In the marketing world, we focus a lot on helping local businesses find innovative ways to connect with new customers. And while every business wants to attract new business, let’s not gloss over the importance of retaining existing customers—finding ways to drive loyalty and repeat business.
Did you know that it can cost 5 times more to attract a new customer than retain an existing one, or that increasing retention by 5% can increase your revenue by 25-95%? Let’s focus on a few strategies you can implement to drive loyalty and increase retention!
Custom, expert content
According to Key Difference Media, 78% of consumers believe that businesses providing custom content are interested in building good relationships. Why is that? You’re taking the time to provide useful, informative content. Perhaps you’re sharing tips, how-tos, or just good-to-know insights. Whatever content you create and provide, the more you do it, the more customers will come rely on you as their go-to resource for industry related information. And when they rely on you for information, they’ll rely on you to provide the goods and services they need as well. The more you can do to stay relevant and top of mind, the more you’ll drive loyalty and repeat business.
Reviews, reviews, reviews
91% of consumers trust online reviews as much as personal recommendations. Trust is key when it comes to both acquiring and retaining customers. When consumers find a business they can trust, they’re more likely to stay. Getting reviews online is easier than it may seem. Just ask. In fact, 68% of consumers would leave a review of a local business if asked. Make sure you have a tool that makes it easy to generate, monitor and respond to reviews. Nothing shows your commitment to your customers more than a prompt response to an online review. Whether it’s positive or negative, a quick “thank you for your feedback” and a personal follow-up thereafter will work wonders for increasing loyalty.
Believe it or not, text message marketing can do great things for driving repeat business. Consumers want to hear from you via text. In fact, 49 million consumers will opt in to receive text messages from businesses by 2020. Using text messaging to communicate with existing customers—whether by updating them on your business hours or sending appointment reminders—offers a utility that will drive loyalty. Consider sending special offers and coupons via text as well, as according to Digital Marketing Magazine, 77% of consumers will spend more when redeeming a mobile offer.
The bottom line is it’s important to ensure your digital marketing strategy encompasses tactics designed not just to attract new customers, but also to engage and retain existing ones. A smart local business will employ a marketing platform that leverages tools aimed at both.
If you’d like to learn more about how Vivial’s Marketing Platform attracts and retains new and existing customers for your business, contact us today!