Mike Sands says, “2016 was a whirlwind year for marketers. The battle for consumer share-of-wallet intensified as Amazon continued to capture spend, reporting a record-setting Prime Day and its most successful holiday season to date. Innovations like artificial intelligence and virtual reality made their way from science fiction into the real world, opening new doors for customer engagement. And the technology that advertisers and marketers use to do their jobs evolved, with players like Verizon entering the space as consolidation continued.As I reflect on last year’s trends, I see the... [...]

Brian Hughes says, “A startup business needs a constant supply of new customers to survive. That’s why sourcing new customers has to be a daily priority. If you’re not selling, you’re not in business; all you’ve got is a hobby.But once you do get that customer base going, your next step is to establish a balance between maintaining current customers and scouting out new ones. And, in that regard, customer retention is usually kinder to your bottom line. This is especially true if you convince your current customers to purchase more often and/or make larger purchases.Next... [...]

Ayodeji Onibalusi says, “To businesses, especially businesses in the B2C segment — loyal customers are more valuable than new customers. Even research has shown that loyal customers are worth up to 10 times the value of their first purchase. This makes it paramount for businesses to improve the number of loyal customers they have versus their one-off customers.Also, given that the cost of acquiring a new customer is higher than that of maintaining an existing one, building customer loyalty is necessary for any business that aims to remain competitive. When a business has more loyal... [...]

Loren Baker says, “Maintaining an open line of communication with your clients is key to any successful business relationship, as your clients will be more satisfied if they know that you’re behind them every step of the way. This does not necessarily mean you’ll need to spend extra man-hours to keep those lines of communication open though, as there’s a lot of customer service requests that don’t need a human being to handle them.Putting automation to work in your business frees you and your employees up to continue to move your business forward, while still keeping a level of... [...]

Eric Siu says, “Many business owners focus on the acquisition stage of the sales funnel to the exclusion of retention. That’s because people often think of marketing as synonymous with acquisition – the act of attracting customers to your business. Keeping customers, or retention, should be equally if not more important than acquisition.According to Bain & Company, it costs seven times more to attract new customers than it does to keep them. Additionally, if you retain just 5 percent of your customers annually, you can generate up to 125 percent more profits. Retention strategies... [...]

R. L. Adams says, “In today’s highly competitive business environment, there’s a constant and never-ending struggle that every entrepreneur must face. Those who can adapt will survive and thrive, resulting in near-boundless financial success and market saturation. Those who cannot see the proverbial forest through the trees, suffer a slow and inevitable death.The struggle that exists today pits profits against the necessity for total customer satisfaction. The truth? Not everyone lives by the credo that the customer is always right. Not everyone is as concerned with customer satisfaction... [...]

Aja Frost says, “According to a 2016 study from HubSpot Research, “Buyers Speak Out: How Sales Needs to Evolve,” prospects want to work with salespeople who can offer advice and expertise beyond just a description of product features.Sixty-one percent of buyers say reps can provide a positive experience by providing relevant information. Roughly half of buyers appreciate when salespeople recommend multiple strategies beyond their business offering, and 45% want salespeople to be invested in their goals.In other words, prospects want to work with reps who understand their unique priorities,... [...]

Jeff Rajeck says, “While many marketing functions are now being assisted by algorithms, one area seems to be immune to automation – customer engagement centres.According to recent reports, contact centres currently employ millions of people globally and are set to grow by 10% annually until 2019 at least.This seems counterintuitive. First off, marketers are frequently asked to do ‘more with less’ and keep headcount growth to a minimum.Also, technology is emerging which could automate a large part of what these contact centres do. Online chat on websites and bot interfaces... [...]

Nikki Gilliland says, “According to recent research, the average length of time a consumer keeps a subscription service is just 125 days.With the majority focusing on acquisition instead of retention, this stat is hardly surprising.So, how can subscription box services improve retention in the long-term?Here are five ways, as well as a few examples of the techniques in practice.Offers for loyal customersMost subscription services entice new users with delivery deals or a lower price for the first three months, and while this remains an effective acquisition strategy, an absence of incentives... [...]

Maria Ross says, “Admit it. As a business owner, you know you secretly dream about prospective customers or clients reading your sales copy or seeing your Facebook ad and instantly shouting, “Yes! That’s exactly what I need! It’s like you’ve read my mind! Where do I buy?!” Related: The Best Ways to Do Market Research for Your Business PlanWhat’s the key to packaging up offerings or writing sales copy that instantly resonates with your target buyers? Trial and error is one way to go. As if marketing in general were not time-intensive enough for business owners... [...]