Eva Martinez, CPA
How You Can Leverage Assets Hiding In Plain Sight…
Updated: Jul 12, 2022
Using proven campaigns, strategies and resources to help you grow your sales, profit and cash-flow faster than you ever imagined...with an asset you already own...
Regardless of your specific business, there's no denying the benefits of keeping existing customers engaged with your business. Repeat customers are more likely to come back, engage with you on other marketing channels, refer you to their friends and much more.
Here's where it gets interesting. Research shows that repeat customers tend to spend around 67% more than first-time buyers. This statistic means if you can keep existing customers coming back, you're likely to see a boost in your average order value (AOV) and in profits.
It's also worth noting that it costs 6-7x more to convert a new visitor into a customer than it does to retain an existing customer. So, if you're interested in improving your profitability and lowering or diverting your marketing costs, improving your customer retention is the way to go.
While new customer acquisition is also vital for any successful business, reactivating dormant prospects and/or buyers can be an important income source and a key way to minimize the “leaky bucket” aspect of a sales process.
A highly effective sales and marketing campaign involves multiple touch points. Numerous studies have shown that a customer might need to see your marketing message as many seven times before they are ready to buy. Adding automated messages via multiple communication channels as part of a comprehensive strategy allows you to combine efforts across multiple platforms (email, social media posts, text messages, voice messages, etc.) will improve your conversion results.
According to Return Path, a typical company has a database of email subscribers, of which some 25-50% are inactive. These subscribers have shown interest in your brand, and perhaps they’ve spent some time and money with you. But if they don’t “hear” from you again, they disappear.
You’ve paid a pretty penny to get those buyers in the first place…
Might as well get them to come back and buy again and again.