Does the thought of marketing analytics make you cringe? Does it seem overwhelming and time consuming?
Many business owners find analytics and reporting a cumbersome task and one they put off until absolutely necessary. If this is you, or you’d like some advanced tips on measuring data, this is the article for you.
We look at making marketing analytics simple and easy to understand so it’s something you want to do, not grudgingly have to do.
Did you know that it is five times cheaper to retain a customer than it is to acquire a new one?
Customer acquisition costs can break a marketing budget, yet many businesses spend more time focusing on attracting new customers than retaining their loyal customers.
That’s a puzzling statistic since one study says if you increase customer retention rates by just 5%, you’ll increase profits by 25-95%.
While we believe in customer acquisition tactics, today, we’re going to give customer retention it’s fair representation. In this article, we look at the seven rules of retention marketing so you can improve your rates and grow your business.
If the words “retention marketing” leave you scratching your head, we’re going to define retention marketing for you first, and then look at the seven rules.
What is Retention Marketing?
In its simplest form, retention marketing is what you do to keep your customers engaged, happy and spending their money.
Sometimes it’s called life-cycle marketing or loyalty marketing,
Retention marketing is a fairly new term, but one that is becoming quite widespread in marketing circles and the realm of eCommerce.
With retention marketing, through various activities, you create engaged customers that return to your online store again and again to make a purchase.
You increase the likelihood that your current customers will purchase again while putting some emphasis on increasing their purchase rate and amount.
Here are seven rules of retention marketing.
Rule #1: Provide Exceptional Customer Service
Customer service can be more important to your customers than the actual product. Consider the customer who makes a purchase on your website.
When you have the perfect business, you need to make sure everyone else gets a chance to see it. With effective marketing, you get traffic to your website and you show off your products or services to the world. It’s a win-win situation. However, if you are focusing your marketing on pay-per-click (PPC), you could be hemorrhaging money. There are a variety of reasons that PPC marketing is not effective.
You Probably Aren’t Marketing in the Correct Markets
If you browse our blog regularly, you may have noticed a little green tab at the bottom of the page that reads “Chat with us!” – if you ever come across it, feel free to chat with us! There’s a real person behind it and we don’t bite!
We are always looking for the next best thing for conversion rate optimization, and we’ve noticed lots of websites are popping up with live customer support chat. People usually want instant customer service, rather than calling a 800 number and waiting on hold for 15 minutes for a question that takes 30 seconds to answer. Elements like this can also help decrease shopping cart abandonment, as they can get their questions/concerns dealt with in real time. There are a couple different options in this space, but we decided to go with Olark.
Setting up Olark is extremely simple to install, even more simple if you have a dynamic website. All you need to do is take the code they give you and paste it in your HTML code, thats it!