Lower marketing dollars. Harvard Business Review found that it is 5-25x cheaper to retain an existing customer compared to finding a new one. While it’s important to continue marketing to customers after they click “Check Out”, it’s also a lot easier to grab their attention Ways to Build and encourage them to come back for more. Think of it this way, once you’ve closed your first sale, you now have a treasure trove of data on what products they’re interested in, what they may enjoy next, and what marketing tactics work best on them. Even better, they’re now on your email or text marketing lists, which are more direct and intimate communication channels than display ads (which shoppers have learned to tune out or even block).
A massive group of brand advocates Ways to Build
Word-of-mouth is one of the most relevant and powerful marketing tactics today—just take a look at the popularity of Yelp. Loyal customers will tell their friends, family, and coworkers about your brand and products, allowing you to gain the trust of these leads a lot more easily than if you were to market to them out of the blue. That’s why prioritizing customer loyalty makes customer acquisition easier (and why you can say that they’re really part of the same process). It’s free marketing at its best.
We can’t overstate the power of having great relationships with customers. The stats simply speak for themselves—with a 10% increase in customer retention levels, you can boost your brand’s value by a whopping 30%. Similarly, repeat customers convert at a 60-70% rate, while only 5-20% of new prospects will successfully convert.
Building a pool of loyal customers can seem easier said whatsapp data than done. Here are some tried and true ways to boost customer loyalty:
Prioritizing customer service.
That means providing excellent support via multiple channels, whether it’s social media, live chat, or a hotline.
Infusing personal touches into your customer service. Like sending customers a personalized note after you’ve helped them.
Staying connected with previous customers. Following up with bolscan: what is it and how does it work? customers post-purchase in a way that helps your brand stay top-of-mind.
Rewarding repeat customers with discounts, freebies, and early access to promotional events. (Psst: Check out Smile.io’s referrals and rewards program for brands!)
A Sephora ad promoting an extra 20% off sale items and be numbers early access for Sephora
Sephora’s top customers receive extra deals and early access during its annual sales.
