Building customer loyalty
It’s well understood that it is more costly to find new clients than it is to retain existing ones (although someone needs to tell the mobile phone industry this!) so what is your customer retention strategy? (Let me give you a hint here; over servicing or discounting are not good answers!).
Building customer loyalty in a time when customers often just look for the cheapest option is tricky. How do you do this? Well one way to retain clients is to demonstrate tangible results – ROI (Return on Investment) in finance speak. We all know this is an ongoing challenge for agencies, especially since many aspects of what is delivered can seem intangible. Yet if we can show a return on the investment then we can get the buy-in of not only the marketing folks but also finance and the CEO.
However, consider this, rather than measuring ROI (which fundamentally is a financial term) maybe we should be measuring customer engagement (which after all is what marketing is striving to achieve). Customer engagement is about loyalty and satisfaction. How do you measure this? Well let’s get together and talk!