Start Your Customer Retention Strategy
Customer retention is critical to your overall success, regardless of which industry you are in. Here are a few key takeaways from our most recent webinar, Customer Retention Strategies That Work, to help define your own retention plan.
Key Stats Shared by Infinity Direct
First, customer retention efforts can make a big difference to your bottom line. Check out some of the statistics Infinity Direct shared with us during the webinar to understand the value of retaining your current customers:
- 80% of your future profits come from your existing customers
- It’s 5-7 times more expensive to acquire a new customer versus keeping a current one
- Lowering your churn rate by 5% can increase lifetime value profits by 25-125%
Where to Start Your Retention Efforts
Additionally, analyzing your customer data is critical to developing a successful retention plan. Some specific areas to review may include:
- Mapping Out Your Data Collection Points
- Contact information: Name, Address, Phone, Email, DOB, Shipping Address, Customer and Household ID
- Transactional / POS (Point of Sale) Data: Purchase Dates, Transaction Totals, SKU’s, Online, Store Location, Payment Type
- Your CRM System
- Your Email Platform
- Online Viewing History
- Lead Source – Where the Lead Converted From
By pulling and sorting this various information, you should be able to identify some trends, as well as traits, within certain customer segments.
Map Out a Process That Fits Your Business Goals
Furthermore, this map shows you how all of your collected data can be interlinked and how it can shape your retention process. By breaking each key idea down, you can more thoroughly understand your customers and start testing your retention offers and continuously refine them until your campaigns are generating the results you want.
Let PrintComm Help You
If you need any help with your customer retention efforts, let us know. We have some solid ideas and programs that have helped many of our clients. We would be happy to share those proven tactics with you if you give us a call at 810-239-5763 or contact us here.