Have you guys seen this infographic from customer retention consultant Sparked about where companies go wrong when it comes to retention? I can just imagine some of you reading it over and wincing as you reach a point that hits a little too close to home.
But cheer up. As the numbers at the bottom demonstrate — a 10 percent increase in customer retention levels can result in a 30 percent increase in the value of the company, for example — a good customer retention strategy can save you money and make you money at the same time. And it’s never too late to start working on your happy customers.
The other great thing? Marketing automation makes this so much easier and more effective than ever before. Think about it—you’ve got all this data on your customers and the means to easily target them with personalized communications. It’s like marketing automation was made for customer retention. It’s kind of a revelation, isn’t it? I can almost see the light bulbs going on.
One big piece of advice: get jiggy with your data.
You should have a ton of data about your customers, from when they were a fresh-faced lead, new to your CRM, all the way to their buying behavior and purchases. You know what they like, what they respond to, the problems they’re trying to solve. What more could you want in order to develop and implement retention strategies?
Your data paired with your marketing automation system gives you everything you need to retain customers and drive more revenue from them. You’ve just got to put it to good use. Here are a few ways to get started.
- Be specific and personal—Use all this beautiful data to target customers with really specific content, whether it’s offers, content or information about events. And, be sure to use individual names for an added personal touch.
- Be useful—Customers love content, but only if it’s actually helpful. Ditch the surface-level stuff and get nitty gritty to really help your customers make the most of their experience with you.
- Be rewarding—People love to feel special, and your customers are no exception. Find ways to reward customers for staying with you: special offers, invitation-only events, loyalty clubs, early access to new products or features, etc.
- Be thorough—Just like any other marketing you do, test and track the results of your retention communications so you can continually optimize for the best results.
- Be smart – Hopefully by doing the above you have supremely happy customers who want to tell their friends, family and colleagues about how happy you make them. Give them an easy-to-interact-with-outlet to do just that. #extole
And to all you marketers out their with customer purchase data in a system outside your CRM. Do not give up hope! Where there’s a will, there’s a way. It IS possible to get that data. You just need to get creative. And maybe buddy up to IT. Don’t take no for an answer.
It’s amazing how many marketers will keep chasing new leads even when we all know that current customers are the real goldmine we should be protecting. So stop thinking about all those alluring future customers right now, and turn to the ones you already have. You’ve got the tools and the data to keep the spark alive – and inspire them straight into another purchase.