Want To Reduce Your Bounce Rate? Retention Marketing Can Help!
Original content published on WebEngage.
A 5% increase in customer retention is capable enough to trigger a 25% increase in profits, says Bain & Company.
The stat itself says how impactful retention marketing can be for your business.
Over the years, companies have been able to acquire users but not retain them. This has necessitated a move towards retention marketing that would keep the existing users engaged and drive more transactions through these users.
What is the importance of retention marketing?
According to Google Ads recent CPC data, it is clear that branded & non-branded keywords CPC amount jumped to 300% and 75% compared to 2 years ago. With limited organic social media reach & costly PPC (Pay Per Click) campaigns, it’s tiresome to boost traffic & generate new leads every time.
The time has gone when you used to run multiple campaigns from awareness to sales and forget the newly acquired customers.
What you might have forgotten is, focusing on retaining your existing customers can fetch you the desired results. They can save time and energy by skipping several stages of the sales funnel.
It’s necessary to identify the stage when there is a need to implement a data-driven “retention marketing program”.
The need depends upon two points primarily:
- The saturation of an acquisition marketing program
You can find out the perfect mix of acquisition — retention requirement based upon factors like nature of product/service, type of represented industry, rules & regulations etc. You can start your retention marketing efforts by further finding answers to the below questions:
- What to do with ever-growing bounce rate?
- What is the solution to not achieving the sales target?
2. Break-even point for the retention marketing program
With regards to break-even point, you can start retention marketing after having enough quality leads/sales from the sales funnel which match with specific criteria of further segmentation possibility, chances of repeat purchase & probability of reduced bounce rate.
Here are some surefire retention marketing strategies to slash your churn rate:
- Leveraging Messaging Platforms For Driving User Engagement
- Personalizing Communication
- Redefining Value Measurement Methodology
- Offering Exclusive Deals & Lightning Discount Programs
- Implementing Retention Email Marketing Campaigns
