Eric Siu says, “Many business owners focus on the acquisition stage of the sales funnel to the exclusion of retention. That’s because people often think of marketing as synonymous with acquisition – the act of attracting customers to your business. Keeping customers, or retention, should be equally if not more important than acquisition.

According to Bain & Company, it costs seven times more to attract new customers than it does to keep them. Additionally, if you retain just 5 percent of your customers annually, you can generate up to 125 percent more profits. Retention strategies truly pay off in the long run and help you build a sound business over time.

Be smart. Create a successful retention strategy to convert your new customers into long-term customers. Chances are that you too will spend less and earn more, the formula for a successful business.

In order to build a successful retention marketing program, you must rethink how your company prioritizes its marketing efforts. To shift the focus from acquisition to retention, consider:

1. Adding CRM.

A CRM system, or customer relationship management system, allows you to track, monitor and communicate with customers using an automated platform. You can customize messages to focus on items, issues, products or information of interest to specific customers, which helps build retention into your communications mix”.

10 Customer Retention Strategies That Supercharge Your Marketing

Entrepreneur

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