How to Destilation Your Favorite Materials for Drink

If you run your own business, you know it’s essential to focus on acquiring new customers and keeping existing ones. The type of customer you focus on depends on where you are in your business journey and your budget, but both should always be on your mind.

Did you know it’s six to seven times more expensive to acquire new customers than to retain them? Plus, brand-new customers don’t have the loyalty that existing customers might, so you could spend a ton of money on new customers without seeing a net positive result.

In an economy where customers are spoiled for choice and picky about which companies they spend their money with, it’s harder than ever to grab their attention — and keep it. So once you acquire new customers, it’s in your best interest to focus on making them loyal customers instead of grabbing as much market share as possible. The stats don’t lie: a five percent increase in customer retention has the potential to positively impact revenue by 25–95%. Awesome, right!

How do you improve customer retention, you ask? Let’s walk through the value of data and loyalty when it comes to retention — and a few strategies you can implement right now.

Brand Loyalty Is More Important — and Fragile — Than Ever

Brand loyalty is rapidly becoming less of a concern for consumers. Nearly 40% of US consumers tried new brands or products because of nonexistent stock or smaller budgets, and many are looking for more value with less spending.

Because of this, it’s rare for consumers to feel loyal to a brand — and even rarer for them to remain loyal through thick and thin. Any business with loyal customers in today’s economy should hold on to them as long as possible.

Creating and nurturing brand loyalty is a cross-functional effort. While customer success teams typically hold much responsibility for this, marketing is just as responsible. The two teams can work together to make the customer experience as frictionless as possible; the easier it is to do business with you, and the greater the value of your product, the more loyal customers will be.

Acquiring and retaining new customers isn’t just an internal effort — it’s an external one, too. One of the most significant ways customers show that loyalty? Referrals! Brand advocates can act as an extended arm to your marketing team, promoting your business to their audience and generating new revenue for zero additional cost.

It’s All About That Data

By analyzing that data, you can segment your customers into granular audiences based on that information, depending on the type of campaign you want to run.

With those segments, you can begin to create messaging, creative, special offers, and more when building and optimizing your retention strategies and campaigns. Plus, using a tool like Postie to gather your data, you’ll take advantage of multiple data sets and models. Postie uses three data sets, each with unique features and strengths, providing your business with better, more varied data to work from.