Did you know it costs five to 25 times more money to recruit new customers than it does to keep your current ones? That's just the beginning when it comes to impressive retention marketing statistics. When you increase your customer retention rates by just 5%, you can boost your profits between 25% and 95%. Now that's a powerful incentive to focus on your retention marketing strategy. Some might even say that customer retention is the new marketing.
Almost 75% of people will switch brands if it's too difficult to do business with them. That's a big reason why U.S. companies lose over $60 million each year.
Now more than ever it's important to keep your customers satisfied.
Customer satisfaction (aka CSAT) is a marketing term that measures how a brand's products or services meet or exceed their customer's expectations. If you don't satisfy your customer's needs, your business won't survive.
The luxury fashion and accessories industry has grown by 42% since 2017. Among the top 100 companies in the world, luxury apparel brands rank ahead of technology, automotive, finance, and consumer goods businesses. Haute clothing brands are flourishing. What are they doing to get more people to buy their expensive attire? Let's find out.
It could cost you anywhere from 5x-25x more money to earn a new customer than to keep an existing one. With that in mind, it only stands to reason that you should do everything possible to keep your current customers.
The luxury vehicle market is growing rapidly. A recent study predicts that sales of luxury car brands will grow at an annual rate of 35% from 2019-2023. That means luxury car marketers are in a good place to sell a lot of cars, but they need to keep up with the demands of their customers to beat the competition.
Building brand loyalty is a great long-term strategy for the success of your business. What's the best way to achieve it? By taking the time to stop and thank your customers for their support. A recent study revealed that a simple thank you can go a long way towards showing your customers how much they mean to you.
Traditional luxury watches are a hot item these days, even with the popularity and affordability of digital smartwatches. In fact, luxury watch brands are not only surviving in the modern age, they're thriving.
Topics: luxury marketing
As a sales or marketing executive, your ability to relate to your customers in a way that creates a strong sense of understanding and trust is vital to your longevity. You can learn how to build rapport with them so they not only buy the products or services you're selling, they also buy into the reasons your business exists. In other words, they support your mission.
Communication in the workplace is sometimes complicated. No matter how many employees you interact with on a daily basis, you'll almost always find an assortment of unique personalities and backgrounds.
What's the right thing to say? What's the right thing to do?
Technology has made it easier than ever for businesses to process sales. Consumers are able to connect with brands via a variety of touch points like telephone, email, direct mail, social media, and website chat. But are those brands using each method to optimize their customer service experience?