4 ROI-Boosting Customer Retention Strategies to Grow your ARR! ??
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Did you know that your current customers or clients hold the key to growing your annual recurring revenue (ARR)?
It’s true! There’s a 60 to 70% chance you’ll sell your products or services to an existing customer, and only a five to 20% chance you’ll sell to a new prospect.
Focusing a larger portion of your marketing efforts on the people who already invested in your business can help you fuel business growth.
And in this Revenue Weekly edition, we’re going to tell you how to do just that.
Watch the video below and then keep reading to discover our top customer retention strategies that will help grow your ARR!
1. Provide an excellent customer experience
When you provide an unforgettable and seamless customer experience, people take notice, and they’ll keep coming back for more.
You want to make sure your team is helpful and knows how to handle both happy and angry customers — whether they’re interacting with them in person, on the phone, or online.
Plus, you’ll want to optimize your products or services to ensure they meet the needs of your customers.
Not sure how to improve your customer experience? Customer reviews are a good place to start! Try using a review manager tool, like ReviewBoostFX!
A valuable feature in our revenue acceleration platform, MarketingCloudFX, ReviewBoostFX helps you easily view and manage your brand’s reviews at a glance.
This tool also allows you to send out automated emails to your customers asking for feedback on their recent experiences.
Get more reviews with ReviewBoostFX
2. Offer rewards for customer loyalty
84% of consumers say they are more likely to stick with a brand that offers a customer loyalty program.
With numbers like that, you’ll want to jump onboard the customer loyalty program train for your brand to keep your current customers returning to your brand when it comes time to make a purchase.
Consider rewarding your customers with points or discounts for repeat purchases. Take this loyalty program from Starbucks, for example.
In this loyalty program, customers can earn points, or in this case stars, every time they make a purchase. Once they reach 150 stars, they get a free drink, encouraging them to continue making purchases to earn their free reward.
Leverage customer data with MarketingCloudFX
3. Stay in touch with email
Keeping your brand at the forefront of your customers’ minds is critical when it comes to encouraging them to purchase from your brand again.
And email is one of the best ways to stay in touch with your customers and build long-lasting relationships that turn into brand loyalty.
With a handy email marketing tool, like EmailMarketingFX, you can send personalized, automated emails that provide your customers with product recommendations based on their previous purchases.
Drive repeat purchases with EmailMarketingFX
Improve your customer retention and ARR with WebFX
Retaining your customers and constantly improving your ARR is no easy feat.
Now more than ever, it’s essential to implement the right strategies at the right time to ensure your company earns the highest possible return on investment (ROI).
WebFX can help with that.
Not sure which strategies will help you earn the highest ROI? With over 25 years of experience under their belt, our team can advise you on which strategies and processes will help you retain your customers and boost your revenue.
Don’t have an in-house team that can implement your strategies? With over 500 subject-matter experts and "do-it-for-you" digital marketing services, we can help you with every aspect of your digital marketing campaign with no effort on your part.
Become your company's revenue driver. Get in touch with us for a proposal.
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