As a marketer or business person, you will have heard this statement time and time again: it’s more cost-effective to retain current customers than it is to acquire new ones.
In fact, research shows that it actually costs companies 16x more to nurture a new customer to the same level of revenue contribution as an existing, loyal customer.
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What is customer retention?
Customer retention refers to a company’s ability to hold onto existing customers. It means consistently engaging and re-engaging buyers, subscribers, or contacts that you currently have for the purpose of keeping them or ensuring that they don’t jump into the arms of a competitor.
Customer retention campaigns enable you to provide more value to your steady, existing customers whilst extracting value from them at the same time. There are a number of techniques and strategies that are preferred by different industries when it comes to customer retention.
In this episode of The Marketing Slice, we explore 7 key strategies with examples that relate to the financial services sector (whilst we’re using the financial sector to exemplify these tactics, they are, in fact, applicable for most industries’ customer retention campaigns):
1. Start a customer loyalty programme
2. Highlight case studies
3. Regularly communicate results and benefits
4. Ask for feedback
5. Track and analyse churn metrics
6. Start a customer education programme
7. Utilise the power of omnichannel
Listen to the episode or read the article here to expand on these 7 key points.
If you’re struggling to manage all your data and become an omnichannel brand, why not book a demo of Hurree’s data unification and segmentation platform here or email any of your questions to me at stevie-rose@hurree.co. It’s time to get your tools talking and we can help you do it!
