We share quite a bit about acquisition but not enough about customer retention. Great marketing strategies aren’t as simple as driving more and more leads, it’s also about driving the right leads. Retaining customers is always a fraction of the cost of acquiring new ones. This is one of the reasons why we speak so much about our clients, Right On Interactive – their marketing automation system scores prospects based on their likelihood to be successful customers.
Social media is playing a growing role in customer service as well. This isn’t the customer service of old where a consumer would read you the riot act and quit. Now their discontent is shared throughout their networks on social media. Their influence and your missteps will not only hurt your retention, but can ultimately derail your acquisition efforts as well when their discontent spreads across Facebook, Twitter, LinkedIn or Google+. This is why customer retention and customer service aren’t just key to your business health, it’s also key to your social media and marketing success.
In this infographic from Customers That Stick, various customer retention statistics are shared to break down the three most important aspects of customer retention… Why Customers Leave, Why Customers Stick, and Why Retained Customers Mean Money.
In a culture that relies heavily on social media, online reviews, and brand advocacy to gauge product and brand performance, your ability to deliver great customer experiences is key to rising above the competition.