Nurturing your existing customer database is important
Nurturing your existing customers and database is essential for any business. It’s five times more costly to acquire new customers than customer retention, plus it indicates potential future revenue. And if you continue to nurture your existing customers, the likelihood of them purchasing is significantly higher. Watch the full episode:
Why you should nurture an existing customer relationship
1. Lifetime value
Nurturing your customers is essential to increase their lifetime value. By providing them with additional resources and free value, you can build a bond of trust which will result in repeated business transactions over time. Stats have proven that this approach significantly increases the loyalty and overall worth of these valued customers!
2. Lower marketing cost
Nurturing your existing database is more than just a benefit to customer experience, it can also help save on marketing costs. Instead of investing in expensive new strategies and platforms to reach potential customers, focus on engaging with those you already have relationships with – this will reduce the cost associated with acquiring new leads.
3. Higher conversion rates
Nurturing your database has many benefits, one of which is higher conversion rates. With a warm network in place, it’s much easier to convert these contacts than with those who have no prior connection or relationship established – leading to faster and more successful conversions due to the trust already built up beforehand. This also applies to lead nurture!
Nurturing your existing database is one of the best ways to advertise, as positive word-of-mouth will be generated with quality service and products. Consistently providing value through emails, texts, newsletters or postcards gives you a better return than any paid advertising strategy – resulting in referrals for your business!
4 ways to nurture your customer database
Nurturing Strategy 1: personalized communication
Nurturing your database starts with personalized communication. And here’s the secret. You don’t have to manually do it because it can be automated. Utilize active automation campaigns, email marketing tools, and other platforms to make contact individualized for each person on the list. Video messages, postcards signed by you – even automated messaging at unexpected times – have been proven to build loyalty and generate repeat business!
Nurturing Strategy 2: High-level customer service
Businesses should always strive to provide their customers with the highest level of customer service. My friend Anton Gunn said, “It’s never the wrong time to do the right thing.” When it comes to your customer service, you should be always doing the right thing and you should always be going above and beyond for your customers. Going above and beyond will make them more likely to want to stay engaged in your business, making it an essential part of nurturing this list effectively. To do so, you must be willing to go out of your way at all times – never missing a chance for doing the right thing!
Delivering excellent customer service isn’t just about fulfilling orders – it’s also important to take care of those who have put their trust in you by subscribing to your emails. Always stay true and honest with them, as this can pay off significantly down the road.
Nurturing Strategy 3: Exclusivity
Leverage exclusivity to engage with your existing customers and develop relationships. Show them you value their loyalty by offering exclusive promotions, deals, discounts, or early access to your product or service. Additionally grow engagement through content such as YouTube videos, Instagram posts, etc., on various social media platforms including email to gain trust from the customer base which will ultimately result in successful conversions for business growth.
To help build trust and increase customer loyalty, companies should actively seek customer feedback. Focus groups, written surveys, or even a simple 10-minute phone call can all be effective methods to hear customers’ experiences with no strings attached; creating an environment of credibility that encourages repeat business.
Nurturing Strategy 4: Celebrate customer milestones
Celebrating customer milestones is an effective strategy to nurture your database. You can easily track these moments and reward them with a thank you email or other incentives like Clickfunnels, and YouTube. This will make the customers feel appreciated for their loyalty toward your business resulting in higher engagement and better results!
There are a lot of ways that companies celebrate customer milestones. Birthdays are the perfect opportunity to give your customers special recognition and make them feel valued – it’s an easy gesture that can have big rewards! Showing customers you care about them, no matter how small the milestone may be, shows genuine dedication on your part and will go a long way in helping foster loyalty across all of your business relationships.
With a database of people who have already expressed trust, liking, and done business with you, there is an excellent opportunity to nurture the relationship. By following some simple strategies outlined in this video it’s possible to gain consistent success stories from these existing customers; Who will continue doing business over and over again! Retaining current clients costs five times less than acquiring new ones – so why not take advantage?
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