Marketing is a huge part of a business’s success, as it can literally help to make or break the business. With that said marketing professionals are always looking for tools, techniques, and methods to get their message out to customers/clients in the most effective way. Retention marketing is one aspect of marketing that isn’t always talked about, but in fact should play a large role in your campaign.

So what is retention marketing and why should it be seen as such an important tool? Let’s examine it closer.

What Exactly is Retention Marketing?

If you’ve never heard of the term retention marketing you shouldn’t feel alone, as this is a fairly new form of marketing. It’s being used in ecommerce in particular and is meant to keep a customer engaged so that they will return and make more purchases through you. It’s the idea of keeping customers rather than having them make a purchase one time and never return.

Where there has traditionally been a lot of focus on getting new customers, businesses are now seeing the advantages of keeping a current customer. Of course, this doesn’t mean you throw away your efforts to get new customers, you just divide your efforts and make sure you are engaging with current customers.

The Benefits of Retention Marketing

Besides the fact that you will hopefully keep the customer and have them return, retention marketing tends to cost much less in the long-run than finding new customers. Not only that, it usually brings about much quicker results. This means the business can spend less on their efforts and see faster profits.

In general, retention marketing tends to be a little easier to perform. Think about it, you are engaging with a customer that has already shown interest in your product/service. They have already made a purchase, so you’ve already captured them once.

How Do I Implement Retention Marketing?

• Retention marketing is really about creating loyalty and trust between the customer and your product/service. This can be done in all kinds of ways. Some of the most commonly used practices are:
• Give the customer a more personalized experience so they feel important and valued.
• Provide a high level of customer service that they can count on and doesn’t waver. You need to be able to address any and all concerns they may have.
• Show the customer that you are an expert in the field and that your products are superior. You should be the first business that pops in their head.
• Provide a smooth experience meaning the shopping and check out experience.
• Make use of social networks so you can engage with customers. As well you can encourage them to share stories, pictures, and experiences with your products/services on social media.

Using Your Existing Customers to Increase Profits

Retention marketing is all about engaging with current clients and creating that loyalty so that you can increase your profits. Never underestimate the importance of the returning customer.