This is why many companies in various industries would rather prioritize customer retention than to focus much of their efforts acquiring new leads. Consider the opportunities that existing clients can provide, that is if they stick to your brand for as long as they can.
For Bunting CEO Stephen Tucker, B2B marketers will have to emphasize the need for personalization in their content strategies. In this Business 2 Community article, he lays down a three-step plan to achieve a customer retention strategy that resonates effectively with the interests of most people.
Step1: Use data to segment your most valuable customers
It is crucial to know your customers. With retention in mind, who are your most valuable customers?
After plugging in a personalization tool, a wealth of invaluable data will follow. Analyze it and use it. This will allow you to segment customers according to characteristics which are relevant and pertinent to your business. When considering retention, look at transactional and behavioral metrics such as their browsing history, average order number or value, and purchase history.
Learn the Art of Customer Segmentation!
Step2: Keep them engaged
Keep in mind the objective of retention marketing – to keep your customers engaged and interested in your brand and products. Using your behavioral metrics, keep your customers informed about offers pertaining to the products they love, and make sure they’re quick to know about new releases. Recent research shows that for 78% 0f customers, offers and promotions are only effective when tied into how the customer has previously interacted with the brand. Show them the ‘trending’ (ie. the most viewed or purchased that day/week) products of their favorite brands.
Do you know who your VIP customers are? If not, analyse your data to find out. As mentioned, these guys should be regularly rewarded. However you choose to do this, the trick is to make these customers feel special – they need to know they are valued, and personalized behavioral targeting is one of the most effective means of doing this.
Be creative when thinking of other ways to reward customers. Previews of new product lines relevant to their preferences are a great way to make shoppers feel valued. Consider what works well with your business – examples being invitations to events, free samples or tutorials.