I f you’ve been reading our newsletter for more than a month or two, you’re probably well aware of how important retention is for your business. But just in case you’re new here: • Acquiring a new client can cost five times as much as retaining an existing one, according to Invesp. • The 2020 CallMiner Churn Index just reported that American businesses lose $136.8 billion dollars every year because of client turnover. • Research from both Bain & Company and the Harvard Business School shows that a 5% increase in customer retention can boost profits by as much as 95%. Those are not small potatoes. You probably realize that, and you may have already taken steps in your marketing to maximize retention at your company. But if you haven’t rethought your entire marketing strategy (and maybe even your business model), you’re probably still losing clients that could be saved.
Luckily, it’s not too late to make a change! Here are three ways to completely rethink your retention marketing and save your team time, money, and stress. 1. Reallocate your resources. Don’t just talk the retention talk — walk the walk! In order to truly change your company’s ways, you need to invest in retention and reallocate your resources. Here are just a few ways to do that. • Provide additional training for your team on customer service. Important points to emphasize for retention (per Forbes magazine) include frequent and friendly customer communication, transparency, listening, and relationship-building. • Create a fund for customer perks and gifts. Here at Newsletter Pro, we believe in celebrating our clients! When someone has a baby or we hear they’re going through a difficult time, we send a gift or card to show we’re thinking of them. These gifts cost us resources, but as Newswire reports, multiple studies show customer gifts increase retention. Good News Continued on Page 6 ... THE “When you enter a house, first say, ‘Peace to this house.’
plan that will support its long-term success. Unfortunately,
too many business owners will
If someone who promotes peace is there, your peace will rest on them; if not, it will
give up on their products and/ or marketing as soon as they don’t show
return to you.” –Luke 10:5–6
results. This mindset is much more detrimental to your work than you may realize. Even if a project requires 10 extra days to get right, it won’t mean anything 10 years from now. It might even make the difference in making history. We highly recommend “Perennial Seller” by Ryan Holiday to any business owner, entrepreneur, or creator who wants to create impactful work! It’s truly a wonderful, insightful read that will inspire you to go the extra mile in whatever you do.
“When pride comes, then comes disgrace, but with humility comes wisdom.” –Proverbs 11:2
Made with FlippingBook Annual report maker