Another company that helps organizations increase conversion rates claims it costs five times more to get a new customer than to keep a current one. Here are more reasons why you should give attention to your existing customers when it comes to marketing.
Marketing improves retention by reminding existing customers that your company still exists and it is ready to offer them the best services. The most effective way to do this is to understand each customer’s needs and market to them in a way that is tailored to their current interests.
If you have a large membership, it might feel like a daunting task to understand each of your members. With good membership management software, you’ll be able to study your customers’ buying habits and know their interests so you’re in a better position to customize your marketing.
Current customers are already familiar with your products or services and they know the level of quality you provide. As long as you maintain that level, it will be easy to convince a current customer to buy more or to try other products. Since those customers have a better understanding, selling to them is not only easier but it’s also less costly as it involves little effort.
In addition to the benefits described above, there’s another valuable benefit of marketing to existing customers. These people will usually do free marketing for you by informing others about the great quality of your products. So, consider marketing to your current customer base more and use membership management software to study what interest them the most!
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