Nurturing Your Existing Audience and Customers Rather Than Constantly Marketing to New Ones
Tons of attention is placed on constantly finding new customers. Whether it’s introducing them to your brand, drawing them to your website, or convincing them to give your products or services a try, the end goal is the same – convert leads into customers.
That being said, it’s essential that you keep your existing customers happy and coming back for more. Why? Well, the obvious answer is that you want to show past customers that you appreciate them, especially since they’ve already proven to support your company in one way or another. But, there’s also a simple financial reason – and that comes down to acquisition costs. It is general knowledge that it costs approximately 5-7 times more to acquire a new customer than it costs to keep a current one.
With that in mind, here are some ways that you can nurture your existing audience and customers rather than constantly marketing to new ones:
Focus on Your VIP Customers
While it’s absolutely true that all of your customers should be treated as if they’re your only customer, the truth is that the most dedicated of your customers deserve to be treated as a VIP. These could be the ones who have stuck with you the longest or those who have spent the most money. Either way, it’s important that you show your appreciation for their dedication and support of your business.
Target Customers with Special Offers
People who feel as if they’re getting some kind of special deal often feel giddy about it. More importantly, these special offers keep them involved and dedicated to your business. You don’t even have to go hog-wild when designing these special deals. Even something small like free shipping or a “buy one get one free” series of items will do the trick.
Reward the Most Profitable Customers
No matter how big your business is, there are often customers who basically keep your company afloat because of how much money they spend. There could be one customer who fits this bill or one hundred, but regardless of the number, you should reward them periodically so that they understand that you appreciate their loyalty.
Personalize Your Interactions
If you want your existing customers to think that you don’t care about what they bring to your business, then using a “form letter” email will definitely do that. Personalization is the often the key to making customers feel truly special. Use their name, discuss something they’ve purchased in the past, send a thank you note – there are tons of things you can do!
Never Assume They’ll Be Back
The biggest mistake that many businesses make in relation to retaining their existing customers is believing that people who have purchased items or services on a regular basis will continue to do so and, therefore, you don’t have to reach out to them. In reality, the opposite is true. After several orders, they might feel as if you don’t value your business if you go a long time without being in contact with at least a thank you (and not the obligatory “thanks for your order” email).
Ask For Customer Feedback
If you really want to gauge how you’re doing with certain customers and ensure that they keep coming back, asking for customer feedback is a great strategy. Make it clear that your goal is to improve your services and interactions with them, and ask that their answers don’t hold anything back. This will make them feel important and personally involved.
Even though the costs differ, remember that it is important to nurture existing customers and find new ones. What you need is a reliable marketing team that is well-versed in both tasks. The professionals at Madison Taylor Marketing certainly fit that bill, which we’ve proven time and time again with our clients. To find out what we can do for your business, give us a shout and we’ll get started on working on an effective marketing strategy.