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Email marketing has become one of the most valuable tools to both increase and measure customer retention. This is because email marketing is a cost-effective and easy way to target your specific consumers.
In 2021, it was estimated an astonishing 319.6 billion emails were sent and received each day worldwide. While there’s a certain allure that comes with capturing new customers, keeping customers coming back continually will result in a greater ROI. Even more of a reason to start investing your time and money into a customer retention strategy.
Email marketing plays a fundamental role in delivering an effective customer retention strategy.
Targeting your customers through email marketing can both educate and add value to your product and remains one of the most powerful forms of communication available to any business. But crucially it is a direct line of communication between you and each individual member you serve. In this case your existing customers.
A well-designed email can quickly help you:
Use your email marketing as an extension of your other communications and show your customers that you know them well by tailoring content based on their previous engagement and by sending them relevant emails. This is supported if you consider emails with personalised subject lines have a greater open rate than those with generic subject lines.
So what emails work best?
Welcome emails | Ideal way to welcome new customers and remind them why your product is of value to them
Friendly reminders | Sent at the right time after cart abandonment, or when in need of a replacement product or renewal of their recurring service will result in a repeat customer.
Exclusive offers | Encouraging your existing customers with news of regular offers or a loyalty program can help maintain interest and generate additional sales.
Customer communication | Is deeply underestimated, requesting feedback from current customers demonstrates that you appreciate their input, and the feedback can also be used to improve the services you provide.
Re-engagement emails | Target the missed opportunities, especially effective in customers who have stopped communicating or cancelled their subscriptions.
Sending gifts | It’s a small gesture that shows your customers that you care, especially if it’s personalised.
The fact that acquiring a new customer is at least five to 25 times more expensive than keeping an existing one makes it hard to believe why companies still devote most of their resources to new business. This focus on the present will jeopardises your future.
Don’t get me wrong, new business is fantastic, just not at the expense of your loyal customer base.
Not only is loyalty cheaper it has a better return, with a customer base that is more forgiving and with a tendency to explore more of your brand (basically they are open to buying more) this is why customer retention is a critical topic for any business that wants to future proof their business, secure its profits and maintain its market share.
If you don’t start now, the chances are your competition will secure those customers that dropped off and then you’re left with a huge budget dedicated to new business that will cost significantly more in the long run.
Customer retention strategies that work
Not every strategy will work for every business, there are many ways in which to encourage customer retention, for more strategies speak to one of our team!
If you would like more information on how to compose the perfect email, take a look at our email marketing 12 point checklist or follow us on LinkedIn for more tips.
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