Analyzing the Importance of Customer Acquisition and Retention for Today's Online Businesses Proliferation of the internet and the resultant colossal social media spread has turned the very concept of online marketing on its head. Today, consumers do not simply walk into a store or visit a website and make their purchase. Buying a product or ordering a service has now become a complicated process involving several layers of thinking and decision making. Marketers are now using technology to peek into the minds of their potential clients to know what helps them make one buying decision over another. Marketing automation tools make the job of customer acquisition and retention relatively easy for online marketers.
Why You Must Analyze Customer Behavior Expansively
Today, and for quite some time in the future, success in marketing will be driven by technology - digital marketing skills to be more specific. It has become critically important for companies to understand and decipher the characteristics of their customers - new ones, those who stick with them and those who have moved on - to plan their marketing strategies, which are becoming increasingly customized and extremely targeted.
Marketers use advanced automation technologies to segment customers into various categories and then create strategies to target each group based on their past purchase history, buying patterns, volumes, type of products they normally buy and so on.
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Digital marketing is the best available tool to boost customer acquisition and retention. Every purchase, sale and order can now be subjected to detailed analysis to known customers in a better way and create
favorable offers and pricing to entice them to come back for more.
Too many companies often direct their marketing skills and resources towards customer acquisition and less towards retention. This may be a flawed approach to marketing according to many marketing analysts. They say that this is not the strategy that companies must have if they want to increase sales and profit.
Important to Balance Acquisition with Retention for Sustained Success
As a business grows and expands, it becomes harder for companies to find new customers and to convert them. Bringing in new customers is more expensive for a marketing team than retaining old customers. Marketers must look for ways and means to increase
customer retention and at the same time achieve a fair amount of conversion of visitors. In short, there should be a fine balance between customer acquisition and retention.
Experts say that it is less expensive to achieve repeat purchase with an existing customer than it is to acquire a new one. This is because of the cost associated with the marketing technologies and tools. Another key reason why there is so much thrust on customer retention is that the spending value of old customers usually increases over the course of a customer's lifetime. They also tend to spend more frequently, once they gain your faith and are comfortable with your buying processes and tools. That's why retaining customers is the key to success of any organization but they must also make sure new customers are acquired at a steady pace over a period.
Fyoosion is an advanced marketing platform that offers marketers the most powerful customer acquisition and retention tools and strategies to drive business towards its long term goals. Fyoosion helps increase customer retention by helping marketers create compelling strategies based on the needs of customers and enticing them to come back for more.