Personalized Marketing + Customer Retention = Customer Success (part 2)
For those of you who hear “marketing automation” all the time but don’t actually know what it means, it’s software and tactics that automate marketing tasks (like email) and allow companies to buy and sell like Amazon. Essentially, marketing automation technology allows marketers to target customers with highly personalized (and hopefully useful) content to convert their leads.
Marketing automation technologies have made it a lot easier for retailers to create a relevant, omnichannel marketing experience for you. These technologies know if you added something to your cart but didn’t pull the trigger and can send you an email to push you over the edge and make that purchase.
Or, if you have been a customer for a while but haven’t purchased something in a few months, the company knows. Oh wait, check your email. Now you have a personalized coupon for 25% off a purchase (versus maybe only 15% off for a new customer).
Marketing automation tools are great for marketing to new and existing customers. Using data to engage the consumer is key.
Of course retailers should focus on new customers, but considering how expensive of an endeavor the new customer acquisition side of the marketing equation is, it seems like as a company, you would want to engage and nurture your current customers. Companies will always have customer attrition, if for no other reason than people’s lives change. So really, companies have to figure out how to balance new customer acquisition with making sure existing customers aren’t forgotten.
If you can build brand loyalty through your current customers, you have hit the jackpot. Your customers become your brand ambassadors and market for you. I’m an Amazon junkie. I know it. And Amazon knows it. Amazon is my go to for almost anything – at least it’s my starting point – and I am shocked if I talk to someone who isn’t already an Amazon Prime member.
Proof positive: 96% of customers who have Amazon Prime membership for two years renew for a third.