There are approximately 269-billion emails sent and received every day around the world. Text messages account for another 23-billion messages. Meanwhile, we spend almost 145 minutes per day on social media networks. That's why smart marketers reach out to consumers where they're at: their mobile devices.
As a business owner or marketing manager, you're always trying to find ways to attract new customers. But you're also concerned about keeping the customers you have. After all, studies show that it's 5x to 25x harder to acquire a new customer than it is to keep a current one.
As a modern-day marketer, you're always searching for new ways to engage your customers. You don't just want them to buy your products or services, you want their continued loyalty, too. You want a customer for life. Luckily, there are strategic ways to accomplish this. One thing you can do is develop a customer engagement strategy.
Customer relationship management (aka CRM) is a way of managing your brand's communications with your current and prospective customers. The technology allows you to store their contact information, find sales opportunities, record service issues, and manage marketing campaigns all in one place. That way, every interaction you have with a customer is available for authorized users at your company to see.
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.