In today’s world, the cost of acquiring customers seems to constantly increase. The best alternative to higher costs is to retain those you’ve already spent money to acquire – having a successful customer retention strategy is paramount. The first measure for most businesses to retain is by asking customers to purchase more, more. While getting customers to buy more is one piece of retention, brands must also create alternative means for creating value from consumers. Value beyond a purchase can come in the form of activity customers do on behalf of the business. These can include sharing, reviewing, and becoming a member. The more engagement brands provide to customers the higher likelihood of retaining.
The average customer who participates in an engagement program beyond purchase becomes worth 25% more over their lifetime.
Segmenting customers based on their lifecycle allows brands to target with relevant engagement programs to drive increased affinity for the business. Extole makes it easy to segment customers based on their history, consumer graph, or other relevant data in their profile.
Extole’s campaign orchestration allows brands to develop improved relationships with customers throughout their lifecycle.
Focusing on a sound customer retention strategy that asks customers to buy more, as well as engage in other ways is the best strategy to improve retention. Extole is the world’s number one engagement platform for retention (and acquisition).