Many marketing companies focus on lead generation, rather than nurturing and maintaining existing loyal customers. However, customer retention is just as valuable – if not more valuable – than finding new leads. This is especially if you have a recurring revenue model or several compatible services and products.
Improving customer retention rates will help boost the lifetime value of your customers, along with your revenue. Usually, this is possible at a lower price than finding and nurturing new customers. Also, loyal customers are more inclined to spend more money on additional services and products within the company and spread the word about the brand to friends and family.
The question you must figure out is, how can you maximize the value of your client’s existing customers? If you are no longer able to focus on customer retention for your clients, it may be time to hire a third-party service to help with this. Learn more about the benefits of focusing on customer retention below.
Cross-Sell or Upsell Additional Services and Products
What services and products are offered by your client to their customers that are currently underutilized? Now is the time to develop white papers, webinars, and case studies that outline the benefits offered by these services and products and get them to relevant customers using email and other marketing channels. If you can, show how your services and products will work together to improve the outcomes for the business.
Your customers may not be aware of the other value you offer to them. Also, since they have enough comfort and trust to buy the services and products in the past, they will likely be willing to do it again.
Request Feedback from Your Customers
There is no one-size-fits-all solution for the best way to communicate with customers. While you can gain valuable insights from observing what will work and what doesn’t is for your competition, every business is unique and so are their audiences. The question is, how can you determine what will work for your customers.
The best way to for you to find out what your customers want and what is going to work is to ask. Make sure you keep the surveys short and ensure your customers know their role in your research process. Use your feedback to learn what you need to do to satisfy your customers and keep them coming back again and again.
Are You Taking Steps to Retain Your Customers?
You have to consider what you can do to retain your customers. The information here shows you the importance of this, but if you don’t take action, you can’t enjoy the benefits of people coming back to shop with you again and again.
If you aren’t sure you can handle the process needed to retain your customers, now is the time to consider outsourcing these services to a professional marketing company. This allows you to focus on your client’s needs while ensuring customer retention is focused on.