Do you want to increase profits, have repeat purchases, and gain more referrals?
Today we're going to provide you with some statistics that reveal just how significant customer retention and loyalty is for your business. So significant that you'll want to start doing more, to create more of it.
- Referrals are 36x more valuable than a cold call, 10x more valuable than a trade show lead, and 4x more valuable than a web lead.[inside sales]
- Referral marketing generates 3-5x higher conversion rates than any other channel. [IncentiveFox]
- Word of mouth is the primary factor behind 20-50% of all purchasing decisions. [McKinsey]
- Email marketing is deemed as the most effective digital tactic for building awareness, acquisition, retention, and conversion by 56% of digital marketers. [Gigaom]
- 48% of consumers say that the most critical time to gain their loyalty is when they make their first purchase.
- The three most important drivers of brand loyalty is (1) a great product, (2) brand recognition and (3) trust. [NewsCred]
You might find yourself putting all of your resources and marketing efforts into obtaining new clients, but you need to stop, analyse and prioritise.
Targeting your existing clients is the way to go.
Do you want to increase profits, have repeat purchases, and gain more referrals? Of course.
To do this you need to start prioritising the development of your relationship with the clients you have already won from the day they first find you. And with technology as it is, there are a number of strategies that you can start immediately that don't cost so much, can be automated and can set up fast.
Start implementing these effective strategies into your business today, call your local Bloomtools Consultant and we will take you through some of the top ones that are working for a number of our clients!
|Tags:Internet MarketingLead Generation|