If you ask any business professional what their company goals are, their answer will likely relate to growth. When considering business growth, you may think acquiring new customers is the key to success. While obtaining new customers is great, setting out to acquire them to grow your business isn’t always as cost-effective and beneficial as you may think.
According to Business.com, acquiring new customers can cost five to 25 times as much as retaining one, and existing customers spend around 67% more than newer customers. This is because identifying, qualifying, and nurturing leads to (hopefully) convert them into paying customers requires significant resources.
Rather than merely focusing on the acquisition of new leads to hit your growth goals, businesses should invest time in retaining high-value, low-effort assets, in other words, existing customers. Keep reading as we provide some useful strategies and tools that can help boost your customer retention goals.
Leveraging Web Content
Pumping out quality content regularly is an excellent tactic that helps improve customer retention. Content can bring you relevant web traffic and quality leads, helping you nurture and engage with your customers. For example, blogging is a popular form of content promoted by marketers. The key to blogging is to capture the attention of your audience through interesting and engaging content. In turn, this can bring them further into your website, giving you more opportunities to increase and keep your clientele.
Personalize the Buyer’s Journey
Customer relationship management (CRM) and email marketing services make it easier than ever to personalize the buyer’s experience. CRM systems store data about purchases, customer preferences, and customer information. From here, you can leverage the data to create personalized content, like an email marketing campaign for birthdays. Personalizing your customer’s interactions creates an incentive for them to stay with you. It makes them feel like a valued customer, therefore, creating a closer relationship with your business.
Create Customer Loyalty Programs
Implementing a program to reward your most loyal customers is an easy way to build on existing relationships and offer regular incentives for them to return to your business. For example, your CRM system can help you segment your customers and create specialized loyalty programs for different customer groups and reward your top customers with the most benefits. Rewards can be anything from free shipping, to exclusive discounts, to purchase-based point systems. Just remember, when implementing a loyalty program, always keep it simple; make it easy for customers to understand and easy to use.
Build an Online Presence
In the digital age, your business needs to have an online presence. Whether it’s a website, an e-commerce platform, social media pages, or a combination of platforms, getting your company online will build awareness, develop customer relationships, and enhance overall business credibility and reputation. If your business does not maintain an online presence, customers and potential customers are still expecting to see you online; if they don’t, you risk losing them to any competition that does curate an online presence.
Improve Customer Experience
As part of your customer retention strategy, each of your web components must serve a specific purpose. From visuals to UX, everything is vital for the customer experience, which significantly affects your bottom line. Keep in mind that you only have a few seconds to capture and retain the user’s attention—meaning that you only have a short amount of time to establish who you are as a brand. If the first impression of your brand is a dated or poorly designed website, it’ll be hard to establish credibility. If you’re looking to improve customer retention, you must wow your customers with a clean website that’s convenient and easy to use.
Improving Customer Retention is vital for the success of any brand or business. Initially, it may seem like a daunting task, but your business will surely reap the benefits of time spent developing and nurturing long-term customers. Unsure of where exactly to begin? GriffinWink is here to help! For more information on our services, visit our website!