Why You Should Focus More on Building Trust than Traffic

Marketing can be defined from countless perspectives, depending upon the purposes being extracted from it. It involves diverse resources and objectives which vary following the mindset and core values of each business. What a business represents can be visible from the core values embedded in its structure and dealings. Digital Marketing goes beyond the boundaries of advertising, sales, limited time offers and revenue. A true marketer knows that developing healthy relationships with their customers to make them feel welcomed is another often overlooked, but powerful aspect of marketing. Gaining the attention of potential customers and giving them a solid reason to stick to your brand is a sacred art of marketing, which once mastered can never be forgotten. In this blog, we will explore the importance of customer loyalty, and why it deserves your attention as much as the rest of the marketing strategies.

What is Customer Retention?

Customer Retention focuses on indulging present and past customers by implementing

various strategies to ensure their loyalty towards the brand. You might be able to sell your product, but are you an expert in captivating your clients and earning their trust? To put it simply, that is what Customer Retention does, it allows users and buyers to not only find satisfaction through your services but also encourages them to spread the word out to their contacts; whether it be friends, family or even colleagues. They officially become a sort of ‘spokesperson’ for your brand by offering recommendations to their connections or through reviews they leave on numerous online channels dedicated to the promotion of the brand.

Why should I care about it?

If you are a budding business owner or marketer, you need to understand the value of your customers before you sell them anything. Monetary benefits and profitable achievements are not all that should come from a brand’s marketing plan. The traditional or conventional marketing tradition involves the process of distributing one’s product in the following steps:

1- You attract customers and audiences with eye-catching advertisements and other mediums

2- Congratulations! You have got them hooked and they are ready to buy

3- You get the return on your investment and move along

4- They have purchased your products and services and are happy with the results promised from your side to them

5- Fin.

Well, this method has become inefficient, and will always remain that way for businesses who seek to build meaningful connections with their clients. This is not a case of attracting bees with honey, you have to pay attention to the fact that your customers should trust your brand’s identity enough to spread awareness and here is a list of reasons why:

Ø The most basic thing, you will be building a brand identity for your company with the support of your customer base.

Ø Customer Loyalty enables a brand to establish its credibility and authority in the relevant niche industry. You make one customer happy, they will nudge 10 more potential ones in the direction of your brand.

Ø It is the best way to ensure indirect marketing. You empower customers and they, in turn, empower you.

Ø You will be able to earn an identity for your brand with beneficial emotional attachments.

Ø Your users and regular buyers are 60% more likely to avail of your services than the new/potential ones.

How to Practice Customer Retention

Here are some of the most effective strategies you can use to encourage customer loyalty:

1- Ask for reviews and feedback through email, Social Media Marketing profile or formal calls. Make them realize that you wish to gain their approval.

2- Add a sentimental touch to their journey with you by reminding them of how far they have been connected with your brand, by using attractive multimedia reminders and customized maps.

3- Show interest by asking them questions like ‘How did you hear about us?’ or the classic ‘Would you recommend our services to your loved ones?’ It will help with not only feedback but also allow you to helpful market research.

4- Send appreciative emails and messages to show your gratitude towards them.

5- In the case of negative feedback, be accountable and aspire to optimize their experience, it will leave an impression of care.

6- Content Marketing is another underrated method of gaining your client’s trust. Entertain them with useful and relevant content.

7- Identify and recognize their pain points.

8- Allow special offers, discounts, and promos as a part of the ‘customer retention program’. Let them see the perks of standing by you!

“The Retention Equation”

The last thing you should know is the success rate of your marketing strategies. You can calculate your customer retention rate with this simple formula:

1- Subtract the ‘Number of customers gained in a set duration (B)’ from ‘Total number of customers in the same duration (A)’

2- Divide it by ‘Number of customers you had at the very beginning of that time (C) ’

3- Multiply the amount by 100

A demonstration of this example with values:

- C is 10,000 in a time duration of 3 months

- A is 5,000 in the same time duration

- B is 1000, also at the same time

Our equation will look somewhat like this -> 5000-1000=4,000/10,000 x 100

And the result will be 40%. This conclusive value is your customer retention rate.