The team at Moxie Creative isn’t much for gambling 🎶 we work hard for our money 🎶. However, if we had to place a bet, we’d wager it safe to say that retention rate is something you often look at as a business owner. And for a good reason, too. Your existing customers are more likely to purchase from you than new customers. Trust us; the data doesn’t lie.
- There is a 60-70% chance of selling to an existing customer.
- Meanwhile, the chance of closing a sale is just 5-20% when it comes to new customers.
One of the things you can do to keep your current customers front and center of your business is to market to them regularly. Knowing you’re there will make them more likely to purchase your product or use your services. If you’re in the background, they’ll likely move to your competitor, who shows more value.
Prioritizing customer retention allows you as a business owner to:
- Create a unique customer experience.
- Educate your customers on your product or services.
- Gather customer feedback to make changes from within.
- Showcase the value you can provide vs. your competitors.
- Create lasting relationships.
Pro Tip: These are realistic tactics for ALL industries, not just retail. The holidays are a time for family, which tends to pull at our heartstrings (and pocketbooks), so gear up for more business!In this blog, we will take a deeper look at two of the most used methods for customer retention – social media and email marketing. These main methods are used by 28% and 52% of businesses, respectively, to increase their retention rate.
Social Media Marketing
Bottom Line: Developing the strategy is half the battle; the work is really in the doing. Social Media is great for creating trust and open customer communication, making it critical to your overall marketing strategy.
Email Marketing
Ask any marketer out there, and they will tell you that email marketing is the most effective form of communication. With 4 billion email users daily and more than 306 billion emails sent and received each day, email marketing is buzzing and is only expected to get larger by 2025. This makes email marketing a no-brainer for any business. But it can also be tricky.
There are a lot of questions asked about email. How often should you send one? What is the best day and time to send? How do I create the best subject line? The fact of the matter is this may be different for everyone. Looking at your target consumer, goals, budget, and time can help you answer some of these key questions. If you get stuck, don’t hesitate to ask for help!
Bottomline: When a customer gives you their email address, it is an invitation to reach them on a more personal level. They are inviting you into their space and welcoming conversation. Don’t let that go to waste. Sending regular communication can result in customers for life.
In addition to social media and email marketing, the following are great to have in place:
- Mobile-Friendly Website
- Paid Search
- Monthly Blogs
- SEO Services
- Direct Mail
- Billboard Campaigns
- Company Profile Videos
Summary
Through many conversations, we have found that small business owners don’t have the time to market effectively to their current customers and spend more time with lead generation (a topic for another day). While lead gen is important, as mentioned above, you have a much greater chance of upselling a current customer if you stay in front of them.
At Moxie Creative, we enjoy working with clients monthly to help them communicate with their customers. We have created numerous successful monthly social media and email marketing campaigns for our clients and would love the opportunity to do the same for you. Dubbing ourselves as “the agency in the background”, we’ll help you when you need it and sit back when you don’t.
If you struggle to keep up monthly communication with your lists effectively, let’s meet up for coffee and see how we can help!
