What is Retention Marketing
This week I have been asked about retention marketing.
Retention Marketing For those of you who are unsure is summed up with the phrase “marketing strategies that are devised to increase the engagement, brand support, and loyalty to one company or product.”
There are many ways of saying this – loyalty marketing has something to do with it, customer satisfaction marketing, client enhancement, but in the end it all comes down to the old saying – try to keep the customer satisfied.
So how do we go about Retention Marketing or keeping the customer satisfied.
It is important to realise there are more than one type of client when it comes to Loyalty to your brand or product.
There are people who will show no loyalty to any company, You will have dealt with these, beat you up on price, want a discount because they weren’t in when you delivered the product, can quote you the competitors price to the cent, it doesn’t matter what you do with this section of your market they will only buy on price, regardless of service and quality (although they will be the first on Social Media complaining about you) so it is best to accept they are like that and move on. Don’t waste your valuable time and resources trying to generate their loyalty.
So what steps can we take to ensure customer retention amongst the remaining decent citizens who may buy from us.
1) When you make the first sale, re-inforce in the clients mind they have made the right decision, just a small thank you note included with the invoice can make a big impression on the recipient
2)give as much effort to the clients who have used your product or service before as you do to gaining new clients, many companies focus a lot of effort in gaining new clients, but put hardly any effort in marketing to their existing clients. try sending them an e-mail newsletter at the very least, to let them know you are still around, an e-mail might just remind them who you are and prompt them to buy something. (research has shown that someone who has bought something from you before is 4 times as likely to use you again as a person who doesn’t know you)
3) Don’t stop marketing to clients who have not used you in a while, it may be they don’t need your product or service now, but marketing to them will keep you top of mind when the time comes that they do need your service.
4) Always try your very best to exceed your customers expectations, when you have achieved this do not expect to much recognition in return, after all you are wanting them to recommend you to others and come back to you the next time they want a purchase, you do not need their thanks, but you do need their custom and recommendations.
So there we have it retention marketing, a new phrase for an old idea, its surprising how much marketing stays the same even as it changes.
Dont forget if you need a hand with any of your marketing needs the guys here at Assist Marketing are always willing to lend a hand.