Retention Marketing And Your Online Business – A Match Made In Heaven

Retention Marketing And Your Online Business - A Match Made In Heaven

Keeping the customers you have today has never been more important for your online business.

While finding new customers and growing that side of your business is terrific, keeping your current customers and increasing their loyalty is cheaper for our business in the long run.

We’re going to look at retention marketing and your online business. They are a match made in heaven, and we’re going to explain why.

First, let’s look at some statistics on the importance of retention marketing.

The Value of Retention Marketing

If you’re one of the many businesses not currently working to retain your existing clients, we’re going to provide you a few reasons why it’s time to refresh your marketing strategy.

Here’s a few reasons why retaining current customers is “better” for your business than acquiring new ones.

  1. A 2% increase in customer retention has the same effect as decreasing costs by 10%.
  2. Acquiring new customers can cost nearly five times as much as making your current customers happy.
  3. About 80% of your profits will come from just 20% of your existing, loyal customers.
  4. If you reduce your customer defection or churn rate by 5%, you’ll increase your company’s profitability 25-125%!
  5. Nearly 70% of your customers will leave your company because they don’t think you really care or because you provided poor customer service.
  6. Companies that prioritize customer service generate 60% more in profits than their competition.
  7. When customers are happy, they will tell nine of their friends about it. On the flip side, when customers are unhappy, they’ll tell 22 of their friends.

Now that we’ve solidly convinced you of the importance of retention marketing and your online business, let’s look at some tactics that work. Continue reading “Retention Marketing And Your Online Business – A Match Made In Heaven”

Improve Customer Retention With These 5 Tools

Improve Customer Retention With These 5 Tools

Did you know that it is seven times as expensive to acquire a new customer than it is for you to retain an existing one? Yet, companies everywhere focus more on acquisition than they do on retention.

What’s more, 63% of businesses feel that customer acquisition is a more important goal.

So, even though it’s more cost effective to improve customer retention, companies tend to throw marketing dollars at courting new business.

In this article, we encourage you not to neglect your best business prospects – these are your current customers. Create a strategy for customer retention to watch your profits soar.

Today, we look at how to improve customer retention with these five tools. First, let’s look at customer retention:

What is Customer Retention?

Studies show that retaining customers is better for your bottom line than working hard to acquire new ones. But, just what does customer retention mean?

Customer retention is the process you go through to encourage your current customers’ loyalty. Customer retention strategies work together to encourage your repeat business.

Consider this definition by Impact Learning Systems:

By definition, customer retention is the activity a company undertakes to prevent customers from defecting to alternative companies. Successful customer retention starts with the first contact and continues throughout the entire lifetime of the relationship.

Since customer retention is one of the most powerful ways to grow your business, we’re here to tell you that it is doable. The best part about customer retention is that you already have a relationship with these customers because they’ve already made at least one purchase from you.

They know your business and a little about at least one of your products. Now, it’s up to you to convince them to move forward with your business again and again. To help you do that, here’s how to improve customer retention with these five tools.

#1: Build Relationships

The most important part of your customer retention strategy is relationship building. Once your customer makes the first purchase, it’s time to personalize the message.

This allows you to tailor information to each customer’s needs.

For example, let’s say you purchase a pair of jeans on an eCommerce site. That company may then send you an email with product recommendations that might go with your new pair of jeans.

Alternatively, you might sell vacuum cleaners online. You could continue to build the relationship by offering emails that include cleaning tips and product recommendations on vacuum cleaner bags.

Continue reading “Improve Customer Retention With These 5 Tools”

8 User Acquisition Tactics That Could Skyrocket Your Growth

8 User Acquisition Tactics That Could Skyrocket Your Growth

It feels great to acquire a new customer, doesn’t it? How about the rush you get when someone fills out your lead generation form for the first time?

All of this makes you feel super-charged, like you are doing everything exactly right.

What if this happened on such a regular basis that your company was in a constant state of growth?

In this article, we’re going to look at eight user acquisition tactics that could skyrocket your growth because, after all, no sale or lead happens by itself. You’ve got to put in the leg work to make this happen.

If the phrase, “acquisition tactics” makes you break out in hives, there’s no need to worry. We’re going to break that down for you and show you some strategies you can implement to boost your growth.

Take it easy and don’t try to implement them all at once. You’ll find many ways to gain traction and jump start growth, but what’s important is that you do what works the best for your business. This may mean trying a few tactics, testing and revising for the best growth improvement.

Let’s dive into eight user acquisition tactics.

#1: Great Products

No list on acquisition tactics would be complete without stating the simple fact that to grow your business, you first have to offer a great service or product.

What’s more, your products and services have to be ready for acquisition. Before beginning the process of on-boarding customers, make sure your product is completely ready for public consumption.

Additionally, ask yourself if your increase in growth-type activity can be handled by your servers and your staff.

#2: Landing Pages

Continue reading “8 User Acquisition Tactics That Could Skyrocket Your Growth”

How To Conduct A Webinar And Convert Listeners To Customers

How To Conduct A Webinar And Convert Listeners To Customers

Doing business online is all about converting your website visitors into customers. Did you know there are additional ways to convert customers and increase your conversion rate optimization?

In this article, we’re going to talk about how to conduct a webinar and convert listeners to customers.

What is a webinar? And, how can it help you?

Defining the Webinar

Just what is a webinar? A webinar is a live meeting that takes place over the web. It’s an incredible marketing as well as educational tool.

The purpose of the webinar is to grow your business through educating potential and existing customers. More often than not, you’ll also want to generate new leads.

When you host a webinar, you can give users a live presentation, discussion, demonstration or instructional session.

Generally, people sign up for a webinar in advance. Most often, your webinar will last anywhere from 30-60 minutes. Any longer than that, and you will lose their attention.

You might have one-two presenters for an average of 30 participants.

More Webinar Benefits

In addition, there are some added financial benefits to hosting a webinar.

Continue reading “How To Conduct A Webinar And Convert Listeners To Customers”

Automating Your Social Media is Destroying Your Image

Why Automating Your Social Media Could Be Damaging Your Image

Shortcuts are good, right? Not so when it comes to social media.

You are busy, managing your day, and sometimes it may not seem like you have enough time to take care of tweeting and posting. Enter in the plethora of Internet tools catering to someone just like you.

You can automate nearly all of your social media tasks, but should you? Today, we are going to look at why automating your social media could be damaging your image. We’ll look at when it’s definitely not okay to automate, and what tasks might be okay to automate.

Let’s explore why automating your social media could be damaging your image.

Social Means Social

Let’s take the general term, social media, and define it. Social media involves applications that allow users to create and share content and to participate in social networking.

So, by its very definition, social media is social, leaving little doubt that automating all the time doesn’t make for businesses.

Yet, when it comes to marketing managers and social media managers, much of the social side of social media is constantly replaced with automation tools. This makes the marketing department’s job easier, but at what coast to your image and your brand?

The Rise of Automation

Automation tools were created to fill a niche, and many of them have been quite successful. Most people are willing to do anything if it saves them time. After all, wouldn’t it be nice to set your tweets and posts for the week and let social media operate alone?

Continue reading “Automating Your Social Media is Destroying Your Image”