Depending on who you ask, retaining customers is either valuable — or really, really valuable.
By some estimates, a repeat customer is the equivalent of striking gold. One study found that increasing customer retention rates by 5% increased a business’s profits by 25% to 95%. On the other hand, the cost of acquiring a new customer can be steep: anywhere from five to 25 times more expensive than the cost of retaining an existing one.
Cut down on expenses and increase your profit, all in one marketing strategy. Customer retention doesn’t have to be complicated, especially when your business is well established. Focus less on reaching new customers, and more on increasing the frequency and spend amount of the customers you already have. Here are five ways to increase customer retention and start growing your revenue to new heights.
Did you know that according to a survey conducted by National Institute of Securities Markets (NISM) the average financial literacy rate in India is about 20%? This means that only one-fifth of the population knows about financial products and their functions and use. That is a very, very small number considering we have a population of 120 crores and counting. The very fundamental problems embedded in our mindset and culture is one of the main reason why our financial literacy is so low. It’s high time we change that.
If you’ve dabbled in marketing, PR, or business, you’ve probably heard the phrase “content is king,” which was coined by Sumner Redstone (founder of Viacom) in the mid-’90s. It was an exciting era for electronic communications and marketing; Japan began to manufacture DVDs, a little auction company called “eBay” took off, and the number of Internet host computers jumped from 1 million to 10 million.
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“Content is where I expect much of the real money will be made on the Internet, just as it was in broadcasting.
The television revolution that began half a century ago spawned a number of industries, including the manufacturing of TV sets, but the long-term winners were those who used the medium to deliver information and entertainment.”
Coca-Cola unveiled their answer to the content marketing trend through the Coca-Cola Journey. According to Ashley Brown, Director of Digital Communications and Social Media, Journey will provide content related to all drinks produced by the company and will be home to a vast amount of Coke-related content. More like a magazine than a typical company website, this massive content investment shows a commitment to gaining a “disproportionate share” of public interest, according to VP of Global Advertising; Jonathan Mildenhall. It also shows that the company has taken the global lead as a branded content producer.