Often, it is seen that companies run after acquisition of new customers and every sales strategy revolve around that. Perhaps, marketers have acknowledged that acquisition is a synonym for marketing. But this isn’t true! Experts have discovered that a company has to spend seven times more money to draw new customers than retaining the existing ones.
According to a study, if a company involved in online retail, retains five percent of its customers annually, it can generate more profits from the business. A prompt strategy for retention at an early stage of business will certainly increase your stability. In order to build such strategy for comprehensive retention marketing, you should consider the following points on a priority:
You must shift the paradigm of marketing strategy from acquisition to retention of customers. Ask your marketing teams to focus on communications with the existing customers instead of spending on mass advertising. Different tactics should be employed as a part of efforts to retain existing customers.
Value Your Customer:
It is important to value your customers. Measure this value by monitoring their purchases. Try to evaluate and offer a score to customers based on the frequency of visit and monetary value of purchases made by them. You must invest to retain high-valued customers according to this data collected. They are not only your regular buyers but also act as an ambassador of your business.
If you serve your customers well, it will certainly help you to retain many existing ones. You must keep them on a priority list and your team must provide excellent services. Companies involved in online retail services should sincerely attend customers on their queries and resolve their issues instantly. Empower every customer with a suitable reply and ensure that no loose end remains. Often, customers switch a retail store due to its lethargic services. A prompt service will definitely encourage the customers to come back again to your store and stay for a longer time.
Communicate Regularly with Customers:
Ongoing communication with existing clients will always keep you ahead in the race. You can send electronic mail or short messages. These are inexpensive methods to revive your identity in their mind. You can invite them to an upcoming sale or send across a positive gesture with ‘thanks’ message post purchasing. It is really appreciating for retention marketing. It is seen that many companies offer specialized discount coupons to their valued customers which is another way to allure them.
Presence on Social Media:
Today, people prefer prompt resolution for their queries. They don’t want to wait for their questions. Rightly so, customers do not have ample time to wait longer in this fast-paced world. Social media has become the best place for companies to interact with their customers. It is not only the medium to send messages to your followers but has also become a platform to communicate with existing and prospective customers. Be active on social media and give a reply to every query, good or bad. It will surely increase your brand value as well as enhance your retention power.
These are the ways of retaining your existing customers through effective marketing strategies. You can take help from our experts at Infognana for specialized online retail services. We have helped many businesses gain valuable customer base through effective retention marketing.