Ask marketers what their #1 campaign goal is, and many of them will tell you: acquisition.
Acquisition is important, but how much of your marketing budget should go toward it? Consider these stats:
- Acquiring a customer is 5x more expensive than retaining a current one.
- A 5% increase in customer retention can increase profitability by 75%.
As the numbers suggest, marketers will grow more revenue by targeting existing customers than prospective ones.
But it takes more than targeting. You’ll need to find ways to get customers to see more value in your brand, grow their loyalty and increase their lifetime value.
You’ll need to understand each customer so well—across not just their interactions with you, but their interactions across the marketplace, their historical purchases, demographics, browsing behavior, viewing behavior and even their locations—that you can deliver highly relevant messages that cater to the things they want to buy and the way they like to buy them.
It’s not accomplished through a one-off marketing campaign. It takes a lifetime of learning about each customer, updating your understanding of them in real time and evolving your relationship as you go. That’s the real power that Conversant can bring to your brand.
To see it in action, watch the video.