Grow Your Business by Customer Retention!

Did you know that it can cost up to five times as much to attract a new customer than to keep an existing one? Retaining customers and building relationships with your existing customers can be key to grow your business. Most companies focus on customer acquisition rather than retention.

Your business can plan marketing strategies such as promotions, sales, special offers, loyalty programs, coupons etc. but it can be challenging on how to get your message to your existing customers.

How to engage with your existing customers?

It is challenging to find an effective means to communicate with your existing customers. Here are a few strategies on how you can communicate with your existing customers and grow your business:

grow your business Email Marketing

Email is a very effective way to communicate with your customers. Your business can send promotions, deals, specials offers directly to existing customers.

Email Pros

Email marketing is a direct marketing technique that directly communicates with your customer. This is a very powerful marketing tool as long you are careful not to spam or send unwanted emails. There are low cost or free email marketing services that provide you with all the tools you will need to create an effective email marketing program.  Most of these email services provide training and promotion tips.

Complete Email Marketing Services:

Email Cons

Unfortunately, emails get buried! People are being swamped with emails.Your email can easily be deleted or delivered into their spam folder.

It is important to get your customer’s consent to receive your business’ emails. The above email marketing services can provide a your business a process to create your email marketing list. These services also provide analytics, email templates, template newsletters etc.

grow your businessSocial Media Campaigns

There are now +2 Billion people worldwide on Social Media! Social media is a very powerful way of keeping in touch with your clients with engagement to grow your business.

Social Media Pros

Cost effective (free) unless you plan on advertising for new customers. Your business can host contests, quizzes or polls to engage your customers. The key to social media is to encourage engagement, sharing, posting and commenting. Social media is a very important aspect of any business. A recommended platform that will provide you with training, tools and a scheduling software is HootSuite.

Social Media Cons

Social media can be very fast track and your current customers may miss your business’ posts. It is not a direct form of communicating with your customers but it can create a buzz about your new post (new product, offer, promotion etc.)

business growLive Telephone Calls

Telephone calls to your existing customers to educate them on any current promotions can be very successful.

Live Telephone Calls Pros

If your business creates a customer profile at point of sale including a telephone number, this can be an effective way to personally talk to your customers. This method can open up a one-on-one relationship and can include educating them of your promotion and providing feedback of your business/products.

Live Telephone Calls Cons

This method can be very time consuming. People are busy and to actually reach your customers by telephone can be very challenging.

Direct Mail Marketing

Sending information (postcards, coupons, flyers through the mail is an effective means of communicating with your existing clients.

Direct Mail Pros

Direct mail has always been an effective way of communicating with your customers. Your business can mail out promotions, thank you cards, postcards, menus etc directly to your customers. Coupons are always work effectively with this avenue of marketing.

Direct Mail Cons

Direct mail includes the cost of printing and mailing and can become an expensive marketing campaign. Unfortunately, the response rate to direct mail is approximately 2%.

mobile app developerMobile App – Push Notifications

There are almost as many cell-phone subscriptions (6.8 billion) as there are people in the world (7 billion).

Business who have created mobile apps as part of their marketing strategy should have access to push notifications. These notifications are messages that are send through a mobile phone as an instant message.

Mobile App – Push Notifications Pros

Push notifications give your business the opportunity to communicate to your customers instantly on their mobile phone. This is a very effective way of communicating your promotions, sales, news to your clients without it being buried.

Mobile App – Push Notifications Cons

Creating an app for your business can be costly. Business also have to encourage their customers to install their mobile apps on their mobile devices. Businesses also have to be careful not to spam mobile app users as they will then uninstall the app.

Summary on how to Grow Your Business

Keeping and engaging your existing customers is a very important aspect of growing your business. Time, effort and cost efficient marketing strategies can grow your business with customer retention. Satisfied customers will promote your business to their friends, family and co-workers and these strategies should not be ignored.