11 Shocking Stats That Will Transform Your Marketing Strategy
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The document discusses the importance of customer retention for marketers, highlighting that it's more cost-effective to retain existing customers than to acquire new ones. A study revealed that only 14% of companies excel at customer retention, with successful organizations seeing substantial benefits such as increased market share and reduced churn. To improve retention, companies should focus on personalized experiences, data-driven email strategies, and optimized acquisition approaches.
11 Shocking Stats That Will Transform Your Marketing Strategy
- 2. If you’re a marketer, you can probably answer the question:
- 3. Why is customer retention important? Because it’s so much more cost-effective to entice an existing customer to buy again than it is to acquire a new customer...
- 4. See? We knew you knew the answer.
- 5. But here’s another question (or 3): Who is actually excelling at retention? How are they taking advantage of retention? Does focusing on retention really pay off? 1 2 3
- 6. We just couldn’t find the answers to these questions, so we decided to fix that.
- 7. Approach customer retention Leverage customer retention throughout their enterprises 1 2 We teamed up with Forbes to find out how 300 retail and media executives:
- 8. The study revealed that just 14% of overall respondents are absolutely crushing retention.
- 9. So what are these companies doing right?
- 10. Leaders at companies like The Economist, Marks & Spencer and Haymarket Media shared with us how focusing on retention really does pay off in terms of: Increase market share Decrease customer churn And more predictable profitable revenue
- 11. So let’s dive into what we discovered...
- 12. Retention-focused organizations grow faster.
- 13. Retailers and publishers who increased their spending on retention in the last 1-3 years resulted in a near 3x higher likelihood of increasing their market share in the last year.
- 14. But don’t worry marketing teams: retention is not purely a marketing focus.
- 15. According to the survey, management teams spending more on retention are 2x as likely to understand the impact of CLV on revenue and growth.
- 16. What’s more - companies focused on retention are nearly 50% more like to consider projected long-term profitability growth when making decisions about customer strategy.
- 17. But it takes more than focus to translate your strategies to success…
- 18. It takes modernizing your marketing to really move the needle because acquisition and retention are… just different.
- 19. Acquisition is about the masses, and at its best, it’s about segments.
- 20. Retention is about you and me - individuals. Real people. Actual customers with names and individual interests, preferences and histories with your brand.
- 21. To retain customers and create loyalty you need to focus on 3 things.
- 22. 1. Individualized experiences. Coordinating your cross-channel campaigns are just not enough anymore… you need to personalize them.
- 23. 2. Data science driven email. Email continues to drive high ROI. Using data science to automate personalized recommendations, send times and more - retailers and publishers can increase email revenue, reduce subscriber churn and increase CLV.
- 24. 3. Optimized acquisition. Yes, smart acquisition has the power to help you exceed your retention goals. An informed acquisition approach can decrease new customer acquisition costs AND increase CLV.
- 25. Do these modern marketers exist?
- 26. YES! That 14% of companies crushing retention that we mentioned earlier...they are the Retention Gurus.
- 27. The Gurus are connecting acquisition and retention and they rate their performances as being above expectations! 100% in achieve retention goals 88% in achieving acquisition goals
- 28. Retention Gurus understand more about their customers and key metrics.
- 29. Like...their most valuable acquisition channels (95%), customer lifetime value (95%), and customer churn rate (84%).
- 30. Churn impacts all organizations, but the Gurus are 36% more likely to see no increases in customer attrition year- over-year.
- 31. The benefits of retention are clear.
- 32. So we ask you this...
- 33. Are you focused on retention in your organization?
- 34. Do you have the technologies needed to deliver a modern customer experience?
- 35. Will you be known as a leader who drives success in this modern era?
- 36. You can get back to us on those… but in the meantime check out this guide to help you plan for 2017 and incorporate in your overall goals!
- 37. Sailthru is the largest sender of personalized email in the world. We are the leading choice for modern marketers and retailers like Alex and Ani, Everlane and Betabrand for campaign management across email, web, and mobile. To see Sailthru in action, contact us at 877 812 8689 or visit Sailthru.com for more information.