Why your customer contact lists is essential to your business survival? -

Customer Retention Is Key

Your customer contact list can help you with one of the most important things that a business should focus on: customer retention. Studies have shown time and time again that customer retention is key when it comes to building, growing, and maintaining a business. Going out and attempting to acquire new customers may work, but it’s not going to be anywhere near as valuable as retaining previous customers. Customers who have worked with you before tend to be more willing to work with you again, and are more likely to spend more. This is the difference between customers that grow and customers that don’t grow. Selling to an existing customer is 6-7 times cheaper than attempting to sell to a new customer. Plus, the success rate of selling to an existing customer is 60-70%, while selling to a new customer is 5-20%! This just goes to show how important your contact list is and why you need to utilize it for the best results.

Show Your Customers You Care

You can never stop trying to woo your customers. If you stop trying, then customers may decide to leave as they feel you no longer really care. In fact, believing that a business no longer cares is the main reason why a customer leaves a business and looks elsewhere. Trying to earn a customer’s loyalty is not something you attempt to do once, or do until you have achieved it. It’s something you continue to do. Having an effective customer marketing strategy should help you to track and identify those customers who are more likely to become your long term source of revenue.

Here are just a few reasons you should utilize your contact list:

Less marketing is needed – you’ll spend less time and effort trying to acquire new customers and convincing them that you are who they should be working with. Building a relationship with a new customer tends to cost 16 times more than maintaining a relationship with a previous customer.

You’ll have better conversion rates – existing customers have already purchased from you. Unless their experience was unsatisfactory, they are likely to purchase from you again. You can more easily identify their needs and predict their moves, which can make it so much easier to bring them back again.

Listen to customer feedback and make improvements – finding ways to improve is important even if you feel like you’re doing great. Customer service should meet expectations and your product should feel like good value for money. Listening to feedback and acting on it shows customers that you really do care and encourages them to come back.

Higher profits – it’s easier to upsell and cross sell when somebody already has an idea of your products and how they work. Previous customers are more likely to spend a higher amount than a brand new customer.

The omnichannel approach to marketing is a particularly effective way to ensure you are getting the most from your contact lists. With an omnichannel approach, you ensure that your various pages are updated in a relevant and timely manner when visited by a customer. This is about so much more than just having multiple channels across the internet. It’s about ensuring you are there with relevant information when you need to be. In fact, capturing phone numbers for sms marketing is said to be one of the best things you can do for omnichannel marketing in 2020 and beyond.