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.
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.
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.
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?
You know the feeling you get when you receive a hand-addressed envelope in the mail? It's likely the first thing you'll open because it stands out amidst the stack of ordinary mail you get on a daily basis. The envelope is more personal and more interesting. The fact that someone put pen to paper for you captures your attention.
You've probably heard the retention marketing adage:
It costs more to acquire a new customer than it does to keep a current one.
Well, it's not just an adage. It's a researched fact. The figures fluctuate between five and 25 percent according to the Harvard Business Review, but just about everyone agrees it's an important element for any business.
We're living in the "age of the customer." It's a concept in which consumers are more empowered than ever before. They have access to an internet full of information about almost any of the products and services they desire—whenever they want it. So, it stands to reason that treating them as the most important part of your business is not only a good idea, it's essential to your success.
Did you know that 57% of B2B organizations identify 'converting qualified leads into paying customers' as a top priority? We’re surprised the number isn’t bigger. Neglected leads may be one of your company’s largest untapped resources. After all, these individuals have already identified themselves as being interested in your industry and the products or services you offer. These contacts have already engaged with your brand. They may just need a little nurturing to convert. Want to establish a lead nurturing strategy that delivers real results? You’ve come to the right place.
Topics: Customer Loyalty
“Every company’s greatest assets are its customers, because without customers there is no company.” – Michael LeBoeuf
Acquiring a new customer can cost up to 25 times more than retaining an existing one. Increasing customer retention rates by just 5% can boost profits by up to 95%. Considering these statistics, it’s no wonder that the most successful companies make building customer loyalty a top priority.
The most successful luxury brands got that way by strengthening relationships at every point of the buyer’s journey. Once they've captured the interest of the affluent consumer, their creative marketing strategies focus on building brand loyalty—and it's easy to see why. Although affluent consumers make up only 20% of U.S. households, they account for 40% of all consumer spending.
Topics: Customer Loyalty