Plain and simple, without corporate growth that is paired with customer retention, a business will flounder at best. At worst, it will cease to exist in a short amount of time. Think of it this way, a one time sale will keep the lights on for a month, but continued revenue will not only pay salaries, but allow for new opportunities. Regardless of where a business currently stands in their relationships with customers and their bottom line, a concerted effort to not only build new relationships that exist over the long run is critical. Rahul Mirchandani, the chief product officer at Dream11 put it best, “Growth and marketing retention have moved beyond being buzzwords. Digital brands do need to invest in rapidly scaling their user base, but helping customers fall in love with your product and building loyalty through non-intrusive and value-adding engagement is a whole different ball game.”
If what Mirchandani said is not persuasive enough to cause you to pay close attention to brand loyalty strategies that attract and retain new customers, then may be time to look at an alternative career path. If he piqued your interest, dive into the tangible examples of how to create growth and retention.
Attract: Reimagine your online presence
Loic Claveau, CMO of TakeUs, a brand offering collateral-free NFT rental and mortgage platform. They believe a widespread and intuitive digital experience for potential new customers should never be overlooked.
“There was a time when businesses lived and died based solely on the interpersonal and professional relationships they had. This element still exists but it is not nearly as impactful as it once was. The internet has taken its place. Unless you’re some generational business, you need to continually inform people of who you are and what you’re offering. The internet is the best place for this, but the average user is pretty picky. You need to ensure every aspect of your website and social media pages are functional, enticing, and informative. Not doing this is a bit like choosing to run your business in the dark ages and will only alienate a user.”
Attract: Provide solutions
Diamond Mansion specializes in designing & customized premium engagement rings. Their CEO and Founder, Omid Semino, suggests going above and beyond to answer to the needs of the public.
“When you’ve spent any noticeable amount of time in business while trying to sell something, it’s easy to lose sight of the customer’s perspective. Remember, it is often the case that people are making a purchase because they have a question. These questions are very wide ranging such as, ‘An item in my home is broken, what is the part I need to fix it?’ Or ‘I’m in need of a new phone case, what is available?’ Customers ask questions and if you can find a way to provide direct solutions to these questions, then you’re in business. It might be as straightforward as getting involved in an SEO marketing campaign.”
Attract: Understand the audience
Continuing to interact with the “right” people is highly paramount to finding success. Emjay is a business providing a selection of premium cannabis products. Their CEO, Chris Vaughn, considers the approach helpful.
“Say you run a clothing line which focuses intently on the modern trends of what people between the ages of 20 and 30 are wearing. No matter how you look at it, this is a specific audience. It really wouldn’t do you much good to spend time throwing general marketing campaigns at the wall and hoping something sticks somewhere amongst general America. Based on the line of products you offer; you know who should have interest in them. Once you begin to understand who your products are intended for, you can begin to learn what makes them tick. Here is where you can find true corporate progress provided you can make use of the information you uncover.”
Retain: Loyalty program
Lina Miranda, VP of Marketing at AdQuick, a brand offering a marketplace to buy and sell outdoor advertising. They advise others to investigate the possibility of a symbiotic relationship created by the company.
“When people find a product or brand they enjoy, they tend to stick with it. For companies that have designed products which naturally lend themselves towards this, it can prove massively beneficial. But companies can take it a step further by building a loyalty program. If it’s put together right, people who are already interested will be more likely to make additional purchases because the company is providing additional value on top of the item being exchanged. Both parties get more than one thing they want, and this can only mean good things for that company’s future.”
Retain: Let them know you’re listening
MOSH specializes in expertly crafted protein bars. Their Co-founder, Maria Shriver believes there are few stronger demonstrations of caring for customers than hearing them out and letting know so.
“Customer retention is a hairy beast and working to not only simplify it but delegate it as well will make this possible headache far less likely to appear. One way of going about this is to make your company available to customers to communicate their thoughts and opinions to. From chat rooms, to email portals, phone lines, or social media, there is no shortage of options for connecting with customers and making it apparent that you want to hear from them. This does more than just make your customers feel good, most times there are helpful ideas or comments from them that can elevate whatever it is your company does.”
Retain: Keep marketing
Just because someone has made a purchase does not mean the attempts to advertise to them need to stop. Patriot Coolers is a business providing a collection of coolers and insulated drinkware. Their Business Development Manager, Marcus Hutsen, proposes continued publicity.
“The world of business can be fickle and marketing within that can be even more so. Someone browsing social media and clicking one of your advertisements doesn’t mean much. Even if that person spends their money on your product, the only real meaning is that you made a profit. But it does indicate one truth which you need to make a priority – the person who made that purchase has some level of curiosity or more. This seemingly tiny piece of information can be advantageous. Basically, you’re just going to follow up with these people continuing to push marketing efforts in their direction. It’s logical once the idea is out there but I don’t blame you if it’s never crossed your mind before.”
Hand in hand, customer attraction and retention are powerful tools. However, the right team of people must be responsible for using said tools. The founder of Amazon, Jeff Bezos, said as much, “We see our customers as invited guests to a party, and we are the hosts. It’s our job every day to make every important aspect of the customer experience a little better.