Whether a company specializes in a long-term or one-off product, customer retention is a priority.
Perhaps you've invested millions of dollars and a lot of time to create a product. You don't want all that effort to get wasted. Customers are a valuable business asset that adds value in the form of repeat purchases or referrals. However, many brands often fail when it comes to devising ways to retain customers especially if they sell one-off products.
Many companies think that a customer call center is enough to increase retention. Often, people contact customer support when they want to inquire about a product. Just because customers feel satisfied with a product doesn't mean you've retained them. The marketing team isn't enough to keep loyal clients.
Here are a few marketing techniques to earn more profit and increase customer retention.
Top-Notch Branding | Top-of-Mind Branding
If a brand can't stick to the minds of the customers, it doesn't have a long-term value. You will miss a lot of opportunities if customers can't refer friends and relatives to your brand. Your company needs a top-notch branding that can resonate with customers.
The first step is to evaluate the effectiveness of your brand. For example, effective branding of insurance products can make a significant difference. Branded insurance quotes make a brand stick in the mind of potential customers. It's not only the products that need branding but the company as well. Branding makes it easier to memorize and describe a brand to others.
Collaborate with the Customer Support
Understanding customer concerns can help you create an effective marketing strategy. You need to know their struggles and look for ways to address their concerns. The best way to gather customer information is to work closely with the customer support. That way, it's easier to gain insights into the expectations of your customers and understand why they're leaving your brand.
You can direct your customer support to perform customer satisfaction surveys so that you can obtain hard data about potential customers. That makes it easier for a brand to create content on the assumption. You want a marketing strategy that can increase customer engagement and address their concerns. Actionable market insights result in more repeat purchases and more referrals, and in turn, a higher retention rate. Involving your sales team and managers in customer retention has become a necessity in today's digital marketplace. Over time, it has become essential to develop brand loyalty to stay ahead in today's ever-evolving business world.
Stay in Touch With Your Customers | Email Marketing
It's hard to persuade your previous and existing customers to subscribe to your weekly or monthly mailing list. It's equally difficult to make them follow you on social media especially if they've already bought a product from you. However, you need to stay in touch with your customers in some way to retain them.
Example of content email
Relevant content can go a long way to increase customer retention. Sending emails that are relevant to the expectations of customers can encourage more people to subscribe to your services. Your content should revolve around the product and service that the customers want. Once you've created the content, showcase it when asking potential customers to follow you on Facebook or Twitter or ask them to sign up for a mailing list. A request alone can't make a difference, but customers will subscribe to your service if they know they're getting an exciting content in the exchange.
Provide Incentives to Loyal Customers
Incentives are a great way to encourage future referrals and customer retention. Offer incentives that match the expectations of your target audience. You can offer discounts or send freebies to customers who made multiple purchases as a way of thanking them for sticking to your service. However, avoid giving incentives in the form of raffles or sweepstakes. Such incentives make a few customers happy and disappoint the rest. A good incentive program should reward all participants with a gift they can pursue in the future.
InnerAction Media | Marketing Campaign | Customer Retention
We understand that you may not have time to develop a marketing campaign that involve content development such as email drip campaigns, social media management and social media marketing that keeps your customers coming back.
This is all a part of our job, and we would love to sit down and talk with you: