The Key to Customer Acquisition and Retention

Recent studies have shown that the cost to acquire a new customer can be anywhere from 5 to 7 times MORE than the cost to retain an existing customer.  This should be a shocking statistic for any size or type of business. The lesson to learn is to treasure and value your existing customers. Using the right customer acquisition and retention software can help you to not only gain new clients but to also keep your existing customers happy and coming back.

The Cost of Customer Satisfaction

Before a company begins to question the ROI for marketing, ask if they know how much it would cost to lose a single customer. The formula is not very complicated:

• The average purchase amount for your customer, multiplied by 12 months
• PLUS the costs involved to gain a new customer to replace
• PLUS the time, labor and expenses incurred while there are lost sales

Part of the key to increase customer retention is to gather important data about purchasing habits and use an automated platform to help improve the customer’s experience with your company.

Fyoosion can help customer acquisition and retention with these key features:

• Almost every aspect of a visitor’s experience on each page of your web site is captured and available for analysis. This includes the initial source link, to which pages are visited, which links are clicked, and what portions of the web pages are viewed more intensely than others.  This helps you determine what portions of your web site are “working” and what areas should be reviewed.
• Simplify the buying steps through pre-filled information.  Your goal should be to allow existing customers to make a purchase in 3 steps or less. By capturing as much information as possible, and then verifying the information accuracy, you can help your customer make buying from your company easy and pleasant.
• Gain valuable insight into your customer likes and dislikes.  Through social media management and customer centric data analysis you can learn where to target and what types of promotions will work the best.

If you are ready to keep more customers while also generating high quality leads, take a closer look at Fyoosion’s customer acquisition and retention solutions.