Prepare to devote more time and resources to your online presence and social media marketing strategies in 2021. An excellent strategy helps you to reach out to additional customers, interact with existing customers and boost website traffic, leads, and even income. Take some time to upgrade your website’s key structure and content for better exposure in Google search results.
What is Customer Retention?
Customer retention is the set of operations used by a business to improve the customer base and the value of each existing customer.
Customer retention methods allow you to deliver and extract additional value from your current customer base. You want to make certain that the consumers you strived to get remain with you, have an excellent customer experience, and keep benefiting from your products/services.
You should focus on customer retention when you are:
- Just getting started: Your acquisition efforts should fully outweigh your retention efforts at this stage. Concentrate on methods and approaches that can assist you in expanding your consumer base.
- Getting some traction: You now have customers and make occasional sales. At this point, you may start introducing retention measures to persuade each consumer to purchase more. You can start with sending retention emails to existing customers.
- Consistent: This is the moment at which you should start thinking about incorporating more retention into your acquisition efforts. Consider launching a referral and/or rewards program, and be far more serious about marketing automation.
- Established: At this point, your retention efforts should be serious and intentional. An acquisition may result in a large number of one-time sales, but a retention plan might encourage consumers to spend more frequently, increasing their profit margin.
- Well-Established: You’ve had a lot of early achievements and a lot of procedures and automation in place. Now is the moment to prioritize retention.
In summary, acquisition paves the way for customer retention, which is how you establish customer relationships and optimize profit for each one. So how much effort and money should you put into your retention strategy? The solution is dependent on your business.
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