By the end of this decade, there will be about 400-million luxury consumers worldwide. When you're marketing to them, you'll need to understand who they are and what they're looking for in a luxury shopping experience. Then you can create personalized, high-end marketing materials that are sure to drive engagement, and ultimately, produce satisfied customers.
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.
Want to increase the value of your company? Retention marketing holds the key. Companies that increase customer retention levels by 10% increase their own value by an average of 30%. Yet in an effort to continuously attract new consumers, many companies neglect their customer base, and in the process miss out on a lifetime of profits. Don’t be one of them. To build relationships, retain customers, and grow profits, follow this simple guide to retention marketing.
Did you know that gratitude is good for your health? In fact, studies have linked gratitude to improved physical health, stronger social relationships, more positive emotional states, higher self-esteem, and even better sleep. For business owners and brand managers, the benefits of gratitude don’t stop there. Nearly 70% of businesses have lost a customer because they felt the company was indifferent to them. The simple act of expressing thankfulness to customers can make a big difference for retention—and for profits. But to nurture leads, retain customers, and earn referrals many brands make major thank you note mistakes. Here are seven to avoid:
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.
Humans have been writing for over 5,000 years. From cuneiform and hieroglyphics to medieval manuscripts, our race has a long and storied love affair with the written word. But it wasn’t until 1440 AD that Johannes Gutenberg invented the printing press, and in turn, the first font. We’ve come a long way since the Renaissance, but written communication isn’t done evolving. In fact, one revolutionary form of writing is changing the way millions connect—digital handwriting. But what is digital handwriting and why is it unique?
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
International business etiquette can be challenging. It changes shape, shifting as you cross borders, taking new forms as you travel across time zones. How you take your tea, how you wear your suit — they send different signals in Osaka than they do in Chennai. So when it comes to making a great impression, your good intentions will only take you so far.
Topics: Business Etiquette