05 Jan Why is it essential to reinforce your retention marketing strategy?
In this age of consumerism when the commercial world is very competitive, it is very important for any business to have a solid customer base. If your business has a group of people who are loyal, you will find it easier to grow your business. In order to build a loyal customer base, you need to design individually-tailored retention strategy by understanding their interests, product preferences and shopping patterns. You need to create a retention strategy to maximize customer lifetime value. Remember, retaining your customers is just as important as acquiring new customers. If you can effectively engage your existing customers in a way that is relevant and interesting to them, your customers will grow loyal to your brand long-term as long as your the rest of your offerings stay competitive (i.e. product quality, pricing & customer support, etc.) These days, businesses have become too busy with marketing strategies aimed at acquiring new customers. Many business fail to engage their existing customers and it hurts their bottom line. When customers are ignored, they feel unimportant and are not likely to come back to your store. Marketing campaigns geared toward existing customers deserve equal amounts of attention as marketing campaigns to gain new customers. You’ve already spent a lot of money acquiring your customers, why lose their second purchase to your competitors? If your store does not have a well-thought out and executed retention marketing strategy, you will slowly lose the customers that you worked very hard to acquire. If you want to increase your revenue from existing customers and maximize customer lifetime value, be sure to have a clear plan on how you plan to re-engage and treat your customers, whether it’s leveraging email campaigns, social media tools or discount offers (we’ll talk about the different tactics in the future posts). Remember, every customer is different, and deserves to be treated differently.