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Customer Retention. Automated

My Advice to Retailers

Posted by Andrew Pearson on Nov 9, 2015 3:05:10 PM
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Most retailers have a solid acquisition strategy in place, but struggle to figure out how to retain these new customers. Customer retention starts with data and the ability to use it to create customized, personal experiences for each and every one of your customers. 

 

Customer retention should be one of the most important parts of a retailer’s marketing strategy. After all, a customer you keep is a customer that you don’t have to find. In fact, it costs 6 to 7 times more to gain a new customer than keep an existing one. [1]

 

In addition to being less expensive, retention tends to generate more revenue than acquisition marketing. In fact, retailers see 2.5x higher ROI from marketing to existing customers than trying to reach potential customers. Furthermore, existing customers are responsible for 41% of revenue, but this group is only 8% of a retailer’s customer base. [2] Based on these factors, retention marketing is essential to grow, sustain, and improve your online business.

 

During our Road to Retention series, I touched on key solutions and metrics retailers can use to hone in on retaining customers. Watch this 30 minute video to learn more, or use the links below to watch the chapters you're interested in. 

 

Chapter 1: Intro & Customer Acquisition

Chapter 2: Customer Retention & Key Metrics

Chapter 3: Know Your Customers

Chapter 4: Grow Your Customers 

Chapter 5: Keep Your Customers

Chapter 6: Lifecycle and Predictive Marketing

Chapter 7: Our Clients’ Results and What We Do

 

Our vision is to help every retailer provide an exceptional customer experience by integrating and analyzing purchase history, product and customer data, so you can begin to know, grow and keep your customers.

 


[1] http://www.bain.com/Images/Value_online_customer_loyalty_you_capture.pdf

[2] http://success.adobe.com/en/na/programs/digital-index/1209_13926_existing_customers.html

Topics: Customer Retention, Best Practices