How Startups Can Harness The Power of Customer Retention
Did you know that “80% of your profits come from the top 20% of your customers,” or that businesses are as much as 14 times more likely to convince a current customer to make a repeat purchase than convincing a new customer to make their first?” These statistics are only scratching the surface of the mountains of data which display the immense importance of focusing on customer retention. Not only will repeat customers spend more money, but they act as an authentic means of grassroots marketing, championing their favorite brands and products to their friends, family and community.
While the importance of customer retention is very well known, how does it apply to startups, who often are only beginning to grow a customer base? Although startups should always focus on customer acquisition first and foremost, that doesn’t negate the necessity to listen to early customers’ impressions, while there is still ample time for a startup to fine tune their products and goals. “If you are in the process of finding product-market fit … then your most valuable commodity is feedback from the market. Getting into a regular conversation with your first customers is an absolute must if you want to avoid building something nobody needs.”
Not only do these early conversations help refine business strategies, they also build crucial first impressions, forging long lasting brand loyalty. When connecting with early customers, simplicity is a must. Modern people are very busy, so it can be difficult to keep in touch through endless emails and links that send customers out to different webpages and surveys. That’s why at Impactree we’ve created a platform perfect for engaging and retaining customers, making centralizing resources extremely simple.
Building Customer Retention With Impactree
With our powerful Action Hubs, brands can collect their resources in one place, giving customers a single url to visit to see surveys, literature, videos, and any other outward facing resources. Not only this, but our platform is custom built to help companies lead with purpose. With a variety of actions covering countless world issues – along with a simple to use action creator tool – Impactree gives companies a place to display their purpose and the causes close to them.
Best of all, our platform is perfectly suited to help continue driving customer retention. As some of our clients have already had great success doing, Impactree can be harnessed to give out coupons, host sweepstakes, and many other means of celebrating customers. You can easily reward customers for giving their opinions and taking action, building invaluable customer feedback while feeding an authentic sense of brand loyalty.
For smaller businesses just starting, getting customers is the first challenge, but keeping those customers can be equally challenging. Help keep those customers engaged, empowered, and coming back with Impactree.