New customers or old ones?
The majority of customers visit your website or your brick-and-mortar location only one time. Think about that. All the marketing efforts and money that is spent on driving traffic to your business results in most customers only giving you one shot, and it can cost five times more to attract a new customer than it does to retain an existing one. Increasing customer retention rates by 5% can increases profits by 25% to 45%, according to research done by the industry’s finest. With these statistics in mind, it makes sense to focus efforts and funds to nurture your existing customers who are spending their money on your goods or services time and time again. This is not to say that you shouldn’t market to new consumers, which is a must, of course. But these statistics should be taken into consideration when budgeting how much you spend on acquiring new customers versus taking care of your existing customer base. Ireland, as a small nation, is great on the word to word advertising but unfortunately, the bad news travels as fast or even faster, therefore is of the utmost importance that you retain all of your current clients.
After operating our own startup marketing company, Media PRO Web SEO Galway, we discovered that retaining and nurturing existing clients had much better ROI than onboarding new ones because we already had existing manpower dedicating time on these operations, and don’t need to initiate a new costly process. Then, if clients are already paying you monthly or occasionally, they are accustomed to it and you can offer more services because of the trust you’ve built. Most of the time they will return over and over again and will be asking you to repeat or find alternative ways for them to increase their revenue.
There are many ways to identify who your most valued customers are. Whether you track how much they spend personally with your company over a given period of time, which customers are brand advocates and have the highest number of friend referrals, or which influencers bring in the most sales by sharing your products on blogs and social media, it’s crucial to know which of these customers are your most important. As soon as you have identified them, implementing a customer segmentation marketing strategy for each subgroup allows you to maintain the relationship and perhaps even get insights on how to convert more customers into these important groups. Not to mention, this strategy will achieve much better results than a one-size-fits-all marketing approach, which I have to say we are quite fed up with. Every person is different so why treat them all the same? This is what marketing people tend to forget lately and they only go for the quick buck. This won’t happen here at Media PRO Web – SEO Galway. If you are or you will become one of our customers you probably get straight into one of these groups. For that we thank you. Ask us what else we can do for you. Do it now, otherwise, you might forget or procrastinate. It happens to us too. here is our number: 091 450 817.