What would your company do without customers? In all likelihood, you’d be out of business before the end of the week – if you made it that far. This is why attracting them – and, more importantly, retaining them – is so important.
Retention marketing is the popular trend of focusing on the cultivation of loyal customers, rather than the exclusive pursuit of new customers. An admitted transition from acquisition marketing, retention marketing employs a wide range of helpful strategies that are specifically designed to engage customers, and to get them coming back for more on a consistent basis. From improving customer service to employing email marketing, customer retention strategies can improve the longevity of your company, while making it even more attractive to potential customers.
Does retention marketing work, though? Let’s just say a new marketing strategy doesn’t become talk of the town without scores of companies singing its praises, especially when it comes to fueling a successful business! As you’ll see from some of the statistics below, customer retention marketing is cheaper than acquisition marketing, more lucrative in terms of return on investment, and overall an undeniably worthwhile investment to improve your company’s standing in the business world.
The infographic below showcases exactly how effective retention marketing can be when it comes to developing a loyal customer base. Take a look at these informed statistics, and make sure to prioritize retention the next time you ponder your business’ overall strategy.