4 Ways Marketing Departments Can Improve Customer Retention

b2b marketingB2B marketing departments tend to focus on customer acquisition rather than existing customers. Yet studies show, it’s retention that has the greatest impact on a company’s bottom line.

Did you know, it costs 7 times more to obtain a new customer than to retain an existing one (source)? Or that, by increasing retention by just 5% you can increase your profit by 25-95% (source)?

Retention is an inexpensive and effective way to achieve big results. If marketing teams work with product and customer service departments to focus on current customers, the entire company will profit.

Here are 4 ways marketing can improve customer retention:

  1. Create structured customer onboarding.
    A recent study found that companies don’t retain customers by making them happy, they do it by making something easier (source). That’s why onboarding is so important. A structured onboarding process sets the groundwork so customers can achieve a specific outcome and build success with your product.To achieve this, marketing and product teams must work together to develop content that familiarizes new users with your company’s products and services.
  1. Improve customer service.
    In order to retain customers, make sure each interaction with your brand is a positive one. In fact, 60% of consumers who switch brands do so because of poor customer service (source).To avoid losing valuable business, provide help in a friendly and timely manner. It’s also important to make sure customer-facing employees are consistent in their communication. No matter who a customer speaks with, they should receive the same answer.In order to accomplish this, marketing and customer service departments should work together to develop standardized messaging. Be sure to review this messaging with your teams on a regular basis.
  1. Provide customer education.
    Most customers who have difficulty with a product will never speak up. For this reason, companies must be proactive and provide customers with educational resources. Set aside time for specialized training, create a help center, or post short product tutorials.The more educated a customer is, the more successful they’ll be. As a bonus, customer education will also cut down on the volume of support calls you receive. It’s a win-win!
  1. Initiate re-engagement campaigns.
    When customers go too long without interacting with your product, it’s time to get in touch. Offer an incentive, ask a user to update their information, create a quick survey, or send along a relevant blog post. The tone of a re-engagement campaign should be light and fun. You don’t want it to sound like a standard marketing pitch. The idea is to remain top of mind and to prevent users from slowly fading away.

Marketing departments can increase brand loyalty and revenue flow by focusing more on customer retention. For more information about B2B marketing solutions, contact ZoomInfo today.