In an era where customer loyalty is waning and your competition is only a swipe or click away, retaining customers is critical. As marketers, we work hard to acquire new customers and get them to make that all-important first purchase. But we must work just as hard to keep them engaged, make repeat purchases, and mitigate churn.
While a certain allure comes with capturing new customers, existing customers will result in greater ROI and cost 5-25x less, increasing lifetime value and revenue. This practical guide will give you real-life methods pro marketers use to keep customers engaged, loyal, and buying more.
Why customer retention matters
According to research from Harvard Business School, increasing customer retention rates by only 5% increases a company’s profits by 25-95%. The end goal is to transform first-time customers into repeat customers and maximize LTV. If your company is like most, your current customers are likely the lifeblood of your revenue.
Real-life customer retention strategies
67% of marketers say direct mail delivers the best ROI of any channel they use, so it’s an obvious choice to retain customers and grow CLTV and revenue. When used as part of an omnichannel marketing strategy, direct mail amplifies the response rate of other tactics like email marketing, making it the perfect wingman in any campaign.
Customer retention mini checklist
Use the strategies in this mini customer retention checklist to help increase customer lifetime value and ROI.