Acquiring a new customer costs five times more than keeping an existing one, according to a report by Invesp, and when businesses increase customer retention rates by 5%, they boost profits by 25-95%.
To create successful customer retention campaigns, businesses should consider where customers are in the sales funnel and market with personalized information.
Digital marketing agencies can be a helpful option for companies who have fewer resources to create a campaign on their own.
In this article, we share strategies to help you resell your current customers. You can use the information to build a marketing campaign that focuses on increasing your retention rates.
Google’s Customer Match Allows You to Target Customers Via Search and Social
Targeting previous customers through search engines and social media advertising can be an excellent way to boost repeat sales.
Google, Facebook, YouTube, and Instagram are among the most popular advertising platforms for small businesses, according to a recent study by The Manifest.
Using Google’s Customer Match program, you can access your online and offline data to reach customers through ads on:
Facebook and Instagram advertising lets you create an audience of existing customers by using data from your CRM or contact lists.
Additionally, once you’ve created an audience of existing customers, you can create a lookalike audience that targets the same type of buyer, significantly increasing your chances of acquiring new customers.
Content Marketing Keeps Customers Engaged After Purchase
Providing existing customers with personalized content marketing helps you generate repeat business. Content marketing encompasses a wide variety of marketing efforts that use content to deliver a message for your business and drive engagement.
You can build a strategy that targets existing customers by aligning content with the needs of customers in emails, on social media, and on your website.
More than half of marketers surveyed by Invesp say that email marketing is the most effective digital marketing tactic for retaining customers. Email marketing allows you to personalize the content you deliver according to your customer’s personal preferences and stage in their purchasing journeys.
For example, people who’ve never purchased from you might appreciate a new customer promotion, but sending the promotion to all your subscribers may annoy existing customers who can’t take advantage of the discount.
Content that works well for existing customers includes:
- Exclusive customer discounts
- New product release announcements
- Holiday promotions
- Product promotions related to previous purchases
The Chicago Tribune, for example, promotes news-related keepsake books to its subscribers, who appreciate news and history.
Its ad highlights how people will receive a discount through the email and will be instantly connected to more information if they “shop now.”
Facebook Workplace recently emailed its subscribers an upgrade to its current service and encouraged readers to sign up for its new live virtual classes.
The ad uses simplicity to create an easy-to-understand email where people can just click “choose a date” and have new workplace experience. Email is an effective selling tool, and catering to existing customers with personalized content is an excellent way to generate repeat sales.
Social Media Content
Asking for recommendations, reviews, and opinions are some of the ways you can appeal to existing customers on social media.
User-generated content (UGC) campaigns are also an excellent way to interact with customers. UGC generates an average 6.9X more newsfeed engagement than regular brand posts and will also help expand your reach.
To engage existing customers, build a UGC campaign that offers recognition or prizes to people who share photos of your product and include your campaign hashtags in the post.
For example, GoPro’s Million Dollar Challenge turned its customers into brand marketers by offering cash prizes for the best videos created with their product, the GoPro camera.
These videos allowed users to interact with the GoPro product and receive a reward for their efforts. The company convinced users to sell the GoPro product, themselves and demonstrated how easy and fun the product is to use.
UGC campaigns create a more memorable ad experience and engage people in a more dynamic marketing effort.
Use your website to keep the attention and appeal of your customers. For example, by producing useful content on your website to help people use your products and services, you extend your relationship with your paying customers.
Consider the following content as vehicles to maintain quality engagement with your customers:
- Help pages
- Product guides
- Product training
- Customer service contact information
When you create these useful resources, you establish a positive impression of your brand, which in turn, encourages customer loyalty. Plan your content marketing strategy with repeat customers in mind, and consider how you might best serve them to encourage repeat business.
Customer Retention is a Lucrative Strategy
Reselling to existing customers is more profitable than acquiring new customers. To encourage repeat sales, build a strategy that includes personalizing content marketing and advertising to the interests of existing customers.
Digital marketing agencies can help you learn more about why personalized campaigns can be more effective for your business.