Have you ever thought about the best ways/ideas to retain your customer base? Customer retention is critical for business success. According to a recent Forbes article, it often takes five to 20 times the number of resources for businesses to obtain a new customer than to retain an existing one. Returning customers also tend to spend 67% more over time than first-time customers, according to a Bain & Company report. By investing time and money into customer retention, businesses can create a positive customer experience that builds brand loyalty and withstands through time.
Looking to boost your customer retention? Here are some strategies from successful marketing executives to help hold on to top customers.
1. Focus on Customer Lifecycle Marketing
According to Jeff Johnson, The Marketing Practice general manager, one of the main objectives of marketers is to make sure customers have a positive experience at every touchpoint. It’s crucial that marketers collaborate with sales and customer success teams to understand their strategies, identify opportunities for support and assess customer buying behavior.
2. Offer Exclusive Deals
One of the most underrated strategies for current customers is “surprise and delight,” according to Stacey Danheiser, CMO of Shake Marketing Group. She suggested keeping customers satisfied and enthusiastic about your brand or product by offering exclusive perks that non-customers don’t receive.
3. Position Your Business as Indispensable
Dan Darcy, qualified Chief Customer Officer, suggested that businesses must position themselves as indispensable. This is not only because their product is essential to the customer's business, but also because their solution is unquestionably superior to that of their competitors. This is true to those even those offering a lower-cost option. Consider what makes your business stand out.
4. Continue Innovating
Innovation is crucial for achieving growth and retaining customers. Take risks, incorporate new technology, and change your messaging if need be. Learn to speak your customers' language and focus on what’s influencing their choices.
Carolina Macedo, the author, is Project Coordinator of Marketing Keys.