Here some important facts about customer retention:
- A 5% increase in customer retention increases profits up to 125% – Bain & Company
- Probability of selling to an existing customer: 60-70%, Probability of selling to a new one: 5-20% – Marketing Metrics
- A 2% increase in customer retention has the same effect as decreasing costs by 10% – Leading on the edge of chaos, Emmet Murphy and Mark Murphy
- It costs 6-7 times more to acquire a new customer than to retain an existing one – Bain & Company
- 68% of Customers leave because they think you don’t care about them – Rockefeller Corporation
So what can Digital Revenue Services do to help you?
Here is a list of tactics we will use to retain your existing business:
- We increase the number of channels customers can reach you: text, email, chat or phone.
- We update your processes to make sure all online questions receive an immediate acknowledgement upon submission and a response within two hours.
- We build a database of your existing customers and segment them based on behavior and preference.
- We execute email marketing and SMS marketing campaigns to reach the right customer and the right time.
- We provide existing customers insider information about upcoming sales/events
- We personalize all communication to them since we have their information in a database
- We construct a loyalty program to reward their business with you.
- Social Media Engagement – We have conversations online with your customers responding to their questions.