PRST STD US POSTAGE PAID BOISE, ID PERMIT 411
WWW.TERRYMONROE.COM
800.805.9575
INSIDE 7824 Estero Blvd., 3rd Floor Fort Myers Beach, FL 33931 1 2 Rode the Horse Too Long Make Neuroplasticity Your Secret to Success Your Business Is Not Your Baby
Sudoku Solution
3
Get the Wisdom of Other Business Owners’ Mistakes From This Book
4
6 Retention Strategies That Actually Work
6 Ways to Rethink Your Retention Marketing STOP LOSING CLIENTS TODAY!
Retention is crucial to your business. According to Investopedia, acquiring a new client can cost five times as much as retaining an existing one. And if that doesn’t convince you, research from Bain & Company and the Harvard Business School both show that a 5% increase in customer retention can boost profits by as much as 95%. If you don’t have appropriate retention strategies in place, 2022 is the perfect time to make a change! Here are six ways to completely rethink your retention marketing that will save your team time and money. 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.
you care. You can stay on top of this by doing the hard work of reaching out personally each month, but it’s easier and more efficient to invest in recurring communications like automated weekly emails and regularly printed newsletters. Make personalization possible. In order to retain customers, you must build quality relationships with them. This starts with knowing who they are, what they need, and how they interact with your company and your marketing. To figure out those key points, you should gather and interpret a lot of data, both online and off. You can do some of this data- gathering and calculating yourself (for example, you might consider calculating the lifetime value or LTV of each client), but hiring a third-party data analytics company will help you take your retention Continued on Page 3 ...
Provide your team with additional training on customer service. Important points to emphasize for retention (per Forbes magazine) include frequent and friendly customer communication, transparency, active listening, and the value of relationship-building. Create a fund for customer perks and gifts. Celebrating your clients allows you to give them attention when they might appreciate it most. If you know a customer who recently had a baby or is going through a difficult time, consider sending a gift or a card to show you’re thinking about them. These gifts cost resources, but as Newswire reports, multiple studies show that customer gifts increase retention. Invest in retention tools. Staying in touch with your customers is the best way to keep them happy and remind them that
4
WWW.TERRYMONROE.COM
800.805.9575
Made with FlippingBook Ebook Creator