6 Best Ways to Retain Customers and Increase Business ROI
Excerpted from The Real PBX blog post by Naina Rajput
We all have heard that acquiring new customers in a business is very important, to achieve success and to earn more profit.
Is it so? Or is this the single strategy on that we should focus on?
It sounds like a confusing question, but it is not so true that acquiring new customers is the only effective way to increase business ROI. Customer Retention is something that is fuel to higher business growth.
Keeping existing customers is equally important as gaining new customers for your business. If you make efforts to retain the customers, it not only saves time but also increases brand loyalty.
That’s why you should always make your business strategies in such a manner that they help you to gain new customers along with keeping the existing ones.
Still, if you have doubts about retaining the old customers and how it can be a good marketing strategy to get success, here are some statistics that will help you in making the decision.
- More Affordable– According to econsultancy, “Attracting a new customer costs five times as much as keeping an existing one.”
- Increased Loyalty– According to American Express, “Old or existing customers buy more often and keep coming back again and again.”
- Get Referrals– According to American Express, “Satisfied and happy customers are more likely to refer a business with their friends and family, that brings new customers, free of charge.”
- Higher ROI– According to Bain & Company, a 5% increase in customer retention produces more than a 25% increase in profit.
Stay tuned for Part 2 of this article in next month’s newsletter edition…
Did You Know?
By Jennifer Troyan
Welcome Wagon can do small to long term digital ad campaigns using email marketing and social media ads on FB & Instagram. We also have a couple of inexpensive postcard options to JUMP START or enhance your current ad campaigns.
We can reach new movers, homeowners and/or renters, general demographics, existing residents, general population, etc.
This is a time for trying new things and testing new products. Many businesses have had to change or adjust their marketing plans in response to COVID. Now is the time to boost your reach (or expand your audience).
You can do this to promote upcoming or future events, seasons, holidays, sharing information.
Measure and track your ads performance to create metrics that leads to new goals and increased performance (with your business and its ads). Be sure to include your budget and spend.
Business Spotlight
Alvin J Singleton Roofing Contractors is a wonderful business in sunny Sarasota, FL. They are family run and have been in business since 1969. Their tagline says it all: “We Top ‘Em All With Quality.”
This is a business that comes with an exceptional level of experience and quality roofing contractors. They can handle all types of roofing work such as re-roofing, roof repairs and new construction.
Alvin J Singleton Roofing Contractors advertised with Welcome Wagon back in the 2000s and have recently come back. As the Vice President, Amy Singleton Fulton, says, “With so many people moving into the area, this is a positive to advertise with someone like Welcome Wagon.”
We wanted to highlight them for their great work as well as their deep roots in their community! Both Amy and her father Alvin (aka Al), Owner & President serve on several Boards and support local youth athletics with causes near and dear to their entire family.
Just to name some of many, Al serves on the Board of the World’s Attic & Sarasota County’s Licensing Board. Amy serves on the board for Healthy Start of Sarasota & Sarasota High School’s S-Club Alumni Letter Winners Association. During the pandemic, Healthy Start has given away diapers, food, and formula to those in need.
To celebrate their 50th Anniversary of being in business they did a charity roof for Sarasota Ringling Redskins Youth Football Program Complex. They are a business to be proud of working with!
Check them out: SingletonRoofing.com
Refer a business to Welcome Wagon and be entered into a drawing to win a $100 Amazon Gift Card
Email: hello@welcomewagon.com and put “Referral” in the subject line and tell us who you are referring and you will be entered to win the gift card.