What’s the point in nurturing potential customers when you’re neglecting those you already have? Many companies have got themselves stuck in a vicious cycle of winning new business simply to replace those customers they’ve lost.
Emailing to organise meetings, to send reports or promote the latest discounts on additional products is business basics 101. More has to be done. In 2015, 205 billion emails were sent and received every day: we all have an email account, and the emails with the highest open rates tend to be from those we already know. According to Gartner, 80% of your company’s future revenue will come from 20% of your existing customer base, but still businesses are largely failing to include email marketing campaigns to existing customers in their overall marketing strategies.
With the sale already in the bag, why spend more time marketing to your customers?
Leaving existing customers out of your email marketing efforts is like cooking up a three-course meal and only serving the starter. You’re only taking advantage of the initial sell, whilst all the additional information and assistance your company can provide to retain and delight your customers is abandoned. Emailing your customers with industry news, relevant offers and loyalty schemes is a simple way to get them hungry for more, keeping your brand at the forefront of their minds (or inbox) and ensuring that your company is plating up what customers are asking for.
Increasing customer retention…
If your marketing strategy’s done its job properly, you’ll have a database of people who already like you, but these customers need to receive the consistent and relevant communications that help to retain custom and increase your profits. We all enjoy the chase, and the thrill of closing new business is a strong part of that, but the buzz of pleasing customers, increasing retainers and ensuring retention is just as important — if not more so.
Email marketing to existing clients increases customer retention and is good digital etiquette. It doesn’t matter whether you’re an international e-commerce site with new products to promote daily, or a national software as a service provider with one offering: your existing customers hold significant value. Retaining those customers and selling to them again is much easier when you’ve kept in touch. Personalised and relevant emails to existing customers will maintain the relationship after the initial sale, providing your customers with value for money, whilst making them feel their custom is valued. The additional bonus? These happy customers are also more likely to refer other people to you, so you can acquire new clients without all the hard work of trying to tap into cold leads.
At the very least, email marketing to your existing clients will:
- Build trust in your brand
- Establish your company as a thought leader in your industry
- Add value to customers beyond the service or product itself
- Help to detract the competition
- Provide an additional base for communication with customers, developing stronger relationships
- Promote brand loyalty and keep your customers happy, which alongside all of the above is the perfect formula to increasing customer retention.
There is untapped potential in the clients who will sing your praises if you keep yourself on their radar on a more regular basis. Sending only transactional emails won’t necessary make your customers feel valued and it’s certainly not enough to blow your competitors out of the water. A dedicated email marketing strategy for existing customers, which delivers emails that provide real value to your existing offering, could be the key to unlocking that 80% of your company’s future revenue.
Need ideas for keeping existing customers happy with email marketing? Talk to Marc @ Winbox.