Your customers have high expectations. You need to meet and even exceed those expectations and keep them coming back for more. Their goal is to find the perfect product or service. Your goal is to sell it to them. These shared goals can lead to shared success. But how?
Forbes has let us in on some key information: 80% of your businesses future revenue will be generated from 20% of your business's existing customers. It also costs five times as much to acquire a new customer as it does to re-engage an existing one. That’s a big deal.
It’s clear we need to focus our energy on customer retention and on paying attention to who they are so we can build a defined and targeted marketing strategy.
So, what do we know? Pouring money into advertisements without taking the time to learn about your customers is a huge mistake most businesses are making. Avoid this failure and take some time to break down the data you have on your customers and traffic. Then we can maximize your return on investment and ensure your content is at peak effectiveness.
Take some time to ask yourself:
- Who are they?
- What do they want to buy?
- Where are they from?
- What age and gender are they?
- What income level do they have?
- What are their buying motivations and concerns?
Don’t stress about knowing all this information for every customer, though! The idea is to understand your customers so you can meet them where they are with paid ads, offers, and communication.
Tossing in the same bland ingredients over and over in marketing is a recipe for failure.
You need to taste what you’ve made, and know when you need to add some salt or lemon to balance the dish to your customer’s taste.
Use the data available to you, including what you see in the Customer Profile Drawer of your CartKit Dashboard, you can get a taste for the thought process of converting customers and use it to convince them to return to your store or complete a purchase. This loops right back into understanding what the customer really, truly wants, and aligning your message to reflect that.
Your customers have already been to your website, store or blog, and have a feel for your business. They have already bought into your product on some level, whether that’s clicking through a link or ad, or making a purchase. This means they have already built an expectation from you. It’s time to go above and beyond.
Make it easy for your customers to remember you, find your website and stay in the loop. Show them you value them as a customer. Some great ideas include:
- Personalized emails and offers
- Loyalty rewards or special discounts for returning customers
- Birthday and Holiday Emails
- Contact them proactively to enhance their experience
- Tell them they are valued in all messaging
Sending personalized emails can be a great way to build your brand presence, and foster an ongoing relationship with your customers.
Ensure the root of your business is building a customer-centric brand. Customers tend to become more profitable to your business over their lifetime as your customer. They purchase, you build trust and rapport and keep them coming back.
In this vein, Bain and Company found increasing customer retention efforts by as little as 5% lead to profit increases between 25%-95%.
Throwing money at ads is like buying a new plant because you keep killing your old ones.
Instead of spending a ton of money to get new plants, why not ensure you are meeting the needs of the ones you already have?
If you don’t nurture the customers you have, they die. If they’re withering you need to try something different. Study them and learn what they need, adjust to meet those needs and see your business grow.