The Importance of Renewal Marketing for Customer Retention


Once your company has acquired a new customer, how much effort do you put into keeping that customer?

For most companies that answer is “not much.” The assumption, perhaps, is that if the customer is satisfied with the product or service provided, he or she will come back automatically when they require it again.

But that is not the way this stuff works.

According to a recent report, 80% of companies don’t spend enough of their time and budget on customer retention; more than 40% of companies surveyed spend less than 10% of their marketing budgets on renewal messaging.

Why Is This Wrong?

Because your current customers are going to be more open to your marketing messages. Also, think about how much you’ve invested in turning strangers and prospects into customers. That was the hard part. It won’t take the same time and investment to keep them that it does to attract new customers – but it will probably take more than what you’re providing now.

A 360 Success Story

One of our clients in the financial services industry provides a perfect example of this circumstance. They were focused almost solely on acquiring new business. We redirected an increased percentage of their marketing toward their current clients.

Through emails, blogs and new website content, we promoted the company’s other product offerings to these customers, and how they could generate more business by using them. The effort was successful, and the company discovered that a 20% increase in merchant processing business from current customers equaled the revenues generated from two new clients.

The moral of this story is simple: protect your existing customer relationships.

Can we help? Let’s find out. Contact 360 today for a free analysis of your current marketing efforts. We’ll provide you with insight and tips whether you become a client or not.


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