Every company's top priority is to find new ways to increase their revenue, and that requires customers. That's why businesses can often become blinded by the idea of constantly attracting new customers. However, they forget that they already have a goldmine hidden among their already existing customers. In this blog post, we go in-depth on customer retention and help you to how you can create value from your already existing customers.
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Customer retention is an important part of any successful business strategy.
The term "customer retention" refers to the percentage of customers who continue to purchase products or services from a company over a given period of time. For example, a company with a customer retention of 80% may mean that 80% of customers continue to buy from the company again within a year.
Improved retention also means an increase in revenue and profit, and as the success rate of selling to current customers is typically much higher, it can pay to invest here. It makes particular sense for membership or subscription companies to strengthen their retention, as these rely particularly heavily on active customers.
You may have heard the saying "a bird in the hand is worth ten in the bush", and that's probably very true when it comes to customer retention. Indeed, retaining existing customers is generally more cost-effective than trying to attract new ones. To get new customers, you often have to fork out for various sales strategies, so focusing on the customers you already have is a cheaper option. Loyal customers stay with your business for longer and will place more orders on an ongoing basis, so they need to be prioritised.
Of course, this does not mean that acquiring new customers is not important, and fortunately one strategy does not exclude the other. However, it is important to make your customers as loyal as possible so that they don't jump to the competition.
That's why you need to retain your existing customers:
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There are many ways you can increase your customer retention. First, it's important that your customers feel personally seen and heard. In addition, you need a good customer database that keeps track of all relevant information the customer makes. This allows you to improve future sales opportunities based on your customers' online behaviour. If you want to take your business digital, it pays to get help from a SEO specialist.
5 tips to increase your business retention:
If you need help to grow your business, customer retention is an important focus. We can help you retain your customers and increase your revenue in the most cost-effective way.
Webamp is a digital marketing agency that has the ability to streamline your marketing to increase retention. We have extensive experience with SEO, social media marketing and you can also get help with Google Ads with us.
Whether you're a generalist or a marketing specialist, our specialists have put together some great advice for you on our blog.
Learn more at Webamp Academy.