Businesses can offer additional perks to retain their most valued customers

New Ideas in MarketingEssential news for marketers, summarised by YouGov
July 08, 2019, 5:12 AM UTC

This can help build a solid brand reputation through word-of-mouth marketing.

The article notes that the cost of customer acquisition is at least five times more than that of retention, for any industry. This piece recommends ways of retaining existing customers.

Companies should identify and reward their most valued customers or “whales”. These are the customers who purchase products from the brand repeatedly. Giving them additional perks, exclusive discounts or access to mega-events helps businesses retain them. These customers can help build strong brand reputation through word-of-mouth marketing.

Marketers shouldn’t be entirely dependent on automated responses to interact with customers. With sufficient amount of personal interaction over emails or telephone, they can improve customer experience to a large extent and ultimately boost customer loyalty.

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[3 minute read]