Retaining existing customers with retention marketing

"Do what you do so well
that they will want to see it again
and bring their friends." 

– Walt Disney

Retention marketing is a strategy that focuses on retaining existing customers and encouraging repeat purchases. It is an important part of a company's marketing strategy. This is because it focuses on strengthening the relationship with existing customers rather than attracting new ones. Research by Bains & Co. and others shows that acquiring new customers is seven times more expensive than efforts that lead to retaining existing customers. 

Marketers commonly deploy retention techniques in terms of excellent customer service, creating loyalty programs in order to strive for satisfied customers and encourage them to keep coming back. Yet at many organizations, despite all these efforts, customers walk away en masse through their open back door. Apparently, the aforementioned techniques are being used incorrectly.... Or is there something missing in their retention strategy?

If a product or service does not truly meet the customer's expectations and does not help them adequately solve their problem then all efforts are doomed to fail. Products or services are the core of your proposition, this really needs to be completely in order all other marketing efforts are in vain. Deploying the Jobs to be Done canvas and the customer journey canvas can provide new insights into what customers really need so they choose of their own accord to stay as customers. 

Ruud Olijve

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