Improving customer retention rates boosts your customer lifetime value as well as your overall revenue, often at a far lower cost than generating new customers. In addition, loyal customers may be more inclined to branch out and spend money on additional products and services within your company, as well as to spread the word of your brand within their own circles.
Cross-sell additional products and services
What products and services do you offer that are underutilized by current customers? Develop case studies, white papers, or webinars to outline the benefits of those products and services and get them in front of relevant customers through email and other marketing channels. If applicable, demonstrate how your products and services can work together to improve outcomes for their business. Your customers may not be aware of the additional value you can provide to them, and since they had enough trust and comfort to purchase your products and services before, they may be more likely to do so again.Request customer feedback
There is no cookie-cutter solution for how to best communicate with your customers. You can certainly gain valuable insights from observing what works and what doesn’t for other companies, but every business is different and no two target audiences are exactly the same. So how do you determine what works best for your customers? It’s simple: you ask. Keep your surveys short and sweet and ensure customers understand the role of these surveys as well as find them relevant Set aside sufficient time to review and act on the valuable results you took the time to request and your customers took the time to provide.Stay Top of Mind Without Overburden Your Customers
Keep up regular communication with your customers, perhaps deploying a quarterly or monthly newsletter and staying active on your social media channels. It is ok to push out more frequent communication when it comes to valuable updates or content such as events you’re promoting or relevant assets you’ve developed that customers may find useful, but avoid saying something just to say something. Provide value and variety in your communication and be respectful of your customers’ time.
Demonstrate Your Value
Find ways to demonstrate your value to your customers. Offer valuable content such as white papers, case studies, videos, and webinars. Host interesting events and tailor communications and other customer-touch points to individuals or groups of individuals to show that you’re paying attention to their specific wants and needs. Tailor reports to your particular set of customers and their business goals. Find something to report on that your customer’s value, and back it up with numbers and explanations as needed. If there are negative results, consider laying out a proposed solution. This will show customers that you care and that you are dedicated to keeping them happy.
Do The Little Things
Sometimes, it’s the little things that count. Wish your customers well around the holidays, just to show them you’re still thinking of them. Consider offering a holiday perk to go along with the sentiment – it doesn’t have to be anything major, a little goes a long way when it comes to humanizing your brand and endearing yourself to existing customers.
Test Your Retention Strategies
Your business, industry landscape, and a particular set of customers are not only unique to your company, they are also constantly evolving. Test every piece of a strategy or tactic that you realistically can with the tools and resources you have. Don’t be afraid to try new digital marketing techniques if your initial strategy isn’t working. Utilize your past learnings, but avoid assuming that just because a given strategy worked before, it will work again. Carefully examine all metrics, results, and projections you can access for different strategies and use them to measure risk when determining your investment strategy, in terms of both time and money.
When it comes to online digital marketing ocanalytica.com experts have a highly diverse role. This is because they offer advice touching on various marketing aspects. Apart from advising, they also deal with planning and researching to verify the successful execution of marketing strategies. They believe that keeping your customers happy is more than continuing to receive their money, it also helps you improve your company to make them even happier -- and in turn, they're happy to spend more money. It's a win-win.
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