I firmly believe that if print providers want to grow their sales, the first order of business should be a greater focus on client retention efforts. A marketing strategy that places a greater emphasis on client retention than on new client acquisition will yield the greatest results.
I’ve included my thoughts to accompany some interesting statistics below.
- Acquiring new clients costs 5 times more than retaining existing ones.
- 68% of customers leave because they perceive you are indifferent to them1. Customers need constant assurances that their business is appreciated. Your competition is doing all they can to make them feel wanted. How do your retention efforts stack up?
- 50% of people prefer the convenience of electronic interaction over face-to-face2. Do you have an effective online strategy for staying engaged with existing clients?
- A 5% increase in customer retention can increase profits by 75%3. Wow, think about the cumulative effect of that.
- Repeat customers spend 33% more than new customers4. If you’re a printer, think about how much easier it is to promote additional services once you have established trust.
- If you resolve a complaint quickly, 9 out of 10 customers will do business with you again. See next point.
- Almost 50% of people are less inhibited about complaining once they get online. How many printers have an online (email, landing page) customer satisfaction process that they utilize for each completed job?
- 80% of companies believe they deliver a superior customer experience but only 8% of their customers agree.5 This one should floor you. Printers should note that the customer experience often starts with your website.
The most effective way to retain customers to not lose touch with them. Stay engaged electronically, with print and in person. It just requires a plan and a commitment. If you would like discuss customer retention marketing strategies, please reach out to me anytime at firstname.lastname@example.org.
1retentionofcustomers.com, 2emarketer.com, 3bain.com, 4Laura Lake, 5Bain & Company from Harvard Management Update