Retaining customers has always been a challenge that brands face to this day. With customer marketing, they have a high chance of retaining customers and building a strong foundation for customer loyalty.
Generating qualified leads is one the toughest job of a marketer yet it is critical to keep the business afloat. And in today’s economic crisis, when customers are hesitating to invest, it is critical for brands to earn their confidence to build long-lasting relationships.
The growth is crucial for survival of a brand in today’s tough times. Therefore, alongside seeking ways to betterment of the business, brands must develop a holistic marketing strategy, where they can engage with the customers even after they have closed the deal. Especially for B2B IT companies that heavily rely on subscription-based models where, having a good rapport with customer relationships is the necessity.
Since acquiring a new customer can be 5x more expensive than retaining one, learning and integrating customer marketing can help brands to build a long-term relationship with their customers and increase their retention rate.
With a goal to increasing customer retention and fuel loyalty, customer marketing is a step post-purchase phase of the funnel. The idea behind its development is that it is much more convenient to keep a present customer happy than it is to convince a new prospect to invest.
From sales to implementation and customer success, nearly all areas of a brand’s business can benefit from customer-centric marketing support.
A state-of-the-art customer service
Keeping all the customers happy is a challenge that can only be fulfilled in a perfect world. Unfortunately, today’s world is far from perfect and making it a prime mission can degrade the performance of a brand, more than adding value to it. Therefore, having realistic expectations and adopting the right approach can help a brand dramatically improve the customer service.
By analyzing the customer touchpoints such as social media platforms, brands can take the necessary steps to address their customer issues. By engaging with customers directly via such online platforms, brands can display that they are not only addressing their requests but also taking their feedback to grow their business.
Upselling and cross-selling
Cross-selling and upselling provides brands with an opportunity to rapidly grow their revenue. Even though these two are interchangeably used, they are far from similar in their approach.
Upselling is the art of selling a new version of a purchased product to increase the customer’s overall satisfaction and expenditure. On the other hand, cross-selling refers to the practice of selling a product or service to an existing customer. By targeting marketing materials that showcase new product offerings or features and educating customers what these features and products can bring to the table, brands can drive their upselling and cross-selling.
Decreasing the churn rate
Having a high-churn rate can be disastrous for a brand. Landing new customers and closing more deals is important. But, if not able to keep the customer for long-term brands can witness a sharp decline in their growth and revenue goals.
One of the important aspects of customer marketing is fostering engagement and loyalty among its customer base. The more programs a brand conducts to maintain regular interaction with its customers, the more chance it will have to deliver the needed customer experience and satisfaction, thus blowing away the probability of churning.
Customer retention and customer loyalty are the critical drivers of any business’s growth. Hence, it is important for marketers to look beyond the buyer’s journey and pay more attention to the post-purchase phase. This will not ensure that customers have all the resources at their disposal to be successful but will also ensure that they look up to the brand and stay loyal to it for the foreseeable future.