You know the old truism: it’s easier to keep a customer than it is to close a new one.
It’s really more than truism because it’s true. We’d like to add to that truth: it’s far more expensive to acquire a new customer than it is to keep a current one happy (customer retention). How much more expensive? At least five times as expensive!
Increasing your customer retention rate by just 5 percent can increase your profits 25 to 95 percent! So now you can see why retention marketing has become more than acquisition marketing’s forgotten little brother!
Just as you nurtured your prospects into becoming your actual customers with inbound marketing, so can you retain them via nurturing marketing.
So Just What Is Nurturing Marketing?
Basically, to retain your current customers you treat them pretty much like a prospect: you continue sending them the content (information and resources) that will help them reach the goals/overcome the challenges your service/product helps them reach.
Doing so continues to show you care about their success. It also continues to showcase your expertise and how well your product/service does – indeed – solve their problem! Now who would want to leave you in these circumstances? No one, that’s who!
Retention Marketing Ideas. (And These are Little Short of Fantabulous!)
For example some companies who have nailed it when it comes to nurturing marketing:
- They are extremely personal in their responses to customer tweets on Twitter (in a fun, non-sales-y way).
- They routinely send out customer satisfaction surveys…and then act upon the results!
- They provide an awesome referral program (both the customer and the person referred get a gift or discount).
- They offer a subscription service. It helps their customers save money and the company gets steady income month after month (and it keeps the customer month after month).
- They encourage customers to leave online reviews and welcome negative reviews, looking at them as a way to publicly state how much they appreciate the unhappy customer’s comments and explain (if it doesn’t get to personal) how they intend to fix the problem.
- And more.
Important Customer Nurturing Statistics
- Only about 29 percent of companies nurture their existing companies. (Make sure you’re one of them.)
- An existing customer who stays a customer over time will spend 67 percent more than a new customer.
- 80 percent of customers will continue to do business with you so long as you continue to offer personalized experiences.
- Seventeen (17) percent of brand marketers said customer retention was a top priority for them in 2018.
Finally, and possibly, the most important customer retention stat of all:
Do you want to grow the percentage of customers who stay with you for the long haul? Ingenex Digital Marketing can help. Contact us to learn more about how our inbound marketing services can help you retain – and delight – more customers.