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Finding new customers will always be important, but the data suggests that retaining the customers you have is even more vital to your long-term success:
- On average, around 65% of your conversions will come from returning customers
- An industry-noted study suggests that boosting your customer retention rate by 5% can increase your bottom line up to 95%
- Acquiring a new customer costs 5 - 25 times as much to retain an existing one
1) Understand Customer Needs Before Even They Do
At a basic level, you can keep customers happy by fulfilling their needs. On a deeper level, you can anticipate their needs and bring insights and expertise that helps them understand those needs better. We sometimes call this “educating your customers” or “finding out what they need before they do,” but it comes down to taking the initiative on your end.
That requires becoming an expert in your field and really knowing your audience. You can never afford to stop learning what your customers want; any time or resources used finding possible problems and workable solutions is well spent. In your research, make sure to include your audience; listening to them through online reviews and correspondences, surveys, focus groups, and even customer interviews are great ways to learn what they want from you and your offering.
2) Maintain Engagement to Stay Top of Mind
These continued interactions really serve two functions: to get you more information, and to keep your name in your customer’s mind. Even after an initial purchase, you want them to continue associating your name with the product or service they need until it’s synonymous – like Kleenax is to tissue paper.
A great way to do this is with retargeting, a programmatic technique to serve specific ads to those who have already engaged with your content. Genius Monkey is a big believer in retargeting, and there’s a number of great ways to do it:
- Cross-selling items related to what the user engaged with
- Offering discounts and rewards for referrals
- Setting up and advertising a loyalty program for repeat purchases
Our data suggests that using retargeting tactics can even help convert new customers; Genius Monkey platform users who employ retargeting tend to convert clients 27.4% faster. For more on retargeting, check out this blog post here.
3) Earn Consumer Trust Through Honesty and Transparency
With so many brands reaching for their wallet 24/7, the modern consumer can afford to be picky about who they do business with. Many studies have found many company qualities that customers like, but “trustworthiness” is always near the top of every one of those lists. Consumer trust is something you earn, and that requires making it a core part of your company’s identity.
It all starts with realistic expectations; be proud of your great products and services, but don’t oversell what they can reasonably do. When something goes wrong – and something eventually will – acknowledge and accept responsibility for your mistakes. When there’s a larger problem that is actively eroding consumer trust, be brave enough to make the required changes that not everyone will like. Honesty and accountability can make things harder in the short-run, but the long-term investment will be worth it.
In one study, researchers found that customers spend around 68% more with a brand they felt they could trust. Obviously you can’t please everyone, but owning up to your promises will earn the respect and loyalty of your consumer base, and that is something money cannot buy.
4) Respect that Time is Money for Everyone
Life is busy, and showing respect for your client’s time is a great way to show professionalism and genuine care for their success. Sometimes a client has a question that can be answered with a quick phone call, but other issues require investigation and a meeting. Quickly choosing the right venue will save time and let you convey all the information they need.
When it comes to a meeting, carefully plan how long it will take, what you’re going to discuss, and how you can convey the information efficiently. Make sure to plan in time for further questions and discussion. If you tell them you’ll need 15 minutes, take 14. Unless they have more to say, keep your promises on meeting length.
Nothing Gets Better Without a Plan
In the end, your customer base is your most valuable asset. They deserve the same amount of care and attention as any marketing strategy or product, and that requires purposeful action and planning. In your efforts to make your clients the center of all you do, remember to:
- Find out what they need
- Keep your promises
- Find ways to keep them engaged
- Respect your client’s time
These are the pillars that Genius Monkey has built our reputation on, and the relationships we’ve built with our clients have helped us become the best programmatic platform around. Get in touch with us today to see what it’s like to work with a platform that puts you first!
