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Marketing Tips

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.

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

Marketing Tips

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”

Marketing Tips

7 Reasons You Need To Create A Story Around Your Brand

Children love stories. That is a fact most everyone knows. But why? According to YoExperts, “Story reading bonds the reader to the listener and the listener to the reader.”

With this knowledge in hand, we can surmise the same is true for consumers. When you provide a story for your customers, you bond your business to them and vice versa.

One study tells us that public speakers should tell stories to make their presentations stick in the minds of their listeners. This can also be said for the story you create for your brand. The same study tells us a few more things:
• Stories motivate listeners/readers to act.
• Stories help brands connect with their audiences more effectively than charts, graphs and stats.
• People are more accepting of ideas when their minds are in story mode than in analytical mode.

For all of the above mentioned reasons, we want to emphasize the importance of creating a story for your business. In this article, we’re going to discuss seven reasons you need to create a story around your brand.

Reason #1: Stories Help People Care About Your Brand

Consumers don’t care about catchy taglines for long. While they might boost business for several weeks, catchy slogans aren’t what drives customer loyalty.

Continue reading “7 Reasons You Need To Create A Story Around Your Brand”

Marketing Tips

4 Types of Content That Motivate Customers to Purchase

In this post, we’ll talk about four types of content that will help increase desire and motivation in your prospects to open up their wallets and purchase. We’ll offer some ideas for increasing your conversion rate optimization, and make that cash register ring more.

Marketing your company and encouraging customers to purchase is a tall order in today’s digital world. For some business owners, it can be downright scary.

First, let’s take a look at your website’s sales funnel and take “the scary” out of marketing your products.

The Sales Funnel – Motivate Customers to Purchase

Just what is your sales funnel? It’s your marketing system. It’s the way to take your customer from prospect to lead to customer and eventually to repeat buyer.

What’s the purpose of the sales funnel? The purpose is to filter your customers and point them in a certain direction. For example, you’d like to make your own herb oil. You use a funnel to pour the oil into a skinny-necked bottle. Why? To keep the oil from spilling all over making a mess.

Your website funnel works in much the same way. It directs your customer on a particular path, keeping them from getting side-tracked and leaving your landing page.

Continue reading “4 Types of Content That Motivate Customers to Purchase”

Marketing Tips

7 Content Marketing Campaign Ideas That Will Generate More Leads

Before we dive into our seven content marketing campaign ideas that will generate more leads for your business, let’s first talk about the basics of content marketing.

A thorough understanding of the meaning of content marketing is essential before we dive into content marketing campaigns and strategy behind them.

The Definition of Content Marketing

As traditional marketing has fallen by the wayside, it’s left room for content marketing to be a big driver for consumer spending and interaction.

Content marketing involves the creation and sharing of media, and the publishing of content to acquire and retain customers.

The purpose of content marketing is to publish content that is valuable, relevant and consistent. Marketing in the 21^st century is more about meeting your customers’ needs than showering them with advertisements. The goal of content marketing is to attract and retain customers.

When we talk about content marketing, it means creating and curating content. Your ultimate goal? Converting leads into paying customers.

To be a successful content marketer, you’ve got to communicate well without “selling.” Gone are the days of the outright sales pitch. You’re trying to subtly convince customers to take advantage of your product or services by giving them information that is valuable.

If you do content marketing right, you’ll have loyal customers for the long haul. Let’s get started. Here are seven content marketing campaign ideas that will generate more leads:

Idea #1: Create Video

The Guardian says video is the future of content marketing. Cisco says that by 2019, “consumer Internet video traffic will be 80% of all consumer Internet traffic, up from 64% in 2014.”

Continue reading “7 Content Marketing Campaign Ideas That Will Generate More Leads”