Editor’s note: Make sure to also check out the first post in our customer retention series.
Think about your brand’s busiest time of year— it could be the holidays or the period surrounding a specific event or season. You spend so much time and energy planning, acquiring, and engaging customers to make the most of that time, and then it’s over.
Why are you also not spending the time and energy necessary to continue the momentum and ensure that a busy week or month wasn’t just a blip on the radar?
Maybe you are, and that’s great. It will be even more vital now. You likely already know some of the reasons why. Others, perhaps, you haven’t considered yet.
The cost perspective
We all know it is cheaper to retain an existing customer than to acquire a new one. And, of course, that is critical this year as marketing budgets are tight. Specifically, customer retention can play a key role in lessening your media budget, which is traditionally one of the biggest spends within a marketing organization.
Using your CRM audience to suppress consumers and run look-alike campaigns to only target those who look like your best customers will help your media strategy be more efficient and cost-effective. And as we will get into in the next post in this series, leveraging and engaging many of your more recent and active customers will enhance your marketing overall.
The data perspective
“The easiest way to obtain first-party data and understand more about your customers is by fostering and engaging in a relationship where the customer feels comfortable enough to share that information.”
First-party data has been one of the hottest topics and one of the largest focal points in marketing for a while now. The importance of gathering this data will increase as we anticipate 2021 to be the last year of third-party cookies.
What does that have to do with retention? Well, consumers aren’t likely to voluntarily share their information with any brand that asks, and they won’t share in general without getting anything in return.
The easiest way to obtain first-party data and understand more about your customers is by fostering and engaging in a relationship where the customer feels comfortable enough to share that information. And then, with that first-party data, you are able to create more personalized and impactful experiences that make those customers want to keep engaging with you. Soon you will have a loyal and long-standing relationship.
So, let’s use the holiday season as an example. You worked hard on creating a strategy to engage your customers, attract new ones, and hopefully, you found success. By focusing on retaining and nurturing those customers, you are saving costs, running more efficient campaigns, and now will have access to a wealth of first-party data you can then use to enhance their experiences further.
Sound good? Stay tuned for my next blog to learn how to get started.
Ready to talk specifics for your brand? Let’s chat.