[Takeaway #1] Go beyond acquiring new customers
Bringing in new customers is essential any campaign—but so is retaining existing customers. According to the report, marketers today have finally understood the importance and power that lies in dedicating time, effort and resources to nurturing and growing relationships with current customers. However, some marketers still haven’t gotten the message— 58% are engaging with either prospects or existing customers only.
(58% are engaging with either prospects or existing customers only)
So, why should you give equal attention to new and old customers? Doing so will allow you to have two sources of income as opposed to one. Engaging with your former customers takes less time, effort, and money. Customer acquisition will cost you five times more than retention costs. The latter can also increase your ROI between 25% to 95% even when you increase retention efforts by only 5%.
You already have their data. Now, it’s just a matter of how you use that information to win them back and purchase again. If you need inspiration for your customer retention campaign, Chris Hexton from Crazyegg listed 5 Killer Examples of Retention Email Marketing. One of those campaigns is from e-commerce giant Amazon. To drive old customers back, Amazon sends out a review email. The email is clean and simple with a straightforward call to action—rate the purchased product. You can apply the same tactic by targeting previous customers and asking them for feedback.