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Don’t just acquire, retain

05.03.20

By Nutcracker

When was the last time you made the effort to re-engage customers to make them come back?

Customer retention. Most of us want it. Some of us have it. But if you’re one of the 33% of business executives who don’t consider it a priority, you need to switch it up. Because it’s 16 times more costly to entice new customers than to cultivate the loyalty of existing ones…

Have we got your attention? We thought so.

But now the big question: how do you keep your customers connected with your brand?

1. Social media

The key to retention is building a relationship with your customers – if they trust you and like your brand, they’ll be more likely to stay. And this is where social media steps in. It’s so much more than just a platform to showcase your product or service, or to attract new customers. It’s a place where you can listen and communicate with your audience, answer questions immediately and create meaningful engagements. This means talking with people, not just at them. Social media should also be used as a customer service tool to build the loyalty and respect that will keep customers coming back time and time again.

2. Content

Customer retention is more than just customer care. It’s also about being relevant, topical and useful. And this starts by creating authentic and genuine content that adds value for your audience, draws them to your website and generates leads naturally. But while it needs to be valuable, it mustn’t be too over promotional – customers enjoy connecting with brands they like, so be friendly and relatable. Create outstanding content and you could rake in conversions rates six times higher than other methods – give your customers a reason to come back a second time. With excellent, targeted content – the kind that shows the remedy for business pain points – you can strengthen your relationships and ensure that every message is designed to bond and engage with your customers. Remember, 60% of brand-created content is failing to deliver – only quality content will have the right impact.

3. Lead generation

Closing the deal isn’t really a win if your customer leaves soon after signing or never buys from you again. But for many businesses, 70%-95% of revenue comes from renewals and upsells rather than the initial sale, so how can you capture the attention of your target audience and then hold it? First off, always make sure that your customers are valued as individuals, not just as an audience – use personalisation and exclusivity to make a contact feel special and appreciated. Customise your message. Stay in contact. Be attentive. And consistently build the relationship over time so that the only reason they’ll leave is for a business that delivers a better product or service.

Over 64% of a company’s business comes from existing customers – if you’re not retaining them, call the Nutcracker team on 020 3941 0305 or email jenny.knighting@nutcrackeragency.com