Do You Know Who Your Most Loyal Customers Are?
If you work for, or own, a small business, hopefully you can answer this question in the affirmative. But, if your company is larger, it may not be as easy. Well, guess what? You’re not alone.
According to a recent survey by Acxiom & Loyalty 360, less than half of company executives agree that they know who their most loyal customers are, and the best way to reach out to them and get them to engage with their brand. What’s worse is that the vast majority (over 84%) use customer retention marketing strategies, but more than half believe these strategies are not working!
There’s a good reason for this. There’s not enough money being allocated to customer retention strategies. Even though more than 57% of respondents plan to increase their budgets for marketing retention over the next two years, there are still 6 in 10 allocating 20% or less of their budgets to these strategies. Yes, it’s time for catch up!
Research tells us that it takes 6-8 times more money to acquire a new customer than to retain an existing one. Ignore your customers and they may walk. Delight your customers and there’s a stronger reason for them to stick around.
Read the entire post: “5 Social Media Tips for Finding and Engaging Your Target Audience: New Research” at Social Media Examiner.