Clients that fully engage with your business spend more and stay longer; this can’t be ignored at all. As a result, customer marketing will become increasingly crucial in how B2B organizations conduct business in the future.
Customer marketing is any marketing activity targeted at existing customers to increase customer retention, loyalty, advocacy, growth, and community involvement. And it’s well worth the money.
Why Is Customer Marketing So Important?
Gaining new consumers is a critical marketing objective. However, by directing some of your attention and resources to customer marketing, you will obtain the benefits of enhancing your existing client relationships.
Here are some reasons why you shouldn’t overlook customer marketing:
1- Knowing Your Customers Is a Big Opportunity
You already know your existing customer base, which is a significant benefit. This data, along with the right analytics tools, may help you understand what your customers want and keep you up to date on what’s going on in your niche market.
By the right analytics tools, we mean a free tool that can gather all forms of information about your customers, such as WatchThemLive. WTL is a completely free website analytics tool that enables you to better understand your customers using its services, such as heat maps and session replay.
So if you are thinking of getting serious about this type of marketing, WatchThemLive can definitely help you out with it. You can sign up for free here and get started.
2- You Already Have Done the Hard Work
After you’ve worked hard to attract a customer, it’s important to concentrate on keeping them. Active customers generate revenue by returning for repeat purchases, recommending your business to friends, and spreading the word through social media.
Now it’s time to strengthen your relationship with your clients and encourage them to become more engaged. Actually, this is the most important reason for customer marketing.
3- It’s Cheaper to Keep Your Customers
According to research published in the Harvard Business Review by Frederick Reichheld of Bain & Company, getting a new customer costs 5 to 25 times more than keeping a current customer. In addition, improving client retention rates by 5% boosts profitability by 25 percent to 95 percent. This is the power of customer marketing and it can’t be denied.
What Does Customer Marketing Do?
Customer marketing is the process of identifying new ways to engage and convert existing customers. The main purpose of customer marketing is to contact customers who already believe in your business. It helps you find ways to communicate with them and make them feel that they matter to you.
We will mention some of the ways to perform customer marketing:
1- Loyalty Programs
Create a reward system in which customers earn points for each purchase to exchange for cash or product upgrades later. You can also send emails to your members to inform them of exclusive bargains and offers. Provide compelling reasons for clients to return and convert. This has proven to be an efficient customer marketing strategy.
2- Community Building
Building communities is critical to a customer marketing strategy nowadays. Human touch is limited when transactions are online.
People prefer to feel like they’re a part of a group or a community, and companies that seek to build communities can increase consumer loyalty, satisfaction, and sales. Building client communities can be done in a variety of methods, both online and offline.
3- Educational Programs
65% of B2C marketers develop content to educate their target audience about their product or service. However, customers that have already purchased from you are familiar with your business. So you can go one step further. For example, create educational programs regarding advanced uses of your product or even areas relevant to your niche.
4- Referral Programs
The internet has opened up a world of opportunities for leveraging this system. Create a program that rewards current customers for referring their friends to your company. For instance, provide confirmation for each referral or a referral link that customers can share. When a friend uses the link to join, the referring customer is automatically notified of a benefit. The benefit varies according to your business. Don’t limit yourself.
Here in this article, we tried to give you a brief introduction to customer marketing. In addition, we tried to give examples of implementing it and how to benefit from it. As we said, customer marketing has proven its value. So, use it.