Before you look for more gold make sure you’ve completely mined the gold you’re standing on.
I’m talking about your existing customer base, of course. Before you spend your hard-earned marketing budget on attracting NEW customers you should consider reaching out to the ones you’ve already done business with.
On average, it costs five times as much to attract a new customer than to sell again to an existing one. The worst part about spending so much more to get a new customer’s attention is that even when you attract them they only have a 1 in 5 chance of actually turning into a sale (as opposed to a 2 in 3 chance of an existing client!).
Fortunately, one of the least expensive ways of marketing to your existing customer base is by email. It’s only the cost of the platform and an investment of time.
Top Ways To Retain Customers
(in order of effectiveness)
The most effective method to retain a customer, email marketing, is also the least expensive!
Here are just a few ideas to get your email marketing strategy started:
Announce a New Product or Service
When introducing a new service or product to market, your existing customer base should always get the news first. They are more likely to be one of the first to engage, and even more likely to tell their business associates, friends and family.
Ask For Feedback
Online reviews are king. Over 80% of prospects trust online reviews as much as a personal recommendation. This makes it even more important to ask for feedback from your existing clients. But don’t sweat it if they have negative feedback, as it’s a learning opportunity. Thank them for their honesty and do whatever you can to make it right by them. This goes a long way, as your response is there for everyone to see.
Ask For Referrals
You know you’re awesome at what you do. The person who bought from you knows you’re awesome at what you do… The only people who don’t know how awesome you are are the people you never asked your customer to introduce you to. So ask.
Want to have a chat about how we can help your digital marketing efforts? Get in touch with us here.