10 TIPS ACQUISITION & RETENTION TEAMS CAN ADOPT FOR SUCCESS
We all know the adage; it is five times more expensive to acquire a new customer than to retain an existing customer. More than 50% of companies spend more time and money on getting new customers through the door instead of trying to keep their regular customers coming back.
- Develop a customer focussed culture. Connect listening to customers to action.
- Link acquisition KPIs to long term customer value, not just cost per conversion or volume of conversion. Ensure retention metrics are robust and are designed to deliver customer value and growth. Closely monitor conversion metrics and KPIs.
- Develop a single customer journey from acquisition, onboarding, cross sell, upsell and win back.
- Share insight and learnings – this is key! Base them off common data and definitions so that they tell a consistent story.
- Develop test and learn scenarios across both retention and acquisition functions. Refine and test again.
- Ensure a seamless omnichannel experience. Identify customers across all channels and unify all their transactions and engagement. Use these insights to identify channels that generate the most loyal customers and invest in these same channels as a source of acquisition.
- Innovatively use products existing customers love, to attract new customers. Adapt and apply successful acquisition strategies to dormant, churned customer bases that you wish to activate.
- Build a compelling case for your business as a unified team by demonstrating the value of a consistent journey. Often leadership believe filling up a leaky funnel will achieve a healthy customer base. Whereas it’s as important to prevent the leaks as it is to fill up the funnel.
- Engage with and reward both new customers, long-standing, high & low value customers and even customers who are no longer active. Make customers feel like you care about them even after they purchase your product or use your service for the first time. Creating touch points after the customers first experience gives them a reason to want to come back.
- Evolve your offerings with your customers’ journey. It’s about advancing and deepening the relationship. Failing to identify or recognise the evolving needs of your customer will most certainly result in losing a costumer.