The facts are there staring businesses in the face year after year yet still so many ignore them: their existing customers are most likely going to spend more than any new customer will.
We don’t know about you but too many of us find that when it comes to the renewal of our car or home insurance policies (for example), that renewal price always appears to be heading in one direction – upwards.
Certain industries appear more notorious than others for offering brand new clients the hottest of deals while their existing clients’ loyalty is too often taxed, their only ‘reward’ being higher pricing. Not a good look I am sure you would agree. Thankfully though things are changing, some brands go out of their way to make a point of mentioning in their advertising and ongoing client engagement that they offer existing customers the same deals as new ones. Those that watched a certain March Madness ad all last month, will know what I am talking about.
A plethora of research shows just how valuable your existing client base can be – providing of course that is your customers feel well looked after and appreciated. Loyal customers will come back to your business time and again to make purchases and have a clear tendency to spend more money.
The monetary value of current vs new customers
Your existing customers are between three times and ten times more likely to buy than a cold lead (source: MarTech Today). If that wasn’t enough impetus to make you sit up and realize the opportunity at hand, they are 50% more likely to buy new products and spend 33% more than new customers. Now take that all in…
It’s all about the relationships you have with your customers. A valued customer trusts your business implicitly and believes that you offer superior products/solutions and service compared to competitors.
Given millions of people with little or no prior experience in the digital world have been thrust unceremoniously into it due to events of the past year (brick-and-mortar establishments shut, etc.), this has opened up a new world of choice many never knew they had. Your brand today, therefore, has to work harder than ever to remain relevant and on customers’ minds. All this can only be achieved through the art of conversation.
Finding the right channel to communicate
The days of brands preaching one way have ended and it’s all about conversational commerce now. Solid relationships are rarely built overnight and thus how you speak to your customers (whether existing or potential) speaks volumes about what you stand for. Using channels that people are already familiar with, those which have a fantastic track record of delivering superior client engagement and conversion rates is a must. And this is where Mitto’s CPaaS and omnichannel solution really can help you meet your business goals. Take A2P SMS, chat apps like WhatsApp, and Google Business.
Engaging with your customers via the channel(s) they are most comfortable with, ensuring your content has real value for them that both surprises and delights, and keeping the frequency and timing of communications in check and comfortable are key ingredients in successful mobile engagement. No matter the industry you are involved in, or the shape and structure of your organization, you cannot go wrong following these words of advice.
Mitto has been in the world of Business Messaging for many years now and our experience with Enterprises around the world has shown us what works and what does not work. Rely on our team’s expertise to help you ensure you listen to your own clients’ needs and tend to them as best as humanly possible. Remember, it’s about building and maintaining that relationship, keeping two-way avenues of communication open.
The lure and importance of bringing on new clients are strong and a critical growth component of any business but the importance of keeping your existing client base happy and loyal should be the backbone of any brand. Your clients need to be in your view and mind at all times. Never forget that otherwise, your competitors will take full advantage of this. And rapidly