There are many ways to improve your digital marketing strategy to grow revenue and increase customer engagement. However, the challenge is picking the right strategy that provides the most lift with less effort. And most importantly, you have to find the ones that will never compromise the growth of your construction business.
Customer retention is one of the many opportunities often overlooked in digital marketing. Did you know that your profit will increase by 25% or more by increasing the customer retention rate by five percent? Obviously, you are missing this trick if you’re focused or eyeing more on acquiring new customers.
This blog will give you some tips on how to prioritize and retain your already high-value customers.
What is Customer Retention?
The ability of the company to keep its customers coming back over a certain time is called customer retention. To retain existing customers means that the company’s services and products are pleasing to the existing customers. Before focusing on improving your customer retention, you must first benchmark how you are currently doing in this part. In some instances, you may feel certain about what you are doing, but you need an objective measurement to take the emotions of it.
One of the best ways to be more objective, factual and certain is by measuring your customer retention rate. We used a lot of formulas for calculating customer retention, but we will share with you the standard equation we typically use in helping our clients. It looks something like this:
Retention rate = ((CE-CN)/CS)) x 100
Now, the equation above is a little bit complicated, but once you learn the definitions and purpose of each variable, everything comes very easily. Here is what those variables stand for:
- CE =The total number of customers when the period ends
- CN = The total number of new customers that you obtained over a certain period
- CS= The overall number of customers at the start of the period
Remember, everything and anything you do to improve your customer retention rate will significantly improve your business, too, overall.
Tips on How to Prioritize Customer Retention in Your Marketing Efforts
1. Start with a Positive First Impression
A great way to retain your existing customers? Create an unforgettable and positive first impression. You will most likely engage them with your future marketing efforts when you earn a good and positive response from your clients at the very beginning. This engagement results in more revenue and sales.
So, how can you secure a positive first impression? Try the following three tips below:
- Send a welcome email. You may encourage your new customers to sign-up for email updates. If you do so, make the additional effort to greet new customers, creating an impactful first impression and interaction.
- Create a friendly tone. Whether a new client walks into your firm or reaches out to one of your sales reps on social media, you should create a positive and friendly experience for your shoppers.
- Gear your marketing efforts towards them. Remember always to develop content with your target audience in mind. You can build a lasting relationship with your clients with more targeted and personalized content.
2. Listen intently to your customer’s needs
Your business can benefit the most from listening to your customers’ needs. Your clients serve as the backbone of your construction brand. So, you need to prioritize their feedback and response to maximize their long-term loyalty and satisfaction.
Not sure how to gain feedback from your existing clients?
- Consider creating a Google My Business page so your clients can leave their comments easily. Whether they seem discontented with your business, you will have another way to fix the situation by reaching out and resolving the issue.
- Social media is also a great tool for customer retention marketing. Create a Facebook page for your company. This social media platform can be a great place to get ratings and feedback from your clients. Your clients can also message and reach out to you with other social media platforms besides Facebook.
3. Offers a rewards program
Giving your customers something in return is a great way to win their hearts and long-term loyalty. A reward program is one way to express gratitude while giving them another reason to support your construction business. Here are some ways you can deliver your rewards program to your clients.
- Email subscriber discounts
- Store-specific credit cards that earn points
- App user promotions and points
While a reward program often requires extensive planning and research, it can provide a massive long-term benefit to your construction business. The most amazing part is that your company can track the impact of these reward programs since they all require a customer account.
4. Keep your services and products top of mind
You cannot stop marketing to everyone just because they are your customers. In today’s marketplace, where the competition is high and the loyalty is low, you should stay top of mind. You can always do this with some strategies and techniques, and great options include producing high-quality content, weekly newsletters and more.
5. Measure your success
As with all your marketing tactics, it is crucial to consistently review and improve your customer retention strategy. You should start by measuring your success with different digital marketing metrics, and it has remarkable potential to deliver the highest Return on Investment of all of your marketing programs. So, take a closer look at your marketing metrics and customer retention program now and then.
If you are not retaining your current clients or tracking your marketing metrics, you are wasting valuable time and marketing spend.
6. Evolve with your clients
Growth plays a significant role in your company’s capacity to thrive. It is also a crucial factor in retaining your clients, which is why client retention marketing considers the future of your construction business. In the same way, popular marketing tactics and business models change over time, and your clients are most likely to change, and what they most liked one year ago may not capture their interest anymore in the present time.
That is why, as a construction business, you are accountable for remaining on top of their latest desires. Take advantage of all the new trends you can apply to your marketing campaign while making necessary improvements in your services and products to drive more sales. Use different digital marketing resources and tools to measure website traffic and boost online presence as required.
7. Keep selling your construction business
While you might have sold your customers with your construction brand during their first purchase, your company must continue selling itself. So, emphasize your USPs to build and maintain loyalty for your customers.
Today’s business leaders make many mistakes of thinking that once they sell services to their clients, their clients instantly become avid loyal ones. That is not always the case. Take note that there is intense competition right there. Build the loyalty of your customers by highlighting your benefits and achievements.
Did your construction company recently receive recognition for its services? Did you already reach a new milestone with your customer achievements? Share these accomplishments with your customers as long as your business succeeds.
8. Make time for your clients
While your clients might come for your services or products, your customer service should motivate them to stay. That is why customer retention marketing focuses more on the value of top-of-the-line customer service.
If you want to stay ahead of your competition, you have to deliver great customer service. This can mean offering seamless customer service via chat or phone or providing around-the-clock tech support. Some ways you can fully maximize your customer service include:
- Offering customer support on various social media channels.
- Sending follow-ups via email right after purchase.
- Hiring a team of experienced and friendly reps.
Even when you communicate with your customers, your customer support team must personalize all their interactions. And with personalization, you must show your clients that they are not a number but a valued clients of your construction business.
Improve Customer Retention with ConstructionMarketing.io
Healthy and great customer retention make every aspect of running your construction business more efficient and cost-effective. Prioritizing it out of all your marketing efforts is a game-changer!
If you want to collect customer feedback to personally gauge customer satisfaction and consistently improve your overall customer experience? Partner with us. Here at ConstructionMarketing.io, we will arm you with the marketing tactics and tools to get the feedback you need while growing your bottom line and improving your retention rate!
Retaining your customers, tracking your marketing KPIs, and boosting your ROI are some of the many things we can do for you. With our range of marketing services, we can guarantee your business growth. Talk to us today! We want to help in improving your customer retention strategies.