{"id":8533,"date":"2022-02-01T14:33:04","date_gmt":"2022-02-01T14:33:04","guid":{"rendered":"https:\/\/mailinvest.blog\/index.php\/2022\/02\/01\/seven-tips-to-improve-customer-acquisition-and-retention\/"},"modified":"2022-02-01T14:33:04","modified_gmt":"2022-02-01T14:33:04","slug":"seven-tips-to-improve-customer-acquisition-and-retention","status":"publish","type":"post","link":"https:\/\/mailinvest.blog\/index.php\/2022\/02\/01\/seven-tips-to-improve-customer-acquisition-and-retention\/","title":{"rendered":"Seven tips to improve customer acquisition and retention"},"content":{"rendered":"<p> <a href=\"https:\/\/go.fiverr.com\/visit\/?bta=1052423&nci=17043\" Target=\"_Top\"><img loading=\"lazy\" decoding=\"async\" border=\"0\" src=\"https:\/\/mailinvest.blog\/wp-content\/themes\/breek\/assets\/images\/transparent.gif\" data-lazy=\"true\" data-src=\"https:\/\/fiverr.ck-cdn.com\/tn\/serve\/?cid=40081059\"  width=\"601\" height=\"201\"><\/a>\n<\/p>\n<div wp_automatic_readability=\"186.49660402988\">\n<div itemprop=\"image\" itemscope=\"\" itemtype=\"https:\/\/schema.org\/ImageObject\">\n                                                    <img decoding=\"async\" class=\"single-post__thumbnail img-responsive\" src=\"https:\/\/mailinvest.blog\/wp-content\/themes\/breek\/assets\/images\/transparent.gif\" data-lazy=\"true\" data-src=\"https:\/\/www.clickz.com\/wp-content\/uploads\/2022\/02\/shutterstock_1291581247.png\" alt=\"Seven tips to improve customer acquisition and retention\"\/><meta itemprop=\"url\" content=\"https:\/\/www.clickz.com\/wp-content\/uploads\/2022\/02\/shutterstock_1291581247.png\"\/><\/div>\n<p><?xml encoding=\"utf-8\" ????><\/p>\n<div class=\"well\">\n<h3>30-second summary:<\/h3>\n<ul>\n<li aria-level=\"1\">Long term customer retention is critical but it has an operational growth ceiling<\/li>\n<li aria-level=\"1\">Successful customer acquisition has no limits and can offer exponential possibilities, but must be balanced with retention<\/li>\n<li aria-level=\"1\">AddPeople\u2019s Head of Campaign Management, Matt Rogers, offers seven tips to improve both customer acquisition and retention<\/li>\n<\/ul>\n<\/div>\n<p>There are two key ways that businesses can expand and grow; they acquire new customers or retain existing ones. Resource-light companies may need to focus on one over the other, but true growth is found in combining the two \u2013 there should be no \u2018either\/or\u2019. If only it were that easy\u2026<\/p>\n<p>While companies need both to thrive, a business\u2019s current state or objectives may require one more immediately. However, by understanding both and the data behind them, you can decide which basket to put your eggs into now while identifying ways that you can improve both in the medium to long term.<\/p>\n<p>First\u2026<\/p>\n<p>\t\t\t\t\t<!-- Rezonence Block --><\/p>\n<p><!-- Rezonence Block End -->\t\t\t\t\t<\/p>\n<h2>Exploring retention as a business<\/h2>\n<p>Long-term, consistent growth is found in retention. If you\u2019re not sold yet, consider these findings:<\/p>\n<ul>\n<li>According to the book <em>Marketing Metrics<\/em>, the probability of selling to an existing customer is 60-70%, while the probability of selling to a new prospect is as little as 5-20%.<\/li>\n<li>According to the book <em>The Loyalty Effect<\/em>, building brand loyalty with 5% more customers could lead to an increased average profit per customer from anywhere between 25-100%.<\/li>\n<\/ul>\n<p>It\u2019s clear that a customer that spends more time with you spends more money with you. One of the less tangible benefits of this is the impact it has on your brand\u2019s perception. Poor retention is a bad look because if people are getting sick of you so quickly that they don\u2019t return, prospective customers likely won\u2019t bother with you for the first time.<\/p>\n<p><a href=\"https:\/\/www.clickz.com\/resources\/customer-engagement-strategies-that-boost-retention\/\" rel=\"nofollow\">Strong retention can also lead to what still stands tall as one of the most valuable marketing tools around, even in this digital age: word of mouth<\/a>. People are much more likely to recommend a business to a friend if they\u2019ve been with them for years as opposed to days.<\/p>\n<p>If half of everyone using \u2018Service X\u2019 recommended that to just one friend, its user base would increase by 50% without spending a penny. This is also where so many of the recommendation-based offers come from, like how Uber would provide the existing user and the friend they got to sign up for the first time \u00a310 off their next journey.<\/p>\n<p>However, retention also has a hard operational ceiling. You could be doing the best job possible with retention, but if you only have 100 customers in the first place, you\u2019ll still only end up with 100 customers (in simple terms, as these may recommend friends or increase spending for example).<\/p>\n<h2>Exploring acquisition as a business<\/h2>\n<p><a href=\"https:\/\/www.clickz.com\/a-data-centric-customer-acquisition-playbook-for-insurance-companies\/265069\/\" rel=\"nofollow\">Acquisition simply doesn\u2019t have that ceiling and there\u2019s likely always another demographic or audience you can crack into.<\/a> Delivering best-in-class retention services might keep your base steady, but the same kind of efficiency with acquisition could see your numbers increase by an almost limitless amount.<\/p>\n<p>By researching which new markets you could target and customers you could acquire, you may even end up learning more about your brand than you expected. Most new businesses begin with a clear audience in mind for their product or service.<\/p>\n<p>However, by unshackling yourself from this and moving into new territory, you may stumble upon a new gap in a market that a variation on your current offering could penetrate. Product\/service growth often equals customer base growth.<\/p>\n<p>However, there are downsides to having mostly new customers. For example, if you\u2019ve managed a team before, you\u2019ll understand that an employee\u2019s output will almost always be at their lowest when they\u2019re new to a role. Similar to that, customers don\u2019t truly blossom until they become a spokesperson for your brand. If your customers are all new to you, you may lack these truly loyal investors who breed new customers through the supremely valuable buzz of word of mouth.<\/p>\n<h2>Seven tips to improve your retention &amp; acquisition<\/h2>\n<p>Let\u2019s start with some actionable advice on taking your retention to the next level:<\/p>\n<p><strong>Find the leaks in the bucket<br \/><\/strong>Every company has a churn rate \u2013 big or small \u2013 because you can\u2019t stop people from leaving. Instead, treat these goodbyes as lessons to be learned from and set up exit forms\/questions for when people do leave; how can you fix a leaky bucket if you don\u2019t know where the holes are? This way, you can identify and minimize \u2013 but not always fix \u2013 the issues.<\/p>\n<p><strong>Build a progression plan<br \/><\/strong>Maybe your product becomes redundant after a few weeks, or your service simply isn\u2019t providing value after months of using it. Explore a progression plan for users that looks at how you can extract more value out of them, from convincing them to stay, to upselling them on more products or services.<\/p>\n<p><strong>Engage more<\/strong><br \/>70% of buying experiences are based on how the customer feels they are being treated, according to McKinsey. Consider how you could speak to them more, potentially incorporating the pain points you find in the exit forms mentioned earlier and then communicating with them before they even get to the exit forms. By using segmentation and deeper data you can really speak to them in their language.<\/p>\n<p><strong>Provide discounts at the exit<\/strong><br \/>In offering discounts to people when they\u2019re about to leave a subscription or abandon their product cart, you can turn what would be zero revenue into, well, higher than zero revenue. These don\u2019t need to be offered in 100% of all situations, as doing so might lead people to game the system for discounts when they always had the intention to convert. However, even a 10% discount can save a deal that might have otherwise slipped through your fingers.<\/p>\n<p>These tips may help you retain the customers you\u2019ve already got on board, so how do you acquire more?<\/p>\n<p><strong>Seek business partnerships<\/strong><br \/>Choosing the right partner can be difficult; too close to your offerings and you may be aiding a competitor, while them being too far removed from your industry may be confusing to your audiences. That being said, a successful partnership can be incredibly empowering and provide you with access to their contacts, commercial opportunities and \u2013 of course \u2013 their customer base.<\/p>\n<p><strong>Pay close attention to competitors<\/strong><br \/>Unless you\u2019re at the very top of your industry, then you will have something to learn from your rivals. Maybe they have a new product out that you can build on, or their new marketing campaign shows they\u2019re targeting a new audience. Whatever moves they\u2019re making, you should be paying attention. If they\u2019re successfully increasing their market share and acquiring new customers, then consider how you can repurpose whatever is working for them to suit your business. If they fail, then know the path they walked so you can avoid it.<\/p>\n<p><strong>Ask for referrals from your customers<\/strong><br \/>This is where those customers that have been with you for a while can show their worth, as these are the ones most likely to recommend your products or services to a friend. An even better way to incentivize this is to provide bonuses for people that do this. Say, 20% off for you and your friend if they fulfill an order over \u00a330. This way, you acquire a new customer while rewarding one that\u2019s been with you for a while.<\/p>\n<h2>Which should you focus on?<\/h2>\n<p>The answer is always going to be \u2018both\u2019. When you\u2019re walking, do you focus on moving your left leg or right leg? However, in the interest of not sitting on the fence, we\u2019ll give you a proper answer.<\/p>\n<ul>\n<li>Does your business need immediate ROI? You should focus on acquisition.<\/li>\n<li>Does your business want to expand? You should focus on retention.<\/li>\n<\/ul>\n<p>A business can\u2019t operate with zero acquisitions and even an unsteady flow of them at the beginning can set up a rocky foundation for the rest of the business to be built upon. However, return customers are almost always more valuable than one-timers and poor retention quickly leads to poor brand image; something many experts cite as being invaluable.<\/p>\n<p>Just like pennies, a customer retained is a customer gained, and you\u2019ll quickly find that improving your efforts at both acquisition and retention will get you into a sustainable cycle that\u2019s good for your team, customers and revenue.<\/p>\n<hr\/>\n<div class=\"well\" wp_automatic_readability=\"7\">\n<p>\u00a0<\/p>\n<p style=\"text-align: left;\"><em>Matt Rogers<\/em><em> is Head of Campaign Management at AddPeople.<\/em><\/p>\n<\/div>\n<p><strong>Subscribe to the\u00a0<a href=\"https:\/\/www.clickz.com\/#newsletter-modal\" target=\"_blank\" rel=\"noopener\" data-feathr-click-track=\"true\">ClickZ newsletter<\/a>\u00a0for insights on the evolving marketing landscape, performance marketing, customer experience, thought leadership, videos, podcasts, and more.<\/strong><\/p>\n<p><strong>Join the conversation with us on\u00a0<a href=\"https:\/\/www.linkedin.com\/company\/112527\/admin\/\" target=\"_blank\" rel=\"noopener\" data-feathr-click-track=\"true\">LinkedIn<\/a>\u00a0and\u00a0<a href=\"https:\/\/twitter.com\/ClickZ\" target=\"_blank\" rel=\"noopener\" data-feathr-click-track=\"true\">Twitter<\/a>.<\/strong><\/p>\n<p>\t<!-- Rezonence Block --><\/p>\n<p><!-- Rezonence Block End --><\/p><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><iframe data-lazy=\"true\" data-src=\"https:\/\/www.fiverr.com\/gig_widgets?id=U2FsdGVkX18x7XQvttUTrv1oEqmGNGTgvvCUiUoJ\/AP4z\/UyMz8lXGOLpu15jIMxBbTR0gmD5uBoFvhC4KWeALQRp3h\/X\/AwcVD0K8Wj9H\/ZzYKzcCNHosB9oS4SCJJFWiN85P9ICAc4OgCoE\/wHKIY7CDkf2\/DQ1vqGvk4smVe5cRDEmrLPCWi4FC8p40VUhSmWQ5udCm0zoJtorgWv3vbDQw0kKYkwn39ozAnQXDe+YvWMxkLFWA+O3TFwkJvdkIK+\/AUSnRssPKt5WHY0FhNOxnSPcLslEL4G4\/RfP95ve99U+kRnDy3X+KtzdQLY+u935ghON\/o3UE4IMv9oN6JX9RnxzL\/LRcOgnHigxStSGPKsZYtnz8RWNVT\/rOLAibqiWJadC5MYHRbekF3eg6FOGrQGkXYbsn0+a5aovnlLCbLwIqY9fcS17UX8J235iQ6cdmHNbrPeS84CMm34RA==&affiliate_id=1052423&strip_google_tagmanager=true\" loading=\"lazy\" data-with-title=\"true\" class=\"fiverr_nga_frame\" frameborder=\"0\" height=\"350\" width=\"100%\" referrerpolicy=\"no-referrer-when-downgrade\" data-mode=\"random_gigs\" onload=\" var frame = this; var script = document.createElement('script'); script.addEventListener('load', function() { window.FW_SDK.register(frame); }); script.setAttribute('src', 'https:\/\/www.fiverr.com\/gig_widgets\/sdk'); document.body.appendChild(script); \" ><\/iframe>\n<br \/><a href=\"https:\/\/www.clickz.com\/seven-tips-to-improve-customer-acquisition-and-retention\/266494\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>30-second summary: Long term customer retention is critical but it has an operational growth ceiling Successful customer acquisition has no limits and can offer exponential&#8230;<\/p>\n","protected":false},"author":1,"featured_media":8534,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-8533","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech-universe"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Seven tips to improve customer acquisition and retention - mailinvest.blog<\/title>\n<meta name=\"description\" content=\"Technology is forever changing, and there are always new pieces of technology to replace obsolete ones. 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