10 Apr Customer Retention: 5 Engaging Ideas for Marketers
While 67 percent of marketers prioritize conversion rates, only 35 percent focus on lifetime customer value.
The reality, though, is that maximizing lifetime customer value is more cost effective and efficient than customer acquisition. One-time customers aren’t enough to sustain long-term business growth.
According to a study by Bain & Company, it can cost up to 7 times more to attract new customers than it does to retain existing customers. With a few savvy email-marketing techniques, businesses can reinvest their time and resources into nurturing current customers at a fraction of the cost. Consider these email strategies for strengthening the ecosystem of your lifecycle marketing:
Focus on 6-10 word titles.
Subject lines are the leading indicators of whether recipients will open marketing emails. Data analysis of 260 million emails reveals that subject lines are most effective at six to ten words long, generating an open rate of 21 percent. The next most effective subject lines are 11-15 words long, which result in a 14 percent open rate.
Because marketing emails are one of the most effective methods of staying in touch with consumers and sustaining their interest, it’s vital to ensure they are being read. By writing compelling subject lines, you dramatically increase the likelihood that consumers will open your message.
Utilize personalization technology.
Because consumers are 61 percent more likely to purchase from a company that creates custom content, it’s time to focus on taking a personalized approach. Something as simple as using the recipient’s first name in the subject line improves click-through rates by 2.6 percent. Personalization goes far beyond simply incorporating a user’s name, however. Creating personal offers and deals, for instance, increases relevance and intrigues consumers.
Send customer surveys.
While it’s common to have a survey on a cancellation page, it’s even more effective to survey existing customers. Aside from providing your business with valuable insight, surveys also leave good impressions on your clients. When consumers feel as though they’re part of a community, they’re more likely to make more purchases in the future.
Embed visual content.
Similar to website retention, you have 7 seconds to capture the attention of your email recipient before they click away. Because we are visual creatures, including videos and images in your emails make them far more effective and engaging. Whether it’s an intro, explanatory, promotional, or testimonial video, recipients are 26 percent more likely to read an email message if video is included.
Introduce a loyalty program.
Consumers love ” freemium” models that offer free rewards as a result of customer loyalty. Introducing such a program via email not only keeps your company in the minds of consumers, but it also provides another reason to engage with your brand. As lifecycle marketing management continues to evolve, it’s critical to pinpoint the areas that keep consumers interested. In today’s sluggish economy, nothing is of more interest than free rewards!