<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=349935452247528&amp;ev=PageView&amp;noscript=1">
Search
word-map-thumb

The Alternative Board Blog

Tips on Customer Retention Marketing

Oct. 15, 2020 | Posted by The Alternative Board
A drawing of a magnet attracting customers

All businesses strive to acquire as many new customers as possible, but is enough effort being made to retain customers already on board? Remember, there’s a significant distinction in costs between finding new customers, as opposed to holding onto the ones you already have.

That’s where customer retention marketing comes in—a tactical approach to increasing the rate of customers who keep returning to your business, as well as attracting those who once purchased your goods or services, but haven’t done so in a while. Startups and emerging brands should generally “focus most of their marketing plans on customer acquisition,” notes Alexa, an analytics insight firm, while established brands “need to shift their strategy and put more attention into customer acquisition.”

Want additional insight? Read 4 Step Guide to Strategic Planning now to learn more

Register Here

In addition to the disparity of costs between these two efforts, customer retention marketing benefits companies in many ways, including:

  • Requires less formal marketing efforts than reaching out to prospective customers
  • Results in a general upswing in sales conversion rates
  • Improves the process of implementing product upgrades (and or new product development) through customer feedback

Also, it’s likely with successful retention, you’ll see higher overall profits. That’s because “your customers trust you already,” so “it gets easier to convince them to become interested in even more of your products or services through up-selling and cross-selling,” according to SuperOffice.

Here are customer retention marketing tips to keep in mind:

Offer exciting online deals

Since most sales these days occur online, consider offering time-limited online “daily deals,” that provide extra motivation for returning customers. These deals convey a sense of uniqueness for customers, as well as added urgency in clicking on “Buy” as soon as possible.

Create a series of case studies

Even customers who know your business can be persuaded to shop again when they read about other satisfied customers. As we have noted before, video or written case studies “allow you to tell your story by telling your customer’s experience with your company or brand.” These case studies (also known as testimonials) “can be promoted on your website, social media, blog, newsletter or emailed” to customers and “help land an appointment or as a follow-up” sales step.

It’s a worthwhile strategy for new customer acquisition as well.

Maintain regular contact

Customers don’t like being “forgotten” by businesses they patronize. Just the opposite—if you reach out to them on a regular basis, they’ll appreciate the attention (and are more likely to act upon those exclusive offers discussed above).

One useful approach, according to the digital marketing firm MarketSplash, is to create a communications calendar that helps you stay in touch with loyal customers. Essentially, this calendar serves as a “programmed sequence of events, handwritten notes, special offers, and phone calls,” organized through automation software, that ensures ongoing contact without being “overly pushy.”

Give away some free stuff

Your loyal customers deserve special treatment. One approach is providing them with free stuff from time to time. Free giveaway strategies include a gift “that has your branding on it,” says Business2Community. “It’s a gesture that’s endearing and meaningful to your customers.”

Other strategies can focus on providing free product upgrades, exclusive customer-centric contests, or a special gift that comes with the purchase of a product or service. Whatever the giveaway might be, it can be very effective in terms of making your repeat customers feel appreciated for their business.

Retaining customers should always be a company’s top priority. To learn more, find out what nine experts from The Alternative Board have to say about how to improve your business’s customer retention rates.

Read our 19 Reasons You Need a Business Owner Advisory Board

DOWNLOAD

Written by The Alternative Board

Related posts

How to Thank Customers for Supporting Your Business
Feb. 24, 2022 | Posted by The Alternative Board
These days, after what seems an eternity of business restrictions due to Covid-19, companies are rightfully grateful for returning customers, and new prospects willing to give their business a...
Use Customer Feedback to Pivot Your Business
Nov. 17, 2021 | Posted by The Alternative Board
The global pandemic has prompted a wide range of businesses to pivot and repurpose their products and services in new ways. Changing market conditions often mandate that businesses evolve (whether...
5 Tips for Handling Bad Customer Reviews
Jul. 2, 2021 | Posted by The Alternative Board
No business wants to get a bad review for its products or services. However, since it’s impossible to please all customers all the time, the likelihood of encountering dissatisfied customer reviews...
Journey Mapping and the Road to Customer Retention
Jun. 22, 2021 | Posted by The Alternative Board
How well do you know your typical customer’s purchasing journey? Successful businesses work hard to understand this journey, from initial awareness of a need for your product, the subsequent...
A Quick Guide to Winning Back Lost Customers
Jun. 15, 2021 | Posted by The Alternative Board
Losing a customer is always cause for concern, but it can also be a learning opportunity. Businesses face a constant challenge of thoroughly understanding customer buying behavior, and when that...
Does Your Sales Team Possess Client Engagement Skills?
Dec. 28, 2020 | Posted by The Alternative Board
We hear a lot of talk about the importance of employee engagement, but how well do members of your sales team engage with current and prospective clients? Whenever a customer and salesperson talk...
5 Ways to Surprise and Delight Your Customers in 2021
Dec. 17, 2020 | Posted by The Alternative Board
Customers are a lot savvier than they used to be. With tools like the internet and social media at their disposal, they can do a great deal of preliminary research before embarking upon the...
How to Improve Your Team’s Customer Service Skills
Dec. 10, 2020 | Posted by The Alternative Board
No one can predict what will happen to the business landscape in 2021 (look how far off the experts were about 2020, pre-coronavirus pandemic!). But one constant will remain in place next year, and...
The One Place Your Next Client Could Be Hiding
Dec. 7, 2020 | Posted by Jodie Shaw
When it comes to growing a business, most people look to bringing in new clients, landing a major contract or getting a new sale. What about your focus on existing customers? Your existing customers...
5 Tips for Great Digital Customer Service
Dec. 3, 2020 | Posted by The Alternative Board
Well before the onset of COVID-19, buying trends among consumers were already tilting towards a huge increase in digital shopping. Now, with all of us practicing some form of social distancing,...