You must know that it is equally important to retain customers, as it is to generate new ones.
When you look at marketing solutions and deep analysis into your customer data you need to focus your efforts and investments on the most productive segments.
Build a retention plan that delivers the right message and communication to your customers to keep them coming back, to improve response rates, increase order values, and develop loyalty programs that maximise revenues and profits.
You must rely on lifetime value and regression modelling to predict future revenue streams and to determine the present value of new customers. This best practices approach ensures that money spent up front to acquire new customers pays dividends well into the future.
You may spend 5 to 10 times as much acquiring new customers as you will retain existing ones.
You will work hard and spend a lot of money to get customers to use your services or buy your products. It only makes sense to put an appropriate amount of effort into retaining those customers so that your company may enjoy long-term repeat business.
Your customers have more information today than ever before. Many are Internet savvy and all are out to find the best deal for them. One proven way to improve your chances of customer retention is through a carefully constructed customer loyalty program.
Quick tips:
- Identify and retain your best customer segments
- Extract more value from your customers
- Communicate more effectively one-on-one with your customers
- Estimate the value of your customers by segment
- Derive an allowable cost-per-new-customer
- Improve your brand or company image
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