Customer Retention – The Lost Art (And Science) Of Marketing
In the past, understanding which marketing programs delivered the best results proved challenging. Today this is no longer the case. Marketing departments are swimming in data. But the key to demonstrating ROI from Marketing lies in utilizing the latest tools such as marketing automation and the all the data available to the modern marketer to make the right decisions that drive business results.
The goal of marketing is to get and keep customers. And while much of the time, effort and money spent in marketing involves the process of getting new customers, focusing on keeping the customers you already have often provides a much higher return from marketing investments.
Marketing automation tools provide the data and the insights marketers need to determine how to increase customer retention, how to acquire more of the right kind of customers in the first place, and how to determine an optimal marketing mix to deliver on the results executives are expecting.
The importance of customer retention as a marketing objective
Marketing programs are often tied to 3 main objectives: Brand Awareness, Engagement, and Conversion.
But there is a fourth, often forgotten objective: Customer Retention. This is despite tremendous amounts of research showing that acquiring a new customer is anywhere from five to 25 times more expensive than retaining an existing one.
It makes sense when you consider that keeping a paying customer is easier than finding, convincing and converting new ones.
Research conducted by What Marketers Say: Marketing Automation No-nos
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