3rd December 2022
When it comes to any business, customer retention is crucial in order to secure success and growth. Not only does it give companies an opportunity to measure how successful they are at acquiring new customers, but it also gives them the capacity to see how successful they are at satisfying them too.
Retained customers have the ability to build strong customer-relationships, ultimately boosting revenue and the value of your business.
Customer retention hosts a range of businesses, all proving beneficial to businesses. They include…
It’s well-known that it’s cheaper to retain a customer than to onboard a new one. There are a wide range of studies, each within different industries, with varying stats on what the actual figures for this are. However, research shows that customer retention is anywhere between 5 to 25 times cheaper than onboarding a new customer.
Research shows that loyal customers spend a whopping 67% more than new ones. This is because it is easier to incentivise existing customers, they already have a good understanding of the company they are working for and trust your products and services that benefit their organisation. This ultimately leads to the average cost per customer increasing, as well as lifetime span and ROI.
The chance of selling to an existing customer is 60-70%, while the chance of selling to a new customer is only 5% to 20%.
Some studies have found that almost 65% of a company’s business comes from repeat customers.
Retaining customers are managed differently in every organisation. But one of the most powerful ways to retain customers is by the use of effective communications.
By using effective communication, you can identify potentially returning customers and build their trust, offering effective products or solutions specific to them and encouraging continued engagement.
Effective communication has the power to make an instant impact on the recipient, from the moment it lands in front of them. Be it on their doorstep, in their email inbox, a text to their phone or even a physical advert. But what makes a communication effective?
The rise of hybrid working has brought with it an influx of requirements for hybrid communication solutions. One such solution is hybrid mail, which offers users the chance to send personalised, effective communications, directly from their computers. In just a few clicks, users can upload a document (such as a letter, postcard or greetings card) and an address list, where the hybrid mail supplier will then securely produce and post these documents.
Offering flexibility, savings in time and money and convenience, hybrid mail enables businesses to enhance their communications and increase the chances of retaining valued customers.
To find out more about CFH’s hybrid mail tool, Docmail, visit:Hybrid mail solutions »
We’d love to look at how you’re communicating, how you could improve, and how we can help. Fill out your details and we’ll talk you through taking the friction out of your communications.