Having a customer retention strategy in place is like having a magnet that keeps your client coming back to your business again and again, continuing as loyal customers and increasing your sales and your revenue. However, most companies send out their marketing campaigns in a random cacophony of meaningless messages that do not appeal to the existing clients, are not effective in getting new clients and, at the end of the day, are just money thrown out of the window.
Just imagine the power of sending out the right type of message at the right moment to the right client. Imagine knowing when Mrs. Jones runs out of her favorite perfume and Mr. Smith needs a fresh supply of car wax. And imagine their surprise and their joy at receiving a promotional offer for the exact product they need! What will they think of your business? Most certainly, they’ll say “These people really care about me, I’ll go get more stuff from them.” This is how a customer retention strategy works.
But, in order for it to work, you need to have a clear view of your customer data…You need to know Mrs. Jones’ brand of perfume, and how often Mr. Smith waxes his car. Otherwise the entire picture we painted above is gone…does not exist anymore. Customer retention strategy is in fact the most scientific form of marketing. It uses pure data, analyzes customer behavior and it gives out exact, error-free information on your clients’ buying habits and helps you encourage and intensify these habits.
However, once you have a clear system in place for this type of an analysis, the customer retention strategy will work almost by itself. You will no longer swim in a sea of uncertainty and random marketing messages scattered about you. Instead you will have a precise schedule and timeline for each campaign, for each customer and for each product that you wish to promote. This is the most powerful form of marketing you can find. It is the only kind of marketing that has proven results – for any company, big or small, in any industry.
In an ever contracting economy, with people being less and less loyal to businesses, the fight for customer retention can be equaled to the fight for survival. With a customer retention strategy in place you can aim even higher – towards growth and success.
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