Retention Marketing

This weeks post is the first R which is for Retention.

  1. Retention: Existing Customers Revenue
  2. Reactivation: Existing Customers Revenue
  3. Referrals: New Customers Revenue
  4. Reputation: New Customers Revenue
  5. Ranking: New Customers Revenue

The key to in getting any new marketing approach off the ground the small business owner is to keep it simple  and focus on your most valuable customers. Here are some examples of retention campaigns that I’ve come across in the last couple of weeks.

Customer Retention Using E-Mail

If you got your customers e-mail address, use it to send them rewards and discounts. Scarcity is a powerful buying trigger so putting a time limit on the discount is an excellent strategy.

Large retailers are brilliant at this, I know a massage therapist who regularly send e-mails to her most frequent clients offering discounts in exchange for referrals! It works brilliantly, so any size business can do retention marketing. Remember, getting a discount cost you way less than the marketing necessary to acquire new customers. Your existing customers are your lowest hanging fruit. Start picking them!

Retail Stamp Cards

Pizza parlors have this down! They give you a card and each time you buy a slice you get a stamp. After 10 stamps you get a free slice. Brilliant. There’s no reason why any local business can’t do this. Massage, hair and nail salons, florist, restaurants, car wash, bakeries, heating oil just to name a few.

Birthday Cards

Send every customer on your list a birthday card, with a free gift or discount enclosed. It will pay huge dividends. You can even have a service set up to do this for you.

Thoughtful Gifts

High ticket sales professionals will often send a thoughtful gift to recent a regular customers. Please go along way to guaranteeing repeat business because they set you apart from the pack when there is always more than one choice of who to call in today’s marketplace. Successful realtors are well known for this.

Retention and the Marketing Formula

Retention campaigns raise the dollar value of an existing client over time. The more clients you do this with, the more revenue you make.

Local Marketing Formula

What can you think of that will help you to increase the annual value of all your existing customers?