The purpose of retention marketing is to increase sales rates and volume per transaction while focusing on your present client base. It focuses solely on existing consumers to ensure that they stay with you and become repeat customers.
Getting new consumers is critical, but keeping existing clients is crucial for long-term business success. Because mass text messaging and SMS promotions are subscription-based, they are only available to your existing consumers.
They can thus become a significant tool for enhancing customer retention if used correctly. Mass texting has a 98 percent open and read rate, which is significantly greater than 22 percent for emails, 29 percent for Tweets, and 12 percent for Facebook postings, according to statistics.
Return customers are the key source of revenue for most firms, according to research. So, why do businesses concentrate on extending their subscriber lists when their most valuable assets are already enrolled?
So here is why you should never forget to thank your current subscribers.
This Is Why You Should Retain Your Existing Subscribers
Retention Marketing Costs Less
According to some research, attracting and acquiring a new customer costs a business anywhere from five to twenty-five times more than keeping an existing one. Consider whether it is in your company’s best interests to forego that many potential earnings with no certainty that your new customer will stay.
SMS marketing software is an excellent option for both a growing company and a tight-budget marketing department. It adds value to your clients and your business, which is all any marketing effort should do.
Loyal Customers Are More Profitable
Customers who engage with your company regularly are 90 percent more likely to purchase than those who are less invested. Furthermore, they spend 60 percent more per transaction on average. On average, existing loyal customers generate 23 percent more income than new consumers.
When it comes to getting feedback on your bulk texting offerings, long-term, loyal consumers are also a great resource. They can provide invaluable knowledge, and you can pick their brains to develop a plan that boosts client pleasure and, ultimately, profitability.
Word Of Mouth & Referrals
People might be stunned to discover that, despite the money you spend on advertising, it’s not the most effective approach to attract new consumers.
Your most significant source of advertising will almost certainly be word-of-mouth recommendations. When it comes to purchasing, studies reveal that 82 percent of us seek recommendations from our friends and relatives. The payoff might be exponential if a customer refers someone to your business because you have amazing SMS deals.
This is especially true if your target audience includes millennials, who share 90 percent of their thoughts and opinions about brands on social media.
Customers Don’t Find Your Messages Annoying!
Nobody enjoys being overtly advertised to. Even though customers must opt-in to receive your messages in the first place, a customer who has an emotional tie to your company is much less likely to be irritated by your SMS.
Let’s not muddy the waters any further. Customers are not irritated by effective marketing. Increasing your odds of avoiding this unfavorable association is a good thing. Keep your consumers happy by investing in your relationships.
Happy Customers Forgive!
Even the most capable among us occasionally find ourselves in hot water. It’s a fact, we’re all prone to making errors. In the end, we are humans, right? If one of your most devoted clients is the victim of your blunder, you’re much less likely to lose future business than if you make a poor first impression with a new customer.
Because they enjoy doing business with you, regular customers become SMS subscribers. If someone truly values the items or services you provide, it will almost certainly take more than a minor blunder to turn them off.
Tips To Retain Your Existing Subscribers
Personalization
No matter who sends them, impersonal bulk texts irritate us. As a result, you should concentrate on suitable methods for sending customized text messages. When you employ segmentation in your campaign, you can take steps to make your customer feel more than just a number on a list.
You can ensure that each consumer receives information that is relevant to their wants and interests by segmenting your list. Spending money on marketing messages that don’t work is a waste of money. Subscribers will always receive personally relevant information and promotions thanks to segmentation.
Timing Matters
Within three minutes of the reception, 95% of the texts you send will be read. You may take advantage of this by strategically timing your messaging. For example, a restaurant that wants to increase lunch sales can send out a message at 11:45 a.m. that says, “It’s almost noon. Do you have any idea where you’ll be spending your lunch break today?” as well as a coupon Flash sales and mass text messaging are inextricably linked.
A promo code offered when your consumer is most likely to use it is more valuable and less likely to be forgotten. It could be just what your consumer needs to remind them to visit you. To assist you to get your timing just right, look for a business texting platform that can help you schedule mass text messages or send automated SMS messages.
Customer Loyalty Programmed
Everyone wants to feel like they’re a part of something special. Your clients are no exception. Give your subscribers VIP treatment by treating your mass SMS campaign like a mobile customer loyalty club. Use our drip messaging function to send out exclusive offers at predetermined intervals.
Send a $5 coupon to a subscriber who has been on your list for 30 days as a thank you for their participation. The same is true for 60, 90, and so on days.
The Bottomline
By opting for mass messaging, you’re already making retention marketing work for your company. Make an extra effort to ensure that your most devoted consumers stay with you for the long haul. The ultimate outcome is well worth the effort.
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