Repeat customers spend three times more than new customers, according to a Constant Contact study.
Businesses should focus more on retaining existing customer than acquiring new customers as the cited study shows that 80% of future profits of a company come from 20% of current consumers. Brands should create unique content to addresses specific needs of consumers at each stage of the sales funnel, from awareness stage to the post-purchase stage.
Email newsletters and social media content marketing can help improve customer retention rates. Marketers can also explore content types like how-to content and problem-solving content to enhance customer experience further.
Emailing consumers or organising a quiz on social media can help brands identify customer pain points. These insights should then be used to create personalised content that addresses specific customer problems. They can further cross-promote content on different channels to enhance reach.
[10 minute read]