The budget is free
No compromises! Boy scout word.
Amid the hustle and bustle of wanting to reach new heights or markets, make our product reach new people and earn the first big M (MILLION) we forget about those who started our business, those who bet on us from the beginning, those who invested resources in our modest company. We are of course talking about our first customers, the usual, the loyal, the friends!
Studies after studies state that it is 60% to 70% more expensive to look for new customers. However, many companies continue to ignore this (more than established) FACT.
What we want with this article is not to chew on an already chewed bubble gum, but to present statistical data for consideration. Be critical in your actions. There are tools that can help you with these strategies, naturally exponentiating your business to other levels.
Knowing then that it can cost 5 times more to acquire a new customer than to keep another, what can we learn from this?
Building a loyal and regular customer base is a ‘must’ thus avoiding some acquisition costs for new customers that can replace them (the word “replace” here was used on purpose, they should never be replaced but added!).
FACT: 44% of companies focus more on acquiring customers, versus 18% on retention. Also, 40% of companies and 30% of agencies share the focus between acquisition and retention.
We are talking here about acquiring new customers as if it were a bad omen, but we cannot forget the joy in the achievement of closing a new business and bring a customer who can add (this time, the correct use) to ourLoyal list.. There are tactics, adventures, and moves that can somehow minimize this burden spoken so far, so we move to:
Abandoned carts? Learn how to lower the abandonment rate in shopping carts
optimization! Focus! Attention to detail! Rest assured that your website is free of both computer and typing errors, there are no links that will stop anywhere, that your landing pages are better than your competitors, appealingcall-to-action and of course a responsive website for all platforms and devices.
analyze case by case and see which one is costing more and which one is costing less, certain channels over time are spending more money, don’t be afraid to close that channel and start over because if it worked once you know the right method to reach the right target audience!
Hype is real! If your customers are making a fuss about a new product of yours, that noise will always reach the ears of new customers.
You can also always use real cases/testimonials from customers who are happy with your services!
YES! YES! YES! No business can survive without new customers, but (and that’s a big BUT), its biggest source of revenue always goes on with its regular customers. So let’s see why this focus is important:
There are tools that can help your business, one of which is Logrise whose specialty is to increase the retention rate. How? Through automatisms, and communicating automatically and directly with your customers thus ensuring greater revenue.
Just like changing a tire, you need tools that can help you. The same thing applies to digital marketing. There are several tools that can leverage your sales or even reach new markets.
We could detail here a (almost infinite) list of tools, but we decided to apply these 3 in your business:
Summing up, do not let yourself sleep on your laurels -in this case, at top of what you have already achieved-. Your customers had a great experience when they used your store. Establish a contact bridge and remind them that you are alive and that you love doing business with them.
Contact us today to learn more about our digital marketing services and how we can help your business grow and thrive in the online world.
No compromises! Boy scout word.