The activities a business uses to increase the likelihood of a customer purchasing again makes up your Retention Marketing plan.
This is a critical, but often overlooked, form of marketing that focuses on keeping your
existing customers engaged, happy and,
most importantly, coming back.
For years retention marketing has taken a back seat to acquisition, but not any more! – Sweet Tooth
The difference between customer acquisition and retention is the disparity between creating and keeping. Acquiring customers is about new revenue while retention is about keeping relationships and engaging current customers which is, well, about new revenue.
The enlightened marketing approach (read: savvy) now leverages knowledge that existing customers are easier to sell, will spend more and are ultimately more valuable. Retention and acquisition marketing need to be used in tandem.
Retention marketing drives an increase in purchase frequency and repeat purchase rate. A boost to these two metrics means that you are increasing the customer lifetime value which leads to long term profitability, rather than short term acquisition gains.
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