Step 4 – Customer Retention
Bringing in new customers is hard, but losing them is easy and costly. That’s why customer retention is critical. Increasing customer retention by 5% increases profits 25-95%.
To shift the focus from acquisition to retention, Consider updating CRM,, Become your customers’ trusted advisor and keep your customer happy, Send frequent communications, Interact on social media, Turn complaints into opportunities, Run loyalty programs etc.
Customer retention will give you visibility, trustworthiness and competitive edge to stand out in your industry and hold onto your hard-earned gains.
Step 5 – Optimal Channel and touch points
Several direct marketers were able to improve the effectiveness of their programs by implementing optimal contact management strategies and incorporating the impact of reconnecting into their audience selection strategy.
Communicate with your audience on all the channels they leverage, including web, mobile, and email. Dr. Jeffrey Lant’s “Rule of Seven” states that you must contact your buyers a minimum of seven times in an 18-month period for them to remember you.
Knowing that you need a minimum of seven touches, calculate upwards from there based on how much information you need to convey. If you can address your target account’s specific business challenges and give them the information they need to make a buying decision, your company earns their trust and gains credibility.
Step 6 – Measuring Results and Iterate
Database Marketing allows you to manage members, events, and contacts while at the same time keeping in touch with customer feedback and behavior. So how do you know if it’s working?
The great thing about Database Marketing is that everything is measurable, from open rates and click-through to sales. But from the outset, be clear about what you want to measure. Your goals might include increasing sales, generating leads, encourage referrals or getting a booking for an event.
Once you’ve identified your goals you want to measure, identify the performance indicators you’ll use to gauge progress towards those goals. This could be in the form of the volume of leads generated, conversion rates, average sale value, and the number of new purchases, revenue, and net profit.
Finally, the most important thing to remember is to put your findings to work – refine and develop future Database marketing campaigns based on your results. Each campaign you run gives you better and more accurate statistics about you. Record all feedback, track, and yardstick your success from the very beginning to improve your strategy.
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