and not strictly monetary, customers will still feel a burst of dopamine every time they see their reward wallet getting fatter.

    Customer Retention Marketing vs. Customer Acquisition Marketing

    Here are a few ways to ensure success for your loyalty program:. Having personalized content ensures better context-sensitivity and higher relevance during search. Brands like Netflix and Uber are doing exceptionally well to offer highly personalized services to their customers, such as showing different content to different demographics, changing their product UI based on user behavior, or tailoring a unique customer experience as individually as possible.

    Reach Marketing's Customer Acquisition and Retention Strategy

    For example, your e-commerce can benefit hugely by personalizing customer experience if you can:. I personally love the convenient checkout options I get with the few e-commerce brands I shop with.

    Why is Customer Retention better than Customer Acquisition

    When I buy a new book, for instance, I can choose to pay cash on delivery once the book is at my doorsteps, pay using one of the cards saved on my account, or use the money in my e-wallet to checkout. Luckily for the B2C segment, we already know where that place is on the internet—social media. Using social media to foster relationships can be fun for both, your business and customers. All the while, you also have plenty of opportunities to promote your brand and increase your bottom line. Social media marketing for e-commerce, also known as social commerce, comes with a two-pronged advantage: you can acquire new customers while retaining your existing ones.

    Facebook for Business, Instagram, Twitter, and Pinterest offer specific advantages for businesses to engage meaningfully with customers and make the most out of their social media spending.

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    If you do it right, upselling and cross-selling is not just about making more money out of a customer. Jeffrey Gitomer, prolific author and sales trainer, explains upselling as a strategy to help customers win:.

    Customer acquisition & retention marketing stats

    Upselling and cross-selling is like placing packets of cheese slices next to the bread shelves in the supermarket aisle because you know that customers prefer buying both items together for their breakfast needs. If your business understands what is the bigger problem that customers are trying to solve and offer a more packaged solution, cross-selling and upselling become value-added service for them. Refine your product recommendation algorithms or display similar items that other buyers have bought along with it so that customers have a fulfilling buying experience.

    Churn is the enemy of business prosperity and the best way to fight it is to ensure you focus on the people you can prolong your relationship with for the longest time possible. Customer acquisition looks great on your marketing dashboard for a while, but it also comes with too many moving parts that are hard to track and manage. On the other hand, retaining loyal customers is like taking good care of the geese that gives you the golden eggs consistently. Audio content, ftw. Send me new episodes from the podcast.


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