Converting new customers is just the 1st step in the road to long term customer advocacy, understanding their journeys and pain points, unlocks their full potential and creates a strong positive bond with the brand.
What is a Retention Program?
Firstly a retention program is a set of marketing activities or initiatives a company takes, in order to retain its customers generating revenue. It focuses on bringing back customers who have already done business with a brand and keeping customers who are already connected to a brand.
Goals of a Retention Program
- Increase customer return rates and bring inactive customers back into the buying cycle.
- Decrease customer churn rates and keep existing customers in the buying cycle.
- Drive purchase frequency and get customers to enter the buying cycle more often.
Why your company needs a Retention Program?
- Keeping existing customers increases profits
- Selling to existing customers is easier than selling to new customers
- Every time a customer buys from you, the odds that they return go up
- It costs less to attract existing customers than to attract new customers
- Existing customers are likely to spend more
- Happy, existing customers help you acquire new customers
Would you like to learn more?
