Businesses devoting most of their marketing budgets and time to chasing new customers are missing the important—and bankable–revenue potential in existing contacts.
The customers you already have may be your most valuable business asset. Failing to systematically nurture those contacts to generate more revenue could be the difference between long-term growth, standing still, or even failing.
Acquiring new customers is a daunting challenge, both in terms of required resources and cost. Focusing on nurturing and maximizing the relationships you already have is a much more efficient strategy.In fact, the benefits are exponential since the positive word of mouth and referrals from loyal and satisfied customers generate new customers.
Communicating with your customers about the products and services you offer –in a systematic way, using multiple channels– keeps them interested and loyal.
“Consistent communication to contacts with whom you already have relationships strengthens those relationships,” says Bob Fabbio of marketing automation service provider eRelevance. “It is particularly important to use multiple digital communication channels because people prefer certain communication channels and are more likely to take action through their channel of choice.”
In terms of customer retention strategies, digital marketing, including email, texting, mobile apps and social media, is the most effective way to reach existing customers. Let’s see how to utilize each channel for optimal benefit.
Delivering email to your customer’s Inbox is still among the best and more personal ways of reaching them. Email marketing is most powerful when messages are customized for segmented target lists. Tailoring your communications and offers based on preferences yields the best results. Email best practices related to images, responsive design, subject lines and offers are also important and should be tested for best results.
Text Messages& Mobile Apps Via Smart Phones
Text messages work best to communicate limited-time discounts andevent invitations. Smartphones provide the benefit of including urls in the texts, which save recipients time searching for you and have proven to be one of the best channels for immediate engagement.
Consumers are increasingly using mobile apps on smart phones to gather information about products and services, schedule appointments and learn about discounts and events.
Social media provide a platform for one-to-one interactions with customers through relevant communities. If utilized properly, the interactions help foster lasting, trusted relationships. For example, through social media communities, you can interact with customers on a more personal level, addressing questions and concerns, hearing honest feedback, and getting feedback about products and services.
Facebook ads linking toa custom landing page with clear calls to action can be targeted directly to your customers’ accounts. These highly targeted ads deliver better results than traditional advertising, plus this platform lends itself to word-of-mouth referrals for new customers.
Integrating the Channels through Best Practices
Ignoring your existing customers to focus exclusively on external marketing could be costing you more than you realize. Working with a strategic partner that can provide a marketing automation services across all digital channels and uses marketing best practices to drive customer interactions is the best way to fast-track business growth.