How To Growth Hack Customer Retention
Why Customer Retention Is Important
It costs 7 times more to ACQUIRE one new customer than it does to RETAIN one - and 80% today understand the need for increased customer retention - a sign of the changing times.
Why Do Customers Opt Out?
Businesses mostly focus on attracting new customers and often forget about existing customers who have been staying with them for a long time. Customers may leave because they’ve found a better product/service/solution, or were dissatisfied with or turned down by your company, or moved on to a competitor.
With the total cost of acquiring new customers many times higher than servicing existing clients, it’s no surprise that retaining business is a must. CRM systems have numerous service functions and they can be used to help you keep your best customers engaged and protect future revenues.
Focus On The Product/Service
For better customer retention, focus on the benefits and advantages of your product/service and be vocal about it.
Another way to achieve customer retention is by engaging with them by giving them special offers and giving them a personalised experience. This will make them want to use your service/product again and again.
Engage Customers With Offers
Customer Retention Trumps New Acquisitions
Clearly define the customer retention strategies and learn how to apply it to your existing client base. You can also create a growth hack strategy in order to optimise an existing product / and retain existing customers.