Look at the latest research talking about customer retention. You knew it was important, but did you know it was this important?
- It costs 7x more to acquire a new customer than to retain an existing customer.
- 37% marketers think that social media marketing is the most effective medium for customer retention.
- 5% increase in customer retention rate can increase profits by 25% to 95%
- Profitability of selling to an existing customer is 60-70%
- An average cost of a lost customer $243
- Existing customers are 50% more likely to try new products and spends 31% more as compared to a new customer.
A few ideas on how to market to your current clientele is to listen. Period. Listen to what their preferences are. Show them you care by personalizing information that they may need. Delight your customers. (See my other blog about this). Communicate your brand effectively to show why they want to stay with you. For example: I work for a local Mom & Pop restaurant as their social media person. I have been focusing a lot of my content on them being a local family that works and LIVES in the community. The food they offer is fresh, homemade and made with care. They are using authentic family recipes passed down from generation to generation. I push family, community and care. When I shared these ideas to the owner, she was floored. It never occurred to her how important these ideas were to communicate to the community, but they are and her social media involvement has gone through the roof!
Hopefully I’ve brought you some value today. Share a comment if you’d like. I’m on Instagram too (dnelsonmedia).
Source: Social Media Today, Irfan Ahmad, Jan. 30, 2018