Growing your company’s client pool is very important. Everyone is out there implementing new strategies for outreach, new inbound marketing techniques, and exciting deals for the customers that come through their door. This is all well and good, but is it actually effective to be placing an emphasis on customer acquisition, when there could be an easier-lift option to raise the profitability of your business?
In a survey conducted by Invesp, new customer acquisition is five times as expensive as retaining an existing customer making finding, contacting, and converting new customers a very difficult and costly task.
One way to make more out of your marketing budget is to start focusing on delivering value and building an ecosystem around the customers that you already have.
Keeping in mind that, according to Forbes, there is a $136.8 billion yearly loss sustained by companies from avoidable instances of customers switching to other business.
Once a customer walks through your virtual or physical doors and buys their first product, it is important to make sure that the entire experience of this customer is noted and used by the brand to find ways of making them come back. It is important to maintain constant communication channels with the client, so getting their information and adding them to a mailing list that you have becomes a high priority. What’s more, your brand must make sure to have a program in place which focuses on building up customer loyalty and does so in a way that stands out from the rest of the competition.
With an abundance of companies already offering seasonal discounts and promotions on lines of clothing, you must look to build a relationship with your customer that makes them feel special and valued. An emergent way of doing that is by implementing a customizable loyalty solution, which is gamified and keeps the customer wanting more. When thinking about loyalty solutions, your team should be putting your brand at the forefront of everything you do, so that your customer does not feel like the only benefits he could receive from continuing to be your customer are additional incremental discounts. Step into your brand’s shoes, think about what kinds of experiences and activations your brand would like to promote with a loyalty solution?
With Bubblehouse, your business will have the ability to rewards clients with specific rewards based on actions that will allow your brand to reach the goals you desire. You can pick any measurable event to be the trigger for redeeming a digital collectible: attending events, referring friends, purchasing certain items from certain collections. Whatever it may be, Bubblehouse can help you reward your customers in more creative ways than could have been done before.
Instead of constantly investing more and more money into new ways of bringing in fresh customers, try to set some marketing budget aside for programs to keep the customers you already have loyal to your brand. Putting some thought into creative ways of catering to your existing consumers will reduce your purchase cycle, incentivise customers to purchase more for your brand, and create authentic brand ambassadors who will spread information about your brand via word of mouth marketing.
Get in touch with Bubblehouse today to start your free pilot and transform your customer loyalty in the easiest way possible.