22 Aug Value of Re-engaging Customers
Research confirms that repeat customers on average generate 40% of a business’ revenue. According to Bain & Company, repeat customers convert more often and have a higher average order value than first-time buyers. As the holiday season approaches, this is an opportune time to increase re-engagement levels of newly acquired customers.
While you may have a marketing strategy designed for new customers, you should also have a strong strategy for retention planning. A strong advantage is that these tactics tend to be lower in cost per acquisition or sale. Consider adding these three tactics to your marketing strategy aiming for customer re-engagement.
Social Media Marketing
Social Media Marketing is a great opportunity to stay top of mind with customers. Social media platforms also support strong customer service. Staying active on social platforms allow businesses to stay on the pulse of trends and customer conversations. A strong Social Media strategy includes a healthy blend of original content, shared content, comments, social listening, and data analysis.
Email marketing is a proven tactic that again keeps customers in the know about your business. Create a strategic plan that capitalizes on reaching customers at times/days best for them. Utilize topics that benefit the consumer first and the business second. Be sure to ebb and flow with the seasons of your industry while maintaining an underlying consistency.
Companies often maintain records of client contact information, but often fail to fully utilize it. IP Targeting software will allow companies to compile IP addresses based on physical locations. This technology allows for targeting specific individuals similar to direct mail. This is a way to reach users completely independent of their previous online behavior.
The best re-engagement tactics for consumers combine previous purchase information and demographic information. Consider organizing lists of customers based on purchases and reaching groups in a more personalized fashion. For example, utilizing email marketing to reach those who haven’t made a purchase in 6-months vs. everyone on the list. There will be natural groups that occur as the data is reviewed.
If you need assistance creating any portion of your marketing strategy, contact us at firstname.lastname@example.org. Our staff will gladly schedule time with you to better understand your business goals and collected data to build a customized marketing strategy for your business.