Having a strong return on investment or ROI is often the main pillar in maintaining the long-term success of any business, large or small. The question many business owners and company executives find themselves asking is, how do I improve my company’s ROI? Thankfully, it’s easy to improve ROI through customer retention with the help of digital marketing.
Many companies utilize digital marketing for lead generation – and rightfully so, as lead generation is often the primary focus of a company’s website. With that being said, companies who are particularly interested in improving their ROI are often better off filling appointment slots with pre-existing customers if possible. The reason for this is that modern lead generation through trusted avenues such as paid ads or increased SEO is undoubtedly effective, although it can oftentimes result in a somewhat high cost per customer.
Below we have listed the 5 most effective strategies to retain customers utilizing digital marketing.
1. Continuous communication
The most effective way of achieving this goal is by assigning an Account Manager to customers who are on a contract for recurring products or services. Account Managers are one of the many benefits of most digital agencies and are put in place to provide transparency, build relationships, ensure continuous customer satisfaction, and, most importantly, put the “account” in “accountability.”
For customers that aren’t on recurring contracts and therefore don’t require an account manager, a great strategy for communicating is email or SMS marketing. Email and SMS marketing provides you with the opportunity to continuously share relevant information directly with current or past customers. You can also use a client portal to manage communication with customers. It is much faster and more effective compared to other communication channels.
2. Measurable data
By providing measurable data to your recurring customers you are able to showcase an in-depth understanding of the quality of work your company provides on a regular basis. Another benefit of measurable data is the ability to use it to make suggestions for improvements in order to ensure your customers’ continued success.
For customers that aren’t on recurring contracts, you can, and should, still provide data directly via email, SMS, or on your website, to illustrate the exact benefits of choosing your company over a competitor. Every company talks a big game about why they are better than their competitors, but the ability to prove it with undisputed data is crucial for customer retention.
Check out TechWyse’s ultimate measurement tool Adluge here for an example of providing customers with continuous measurable data.
Providing promotions to existing or even past customers is a form of loyalty incentive. These promotions can come in many forms, including discounted pricing on new products or services, more products or services for the same price, or even an entry into a giveaway.
By offering such promotions you incentify the customer to continue to give you their business or risk losing the promotion. Again, you can share these promotions through email marketing, SMS marketing, or by creating a service page on your website outlining the promotions.
4. Referral program
The benefit of offering a referral program is that customers who have had a positive experience with your company are incentivized to refer new customers to your business. Offering referral programs to only current or past customers results in the customer having additional incentives to remain with your company.
An example of a referral program would be for every 1 quality referral the customer shares, they receive either discounted or additional products or services. Not only does sharing a referral program increase customer retention, but if advertised online well, it can also result in the addition of new customers.
5. Promoting the customer on your social media pages
By promoting your successful customers’ experiences on your social media accounts (and tagging the customer!), you help them gain exposure to their personal and business social media accounts. Promoting your customers on your socials also creates a sense of pride in maintaining a positive experience for that particular customer.
It’s important to note that you must ensure you have permission to post your customers’ experiences to your social media accounts, although once permitted, a post may be the difference between them staying or leaving.
In conclusion, there are many strategies that can be implemented with the help of digital marketing to retain customers and improve your ROI. Although every industry and specific customer is different, it is best to collaborate and discuss your options with a digital marketing strategist.
Click here to schedule a consultation with one of TechWyse’s experienced digital marketing strategists today.