Retention marketing isn’t meant to replace acquisition marketing, but to work alongside it as part of your growth strategy. The activities associated with retaining customers and/or increasing customer value through re-purchasing or up-selling products and services, is less expensive than acquisition marketing.
While you need both acquisition and retention marketing, you will get a better return from your investment in retention marketing and create customers for life.
In the previous blog post, we discussed how to develop a retention marketing program that specifically addresses the needs of your business. But are there proven retention marketing strategies or tactics that should be considered regardless?
While not all the strategies below are applicable to every business, they are proven strategies used by the world’s best brands. Together they will provide a good starting point for consideration as you develop your long-term retention marketing plan.
This is the most valuable—and often forgotten—tool at your disposal in retention marketing. You can ask your customers for feedback on just about anything from the product to the sales process to your ongoing communications with them. Develop a process for asking customers regularly for feedback and for reporting this information throughout your organization.
Demonstrate to your customers that you’re listening by responding to their feedback and implementing their best suggestions into your business practices.
Especially in B2B environments, you may consider a customer advisory panel as one of your feedback strategies. These well-chosen customers would be the ones to help you refine your product or service offering and even alert you to potential problems before they start brewing.
This is also a great strategy if a big portion of your business comes from a few key players. Involving those key players in your business can develop loyal brand advocates for you. The key is your ability to act on their input—something to consider carefully before implementing this type of strategy.
A newsletter or blog are great communications tactics for delivering relevant and timely messages. Both can be automated easily, making them a particularly cost-effective way of reaching customers on a regular basis. Many companies today also use short-segment video to provide customer education.
In three posts, we’ve shared the rationale for making retention marketing part of your growth strategy, how to develop a retention marketing plan and some winning retention strategies. Are you ready to get started? Please share your comments below or contact Paige Chadwick at PChadwick@chiefoutsiders.com.