Customer retention and customer acquisition are both essential to all businesses, but the return on investment for retaining customers can be significantly greater than acquiring new ones. According to Access, repeat customers are six times more likely to try your new products and services than new customers.
So how do you maintain your customers’ interest and create brand loyalty?
Regularly communicate with your customers
Communication is vital! Regular interaction with customers will not only keep them informed about your brand, but it can also provide you with valuable information about them. Create open lines of communication and encourage your customers to give you feedback on your products/services, this will provide you with valuable information, insight, and data on your audience. The data and feedback collected can be used to help inform your future marketing campaigns as well as updates to your products/services.
Create a loyalty programme
On average, repeat customers will spend 67% more than a new customer in a single transaction. So, it is important to ensure these customers feel valued, loyalty reward programmes are an excellent way to thank repeat customers for their continued support. Additionally, by tracking the rewards they choose, you’ll have greater insight into their interests which allows you to finetune future marketing communications.
Corporate Social Responsibility
Often, customers are drawn to more than just a brands’ product or service. Many people like to give back to society and want to feel that by choosing your brand, they are making a good choice. Incorporating social responsibility into your business strategy will not only positively impact society, but it will improve your reputation amongst your audience. Brands that are associated with being ethical are often perceived as being more trustworthy.
Differentiate yourself from your competitors
The number one goal for all marketing activity is to differentiate yourself from your competition because it will allow your brand to stand out. Offer your customers something that your competitors don’t or can’t. Focus your efforts on alternative distribution methods for your marketing campaigns as this will make you stand out. 92% of direct mail is opened and when pairing digital campaigns such as email and social media marketing to direct mail, your response rates will increase by around 25%.
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