Action a New Sales Campaign Using Your Existing Customer Retention Data!
Customer retention is a major focus
for a lot of big companies these days as they have started working on ways to
serve their existing customers better.
This not only helps their public image, but also increases their
revenue. Forming a new sales campaign based on this data gives you back
revenues of up to seven times greater than the cost to acquire it. This is
because when you sell to clients with whom you have already built a
relationship, you are investing in an efficient way to grow your business as these
clients or customers won’t need to be re-educated about your products and
services while at the same time, they may attract their circle of people to
your brand. Customer retention severely reduces advertisement and marketing
costs while at the same time, giving the same output in the above fields.
A brand that makes client retention
it’s primary objective and topic of focus can see an efficient and maybe even
exponential rise in their annual revenue, since this involves marketing
themselves in front of clients who already know about their products and are
willing to buy them. These clients are already interested in the product you
may be offering and slight and subtle advertising is all you would really need
to get them to buy more of the same. This makes it even easier for both small
and large business owners to be able to fully capitalize their potential growth
on a large scale. The main foundation of this plan is the fact that 60 percent
of the profits of an average business are generated because of the regular
customers they have. Now, if you simply take the above numbers increase the
focus and investment you put into customer retention by a mere 5 percent, you can expect an
increase in profits ranging between 25 percent to almost 95 percent. On the other hand, the profits increase on a
range of 5 percent to 25 percent when you start a brand new lead without
customer retention.
Here is a helpful tip to get you
started on the path to starting a new campaign in a new market with the data
you may already have:
Finding
Newer and Unexplored Target Markets Using Your Existing Customer Retention Data
When you
launch a product into a new market without data reports about existing customer
retention there, you may trigger an inefficient system of generating revenue.
Moreover, this will also severely increase the cost of the sales campaign and
cause losses. The main reason being that this will be like shooting an arrow in
the dark, you don’t know what the customers want and which customers are more
likely to buy your products over which ones are not and this is bad for
business. You could always guess it, but that hardly ever works in the real
world. on the other hand, when you incorporate customer retention into your
program, it works as a game changer and give you the reasons because of which
customers will love your product. Then you can simply use those reasons in your
marketing to boost sales and make your sales campaign rock. And the only thing
you will have to thank will be your customer retention data.
