Retention Marketing
Retention marketing is vital for companies who are serious about growth.
Our retention marketing strategies focuses on increasing customer lifetime value, retention rates and reducing churn.
Data and analytics plays an important role in understanding behaviours that create retention. Our data driven approach to retention marketing will engage your existing customers and increase loyalty.
What is Retention Marketing?
Retention marketing focuses on marketing activity to your existing customers to get them to repeat an action. The objective is to increase engagement to turn customers into loyal customers and brand advocates.
Whilst retention marketing is necessary for types of businesses that have a focus on growth, it is especially important with ecommerce and subscription based businesses.
Benefits of Retention Marketing
Other than obvious that retention marketing will result in higher value longer term customers and increase in purchase frequency, there are other benefits to be aware of:
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Existing customers are more profitable as they don't require as much cost as acquiring new customers.
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It's easier to forecast existing customer sales based on purchase history.
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It's easier to predict their purchase behaviour.
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Based on preferences and historical behaviour you are able to craft personalised marketing campaigns.
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Conversion rates are typically higher for existing customers than new customers.
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Existing customers provide data and insights that help shape your data driven marketing strategies.
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Existing customers will promote your brand and refer business to you.
Our Retention Marketing Services
Our retention marketing services will provide the following:
Goals and Strategy:
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Goal Setting - We work with you to devise realistic goals that align with your business and marketing objectives
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Analysis - We analyse historical data for retention and churn behaviours to identify insights that will help shape the right retention strategy for your business.
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Strategy - Based on the insights we design a strategy with recommendations, campaigns and actions. We align the strategy with your budget and resource available.
Retention Campaigns
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Campaign Set-up – We help you to set-up the retention marketing campaigns and make sure all KPI's are tracked and measured.
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Personalisation – We identify personalisation strategies that will increase engagement and retention rates.
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Automation - we can automate some campaigns based on trigger events. For example, cart abandonment rate emails or coupon code vouchers emailed to customers who viewed a product but did not transact.
Measure and Optimise
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RFM Model and Churn Analysis – We design an RFM model that segments customers by how recent, frequent and value they purchase from you. It helps to keep track of active customers and lapsed customers so you know where to focus your campaigns and budget.
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Behavioural Analysis – We drill down into the behaviours and segments that are influencing retention and churn.
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Optimise - Based on the insights we continue to optimise the marketing campaigns to make sure your customers are happy and keep coming back.
To see how we approach delivering our services and solutions click here
We'd love to get to the bottom of your data, marketing and performance headaches. Book in for a free discovery call and we will guide you towards the first step for success.