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In 2017, finding a customer, holding their attention, and retaining them long term has become increasingly complicated. Now that consumers have so many options, for companies to keep their customers around they need to be constantly adapting to meet their needs. The importance of customer retention has never been more apparent.

While there is a sea ofcustomer retention techniques to be found online, we wanted to focus on the importance of customer retention. Why is it so necessary? Who stands to benefit? Is it worth it in the long run? All of these are questions business owners ask themselves all the time.

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• Everything from customer marketing with campaigns based on shopper feedback to improving your omnichannel strategy can help you boost customer retention and increase trust and loyalty. Since there’s so much noise out there about customer retention strategies, we went straight to the top agencies and tech companies in the eCommerce ecosystem.

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In this article we are going to explore the answers to these questions and more. If you have never considered how important customer retention is before now, prepare to have your eyes opened.

For the average person in business, a large part of their job is acquiring new clients. A large amount of time and energy is dedicated to this pursuit. After all, it makes sense to want more clients and customers than you already have, right?

What a lot of these people don’t understand, however, is how expensive recruiting new customers can be. On average, securing a new customer is 7x as expensive as keeping an existing customer. 7 times as expensive!

Obviously customer acquisition is important, but unless you are focusing on all aspects of their customer journey, you are going to have a revolving door business model. This leads to our next common question.

As we mentioned earlier, it is far more expensive to find a new customer than retain an existing one. However, this doesn’t really answer the core question being asked: who stands to benefit from customer retention? While cutting down costs is always good, it isn’t always a good enough reason to shift focus completely to a retention based model.

For one, your customers stand to benefit enormously from a retention based agenda. This at the heart of the importance of customer retention: the customer. It seems obvious, but you would be surprised how little time and money is spent in this area.

In a recent Retention Science study,70% of marketers said that their Retention Marketing is average at best, with room for significant improvement. This means that right now your customers are likely not receiving the attention they deserve. Who stands to benefit? Your customers, and by extension, you.

While customers in this day and age are becoming less loyal to brands, it is still vital to put effort into your customer retention marketing. The importance of customer retention is not found in keeping around an extra customer or two, but in treating your customers the way they should be treated.

Another great thing about the time we live in is that people are vocal in their support. Treat a few customers right and they might bring 5 of their friends back to sign up. However, this is again why treating your customers right is so important. Customers might tell a few of their friends about you if you treat them well, but if you don’t, the whole world will know about it.

This is the double edged sword of new tools like social media and online reviews. It is up to you to do something about it and start your customer retention campaign as soon as possible. Will it be worth it in the long run? Let’s put it this way: there may not be a long run for your business unless you get started soon.

Now that we have look at a few frequently asked questions about customer retention, let’s take a look at the benefits associated with doing it well.

Identify referral sales opportunities

As we mentioned, happy customers are likely to tell their friends about your company. Make it easy for them to give you a referral by implementing a system that rewards them for doing so. Once you receive these leads, explore them further and see if you can earn some new customers.

Foster a constructive relationship with customers

Your customers are humans too and all humans want to be treated with respect. This is where we see the importance of customer retention. The relationships you build with your customers will define how your company moves forward. It’s up to you to make sure that is a constructive direction.

Rectify flaws with company policies and procedures

Loyal customers are your best sounding board for making your companies policies and procedures better. Unlike an unhappy customer, who might vent their frustrations online in a negative way, loyal customers will tell you about the flaws in your company in hopes to make it better for their own use. Listen to them when they come to you. If you are doing it right, they want you to succeed as much as you do and they’ll tell you how they think you can do that.

Enhance brand reputation

Companies with the best customer service and retention strategies also have very strong brand reputations. This makes sense, if you think about it. These companies are turning their customers into brand evangelizers simply by treating them right, the first time. The best way to enhance your brand reputation is by focusing on customer retention, plain and simple.

Understand future needs of customers

One of the best ways to understand future needs of customers is by working with them on keeping them around. For every one complaint a customer has that they speak about, 10 others will have but never tell you. Listen to your customers when they bring things to you and it will help you understand your future customers.

Along with simply listening to the, you can also trackuser engagement metrics to monitor trends. By following these fashions, you can see how your customers are thinking and where they want to go. Your job is to help them get there.

What Is Customer Retention Marketing?

Customer retention marketing aims to create engaged customers that return to a store or a website again and again. It’s a major shift in focus that recognizes the value of marketing to your existing customer base rather than constantly trying to grow it.

This shift in focus also puts a heavier emphasis on the profitability of your pre-existing database. While this new strategy has proven itself to be extremely beneficial, it should never be the sole focus of a brand’s marketing power. A brilliantly executed retention marketing strategy is one that works in tandem with the pre-existing traditional and digital acquisition marketing strategies.

Adopting a retention marketing strategy is not as tall a task as you may think. For instance, you’ve probably already done much of the heavy lifting. Most businesses have mountains of behavioral data from existing customers that can be turned into big revenue by enlisting the help of retention automation.

Paying Attention to Customer Retention

In the old school days, e-commerce retailers focused solely on tried-and-true customer acquisition marketing methods. They subscribed to the same modus operandi – and the motto remained static for decades: more ads + more customers = more sales.

In the ‘80s and ‘90s, there was only a handful of key channels that marketers zeroed in on that worked well to attract audiences. Retention was but an afterthought. However, the turn of the century brought about massive channel explosion:

More channels also meant more choices for consumers. It quickly became (and is today) easier than ever to not only jump between channels, but to shift brand allegiances in the blink of an eye. Thus, an emphasis on keeping those one-time buyers loyal, returning customers began to evolve. In addition, marketers are beginning to recognize that the cost of acquisition is simply not economical nor worthwhile and is actually holding them back.

In their pursuit for value over volume, they’re turning toward their existing database with a renewed focus on retention. It’s becoming an essential piece of the e-commerce marketing mix.

In the pursuit of value over volume, #ecommerce marketers are turning to their existing #database w/ a renewed focus on #retentionCLICK TO TWEET

Keeping existing customers happy and buying could easily be considered the most profound, meaningful journey a B2C marketer could embark on — it’s hard but yields dividends.

We have two things on our side that not only make retention possible, but much more achievable: behavioral data and intelligent, self-learning martech systems.

To demystify things, what this really equates to is insights/knowledge and scalability/automation.

Understanding Customer Retention Marketing

Put simply, retention marketing aims to create engaged customers that return to a store or a website again and again to make repeat purchases.

Compared to that acquisition-first mindset so many brands went by just 20 or 30 years ago, it’s an atrophied muscle for a lot of marketing organizations. Making such a major shift requires a commitment to better understanding and marketing to your existing customer base as opposed to solely trying to grow it.

It costs nearly 7x more to attract new customers than it does to retain existing ones.

Since you’ve already spent countless amounts of time, energy, and dollars nurturing existing customers, it really makes all the sense in the world to keep them loyal.

Re-focusing on retention also offers previously unseen benefits to the bottom line. There’s a 27% chance of a one-time buyer returning again, but there’s more than a 50% chance of a 2nd- or 3rd-time buyer coming back.

A study done by the Harvard Business School showed that increasing customer retention rates by only 5% can increase profits by up to 95%. Yet another study by Gartner estimated that 80% of a company’s future revenue will come from just 20% of existing customers.

So, while more marketers need to pay more attention to retention, it should never replace acquisition, only complement it. A brilliantly executed retention marketing strategy is one that works in tandem with traditional and digital acquisition marketing strategies that are already working.

Adopting a retention marketing strategy is not as tall a task as you may think. In fact, you’ve probably already done much of the heavy lifting. Most businesses have mountains of behavioral data from existing customers that can be used in various ways. I recommend diving into these pieces to learn how:

You now have access to almost unlimited data about any attribute you could possibly want. When it comes to retention, this information can help make more tailored and personalized marketing strategies focused on enhancing the customer experience.

Measuring retention — is it working?

The best high-level retention metrics include:

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• Percentage of sales from repeat customers
• Active customer repurchase rate

And then other derivative metrics to consider might include:

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• Behavioral/engagement differences among existing (or long-term) database members vs. new buyers — likelihood to purchase, for example, or even AOV
• App sessions, email engagement, social engagement, and website interaction among known contacts vs. anonymous visitors

The secret to customer retention marketing

Here’s the idea: loyalty is a luxury, re-engagement is the remedy. Let me say that again. Customer loyalty is the key to executing a lucrative retention marketing strategy, but re-engaging inactive or one-time buyers is the best way to get people to that point.

Re-engagement campaigns

Re-engagement campaigns are all about reinvigorating that spark that once existed when a customer purchased. If buyers are defecting or unsubscribing, don’t dwell — 25%-50% of customers become inactive, and brands lose an average of 25% of their mailing list annually.

Luckily, you have several options when it comes to defecting or inactive contacts. You can:

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• Win back inactive and defecting customers with standard win-back campaigns. Win-back campaigns and subscriber reactivation communications remind customers of the value of doing business with you. You can also target inactive contacts via social channels.
• Engage customers with replenishment offers. Reminders to reorder previously bought products can help to get customers back and buying.
• Delete or unsubscribe them entirely from your list. This option isn’t ideal.
• Take them off any main lists, and instead include them only on sporadic or specific one-off emails.
• Test variations of re-engagement (e.g., “We miss you!”) emails to get them to confirm opt-in status and interest. When executing strategically, this is the best option.

Related Content: Lifecycle Marketing: Your Complete Guide to Reaching & Retaining Customers

Perks of loyal customers

In addition to purchasing more, loyal customers are also more likely to share experiences with their social network. The Harvard Business School coined the phrase “word of mouse” as the reach of social media is much larger than that of traditional word of mouth. So these follow-up communications will be well worth it in more ways than one. Referrals are extremely beneficial in the e-commerce retail space, with that impact being amplified by the heightened use of social media channels.

Let’s dive into loyalty a tad deeper.

3 Examples of Retention Done Right

Here are three examples of brands that have executed awesome retention strategies via loyalty programs (and tactics to emulate).

► Retail: The North Face

As part of its loyalty program, The North Face leverages a point-based rewards system, access to exclusive events and deals, and prioritization of members.

► Airlines: American Airlines

There’s something about numbers — and when it comes to driving loyalty, sometimes numbers speak louder than words. There’s something about showing members that hard facts that seems to inspire action. American Airlines does so especially effectively:

► Telecommunications: Verizon Wireless

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Similarly, Verizon offers quantitative and qualitative benefits of membership, along with several othjer strong CTAs for members, including entertainment rewards.

Conclusion

With the increased focus on the need for more personalized customer experiences brought on with the surge of behavioral data, marketing organizations have a pre-existing base in which they can build a solid retention marketing strategy.

You can subtly shift your focus to creating more engaged customers in order to reap the rewards. And, as we all know, the benefits of long-lasting, loving customers are well worth it, far outweighing the cost of acquiring new.

Retention and e-commerce marketing success go hand-in-hand; without a strategy to maintain lasting relationships with customers, brands risk losing valuable data, deals, and dollars.

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