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It’s always hard to win over new customers compared to existing ones. And with perfect email marketing strategies, you can retain your customers. Know here how..
Today, succeeding in a business without tackling the need for new customer acquisition is near to impossible. However, by shifting more focus on this particular aspect, marketers often overlook an equally essential goal, i.e. online customer retention.
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A strong and efficient customer retention strategy is not at all complicated, especially with email marketing being an extremely cost-effective method for customer loyalty and retention.
So, just how effective is it? Well, over 50% of B2B marketers claim email marketing remains the most efficient channel for generating revenue. And the reason why it works is just as impressive – it’s personal & trackable.
According to research from Howard Feirertag &John Hogan, lack of customer contact & relationship building is seen as a common reason for businesses losing customers (it, in fact, accounts for more than 60% of lost customers).
Now, that’s a massive amount of percentage and unfortunately, these stats are completely true as businesses are simply not doing enough in keeping customers engaged with their brand, thus drastically declining the online customer retention rate.
But by adopting various strategies through online channels like Email, businesses can resolve this very issue.
Why Customer Retention Email?
By putting focus on a customer loyalty and retention email, it creates a much better customer experience. And in return, this improves your overall brand reputation and customer retention rate. However, an efficient customer experience is only the beginning.
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Did you know attracting a new customer cost 5x more than keeping an existing one? This means businesses will get to maintain much more optimized marketing spend with customer retention.
Moreover, a strong and consistent customer retention strategy creates more opportunities to cross-sell & upsell your other products. And with a carefully targeted retention email, you’re able to increase the revenue potential from each customer.
Hence, incorporating some key messages into your customer retention email serves as a great arena to get started. Even with competition from other aspects like social media, for existing customers, email marketing still reigns at the top.
As such, here are five email marketing strategies marketers can utilize to retain customers whilst increasing your overall revenue.
1. Delivering Friendly Reminders Via Email
The truth is, you don’t need to be an email marketing expert. With delivering friendly reminders, one might think it’s a bit of a stretch, considering how most, if not all existing customers are already aware of your products/service.
But the thing with customers is, you want to be certain that they’re here to stay for good, and sending a friendly update now and then keeps this thought in motion.
Today, e-commerce stores utilize various popular ways to manage and shoot reminder emails, some of which include –
- Cart abandonment: This Reminds shoppers of whichever products they’ve liked, and perhaps even tempt them with a discount to encourage a checkout.
- Product recommendations: This sends out personalized suggestions directed at individual shoppers.
- Repeat purchases: This is a product reminder for those individuals that often frequent a particular product of yours.
These friendly reminder emails are also a great platform for B2B along with service-based businesses to upsell & cross-sell.
Take, for instance, an agency that’s already performing design-related work for a particular client. They can just as easily send out reminders regarding their other services like SEO or marketing automation.
Reminders are also quite successful in the field of subscription-based products as they can remind customers of recurring payments or even remind them of service continuation. Here’s a great example from Netflix.
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By reminding customers for an upgrade after a certain period of free trial, it provides a subtle push in making individuals convert.
Email retention can be very versatile and can be made use of in different situations like when special promotions are made available for customers or when you’re putting up new resources or when a product/service invoice is ready or a relevant blog post has been published.
The benefit of delivering friendly reminders concerning certain events or any other marketing activities is that it shows you truly care & value your customers.
2. Swooping In With a Thank You Gift/Promotional Code
Whether it’s an existing or a new one, every customer wants to feel valued & special and so speaking of making one feel special, what can possibly make more sense than offering a redeemable custom coupon code or even a pleasant thank you gift (we’re positive nothing can really top that).
These coupons or gifts can be made available for customers that made their first purchase or those that stuck by you for years. Take the brand Crocs for example that offered existing customers a $15 off coupon as a thank you for being a one-year subscriber.
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This approach by Crocs is yet another email marketing expert tactic to keep existing customers engaged with the promise of a valuable offer from the brand's end and its after-effect does not disappoint at all.
According to a study from SimplyCodes, about 91% of coupon users claim they’ll likely keep revisiting retailers after utilizing coupons while 57% revealed they wouldn’t have gone through with a purchase without any coupons.
Just remember that businesses vary in certain areas, so, it's completely up to you to determine what type of promotional coupons will best work for your audience.
Remember that these promotional offers/thank you emails are meant for your customer and so, they should be crafted according to their needs.
3. Utilizing Email for Customer Feedback Surveys
No one knows more about your customer service like your customers and this is precisely the reason why customer feedback surveys are extremely beneficial for your business. It can help provide actionable data to improve your product & marketing with customer retention strategies.
Without any knowledge of how customers feel towards your product/service, you certainly can’t make any informed decisions.
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Thankfully, Email is quite an effective channel for receiving customer feedback because first of all, email is trackable. This means you’re aware of which customer opens & responds and which requires a follow-up.
It also allows quick feedback, so that you can instantly act on any problems & implement processes to keep them from occurring again -any email marketing expert will tell you that Plus,an email campaign can assist in automating the process of customer surveys, thus saving time.
However, it's equally vital to make sure these feedback emails have a simple & focused aura to them. As the team at Marketing Experiments would chant, “Clarity trumps persuasion” (a mantra the team lives by). Lastly, don’t be afraid to make it personalized.
4. Give Out Rewards & Exclusive Offers
Most people usually sign up for email subscriptions to gain access to certain perks like special promotions, early-bird offers, or insider information. This means those individuals are customers that are already interested in the product/service you offer.
And so, rewarding this customer loyalty by employing special offers related to certain events across the year (like holidays, year-end specials, etc) is a great initiation to keep customers engaged with your brand.
Additionally, a personalized retention email such as a birthday treat offer can be quite successful. Here’s a great example of a birthday offer email from Omaha Steaks that offers a free cake along with a 10% discount.
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The email also highlights subtle notes of personalization, starting with its subject line. Now, with such attentive craft, customers are bound to stick with you much longer than expected.
Regularly handing out rewards also helps ensure your audience remains engaged & continues with investment in your products/services.
5. Frequently Propose Re-Engagement Emails
With thousands of products and services made available, it can be easy for customers to quickly lose interest and move on in an instant.
This is why re-engagement an email campaign can produce tremendous results as they can bring back those previous customers and even leads that may have lost touch with your business.
Now, this particular strategy of email marketing isn’t really for existing customers but rather for those missed connections.
You can utilize customer relationship management or CRM tool to track your customer engagement. Establish online customer retention emails that get triggered when individuals haven’t engaged or interacted with your business in a while.
You can also direct re-engagement emails to individuals that unsubscribe to your service, as a clever attempt to attract them back or change their minds. Here’s an example from Netflix:
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With re-engagement emails, the most effective ones usually include some type of special offer or even discounts. Of course, the discount won’t be a permanent one but instead something that can get them active again. For instance, free shipping or 10% off a service subscription for a while.
In terms of increasing customer loyalty and retention, an Email campaign no doubt provides the most efficient & effective marketing channel. It’s important to allocate proper time & resources to ensure customer retention and email marketing definitely plays a vital role in reinforcing this.
Once you begin to identify a certain email marketing goal that caters to your existing customers, all you have to do is follow up and execute it well enough to keep your customers loyal.
Now, these are only some of the strategies used to retain customers and there are plenty of factors that can influence a customer's decision to stick around and continue with your brand. Therefore, make sure you’re keeping consistent customer service to ensure a maximum customer rate.
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