It is a well-documented fact that repeat customers typically spend up to double that of a new customer, yet 44% of companies still spend most of their efforts on customer acquisition, giving little attention to the customers they have already worked so hard to acquire.
Retention marketing moves the focus away from the top end of the funnel – customer awareness and engagement – towards the post-purchase end – customer satisfaction, loyalty and advocacy.
Your current customers have already bought a product from you or spent money with you in some form, so they are already familiar with your proposition. The next step is to keep them coming back, loving your business and spreading the word to their social network!
Did you know, a 2% increase in customer retention has the same effect as decreasing costs by 10%? That’s a big reduction in spend! So it makes sense to introduce retention programmes like loyalty rewards and referral schemes – things that will appeal to your customer and make them feel valued by you.
At Naked Fish we will work with you to develop an effective customer-led retention strategy that drives repeat purchase and turns your one-time purchasers into loyal advocates.
Call Kate on 07905 114017 to speak to us about your marketing and book your free consultation today!