Top 4 Marketing Tactics to Boost Customer Retention
Gaining new customers is essential to the growth of a company. However, when it comes to scaling a small business, focusing on customer retention rather than customer acquisition is much more viable. Statistics show that attracting new clients can cost you five times more than retaining existing customers. On the other hand, boosting customer retention rates by just five percent can increase profitability by up to 95 percent. With a fantastic return on investment, focusing your attention on customer retention is the logical step to take, and a strong marketing strategy can help you. Here are a few marketing tactics to help you maintain customer loyalty. Digital marketing is the constituent of marketing that uses internet and online based digital technologies like as desktop computers, mobile phone and many more
Direct Mail Marketing
Direct mail marketing is a tried and tested marketing tactic that enables marketers to reach out to consumers offline. It involves sending customers physical items to a home address. This personal marketing strategy can be targeted to specific audiences and can help increase response rates and boost visibility. Physical goods are tangible and they help keep your brand at the forefront of the recipient’s mind. Attractive marketing materials that customers can touch are much more memorable than materials viewed on a computer or a phone. You can even use this strategy to reward loyal customers with free samples, offers and discount codes which can be sent on the back of postcards and branded products.
Rewarding existing customers for their loyalty lets them know that you value and appreciate their business. It is important to identify your most important customers. These are the people who have returned time and time again to make a purchase and show the most interest in your business. Your VIP customers are also the people who are more likely to promote your brand through word of mouth. Once you have pinpointed these valuable customers, you can implement a targeted marketing strategy that ensures you pay them special attention. Reward your loyal customer base with emails containing news of exclusive events and send them promotional goods to say ‘thank you’. These promotional goods should be branded, relevant to your company and useful. Not only do branded products help express your gratitude, but they also act as advertising tools when your customers use them in public.
Create a Referral Program
In the same thread as rewarding loyal customers with exclusive branded goodies, a referral program can be mutually beneficial for both you and your existing customers. Implementing a referral rewards program, and rewarding the customer who makes a referral, has two benefits. You will gain a new customer while keeping your original one happy. This tactic falls under advocacy marketing, as it helps turn a satisfied customer into a brand advocate.
Provide Omnichannel Support
Omnichannel support enables you to provide optimum customer service via multiple channels. By enabling omnichannel support, you make interactions easier for your customers which means that they put in less effort to make contact with your company. In addition, omnichannel support enables your customer service representatives to answer customer queries more quickly and efficiently.