Retention is crucial to your business. According to Investopedia, acquiring a new client can cost five times as much as retaining an existing one. And if that doesn’t convince you, research from Bain & Company and the Harvard Business School both show that a 5% increase in customer retention can boost profits by as much as 95%.
If you don’t have appropriate retention strategies in place, 2022 is the perfect time to make a change! Here are four ways to completely rethink your retention marketing so you can save your team time and money.
1. Reallocate your resources
Don’t just talk the retention talk — walk the walk! In order to truly change your company’s ways, you need to invest in retention and reallocate your resources.
2. Provide your team with additional training on customer service
Important points to emphasize for retention (per Forbes magazine) include frequent and friendly customer communication, transparency, active listening, and the value of relationship-building.
3. Invest in retention tools
Staying in touch with your customers is the best way to keep them happy and remind them you care. You can stay on top of this by doing the hard work of reaching out personally each month, but it’s easier and more efficient to invest in recurring communications like automated weekly emails and regularly printed newsletters.
4. Hire (or create) a retention expert
If you truly want to maximize your retention, you need to make it an integral part of your team’s marketing approach. Investing in specialized training for your team is one way to do this. But you can also hire a retention expert or shift one of your existing team members’ roles to focus exclusively on managing and retaining clients. Yes, hiring is expensive, but remember — increasing customer retention by just 5% can increase profits by as much as 95%. That new team member will pay for themselves in no time!
Retention marketing mindset shifts will be game-changers for your company. You can start with one of these tips or dive into all of them. Whatever feels right for you, if you try these ideas, it won’t be long before you’ll see the difference in your bottom line.
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