Retention marketing is the strategies and techniques you employ to cultivate and preserve client relationships. For instance, Ola uses a retention marketing technique to send a push notification with a $5 offer. Retention marketing is also used when your neighborhood coffee outlet texts you a buy one, get one free offer. Retention marketing contends that ten brand enthusiasts are worth more than one hundred loose consumers. The 100 sleazy customers might each buy something just once in their lives, but your brand devotees will buy things for themselves, their children, their neighbors, or their aunt, and they will promote your brand by word of mouth wherever they go, which is, of course, the best real marketing.
Retention marketing, to put it simply, is the strategy a business utilizes to make it more likely that a customer would make another purchase, intending to make each subsequent purchase more profitable.
Today retention marketing is a great career option given the benefits it provides to any business because everyone wants to make their brand stand out. Retention marketing helps gain loyal customers, which is always more profitable for a business in the long run but also deepens the trust between the customer and the seller.
This blog will give us insights about retention marketing, careers in retention marketing, and enabling growth for every company you go to.
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EFFECTIVENESS OF RETENTION MARKETING:
- Cheaper marketing:
- Word-of-mouth advertising:
- No other information is needed:
Finding new prospects is challenging. However, if you already have your past customer’s email or phone numbers, remarketing to them and keeping their business is simple—more than half the job has already been done.
75% of devoted clients will promote your company on your behalf by endorsing your goods to their friends and relatives, which in turn leads to more profits.
Returning clients seldom ever need to know anything about your goods or services. At the same time, new users need time to contrast their offers with their rivals. The time and money you would have otherwise spent on further promotional materials are saved by returning customers. Calculations conclude that profiting from repeat customers’ purchases is 50% easier than new customers.
RETENTION MARKETING STRATEGIES TO BENEFIT THE COMPANY
- Measure customer value correctly:
- Making the database stronger:
- Follow-up emails:
- Excellent customer service:
- Putting customer loyalty programs in place:
In today’s time, customers are very well aware of their surroundings and are smart enough to know what is of value to them. Therefore, discounts alone are not enough to drive sales. Customers now prioritize value over merely getting the lowest price due to the prevalence of competitive pricing. When it comes to their clients, marketers act similarly. Each customer’s Customer Lifetime Value (CLTV) provides insight into the potential net profit from each person throughout their interaction with the company. This is an ideal way to measure your client base as it emphasizes lifetime value rather than the one-time benefit from a single purchase.
Retention marketing, or customer retention in general, is all about speaking with your consumers on a one-on-one basis and providing them with offers and messages tailored to their needs that can only come through a robust data track of the customers. It’s important to have knowledge and data about your customers to tailor the communication to your customers personally, for which many e-Commerce businesses retain data with them. Retention marketers try to collect this customer data, which helps in more accurate analysis and, ultimately, leads to better results and a stable return on investment.
Once a customer purchase is made, you must send follow-up emails to express gratitude. But you should also use that chance to promote other goods they might be interested in or ask for feedback or a customer review.
Use email to inform your devoted clients as soon as new products, specials, or promotions are available. This consistent email cadence will help you stay at the forefront of your customer’s minds.
Even if you have the best product or the world’s best marketing, your customer service will reflect poorly on your brand if your customer service is subpar. Live chats, email assistance, customer care numbers, etc., improve customer service.
A customer loyalty program aims to increase consumer value and strengthen client connections. These reward customers for remaining with the company and promoting it to others. They are also known as brand loyalty programs.
By offering incentives, you may, for instance, encourage customers to recommend others. NPS surveys can also be used to find devoted clients who will spread the word about your product. Next, in-app messages to people with strong NPS scores to offer them their reward.
HOW TO BECOME A RETENTION MARKETING SPECIALIST?
A customer retention marketer’s KPIs include lowering customer turnover by resolving customer issues and developing creative strategies to keep hold of current clients. Due to its responsibility for influencing how consumers perceive a company’s brand, the customer retention marketer’s position is crucial for service departments. By exchanging sales, goods, and services, these experts cultivate connections, manage expectations, and solicit client feedback.
Let’s look at how retention expert works to better understand their role in practice.
Job description of a Retention Marketer:
A client retention marketer’s responsibilities generally consist of the following:
- Interacting with consumers and support personnel.
- Gathering information on customer service trends.
- Noting and addressing consumer concerns.
- Creating client retention plans.
- Building performance criteria for attrition and retention initiatives.
Customer Retention Marketers use a variety of strategies, regardless of the business, to improve customer satisfaction, foster brand loyalty, and boost revenue. To keep customers happy and engaged, organizations utilize various customer retention strategies, including tracking customer data, creating communication calendars, automating responses to questions, and administering loyalty and education programs.
The road towards becoming a Retention Marketer:
A client retention marketer is an entry-level position with potential promotion to a senior-level position. You must fulfill the following criteria to be eligible for this position:
- Possess a GED (Graduate Equivalency Degree) or high school diploma.
- Recognize negotiation strategies.
- Ability to work both independently and in a group.
- Have excellent communication skills.
- Be a quick problem solver.
- Ability to think on your feet.
How to grow your career as a Retention Marketer?
A combination of education, experience, and skills is needed to become a retention marketing professional. You can take the following steps to develop a profession in retention marketing:
Education: A good foundation in marketing ideas and tactics can be obtained by a bachelor’s or master’s degree in marketing, business administration, or a similar discipline. For a profession in retention marketing, courses in customer behavior, data analysis, and marketing research can be beneficial.
Expertise: You may lay a strong basis for a career in retention marketing by gaining experience in data research, marketing, and customer support. Consider beginning your career in customer service or marketing, and search for chances to work on initiatives that emphasize client loyalty and retention.
Abilities: A variety of technical and interpersonal skills, including the following, are necessary for success in retention marketing.
Analyzing data should come naturally to you, as should conducting customer research and utilizing analytics to guide marketing choices.
You should possess good written and vocal communication skills to effectively connect with clients and team members.
Project management: You should be able to lead teams of people from various disciplines and collaborate with them.
Product knowledge: Learn and thoroughly know the product you’re selling
Customer service: You should be passionate about helping customers and understand the factors influencing their loyalty.
Networking: Creating a strong network of professionals in the marketing sector will help you learn new things, meet people, and discover career prospects. Participate in industry gatherings, sign up for organizations for professionals, and network with other marketers.
Specialization: Consider earning certifications or taking courses in customer retention and loyalty marketing to further specialize in this area.
> Remember, if you plan to become a Retention Marketer, always keep lines of communication open and efficiently, deal with concerns swiftly and effectively, be open to feedback, and show that you care about your customer’s experience.
The business you choose to work for values this position highly because you will represent it when it is most vulnerable and at its most crucial point—when clients want to quit. You will demonstrate to clients that you and the company value their patronage.
CONCLUSION:
From the above information, we conclude that going above and above to show your consumers that you value them is the secret to keeping them. Loyal consumers may help your company save time and money and promote your brand through word-of-mouth advertising.
If you want your firm to keep growing, you must identify what is driving clients away and devise a plan of action to address it. That is where retention marketing sets in and plays an important role in the success of any business since you need to have repeat clients. They spread the word by recommending you to friends and family, and they are more affordable than brand-new clients. So show them some love and concentrate on keeping them.
Prakhya Nair 
Surya Panicker 
Vanhishikha Bhargava