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The Benefits Of Customer Relationship Marketing Marketers often spend much time finding innovative strategies for attracting new customers to their
retention rates. Contrastingly, 44% report they spend a significant amount of time dedicated to attracting first- time customers. But is reaching out to new customers the best use of your business’s resources? Many businesses don’t realize that attracting new customers is much more difficult and far less profitable than retaining old ones. New customers cost more to obtain, spend less, and are much more likely to switch to a competitor. However, your current customers are already familiar with your business and interested in what you offer. Focusing your efforts on retaining them can result in a massive boost in overall profits and ROI. Here are a few key statistics demonstrating how critical retention is for businesses.
business. However, marketers often exclude one critical demographic: current customers. That’s why it’s essential to understand what customer relationship marketing is, how to implement it in your business, and the long-term benefits of customer relationship marketing. What Is Customer Relationship Marketing? MailChimp defines customer relationship marketing as “a strategy by which your team concentrates on building relationships with your patrons rather than on transactions.” Or, when you focus on relationship marketing, you build a long-term connection with your customers. You’re not trying to influence a short-term, immediate sale. When nurtured over time, these strong customer relationships can be fruitful. In fact, the benefits of customer relationship marketing often outweigh the benefits of attracting new leads. Here are a few things businesses can gain from investing in relationship marketing. Retention Rates Boosting retention is an often-neglected area of focus for many businesses. Less than 2 out of every 10 businesses report they devote substantial attention to improving their
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