As marketers, we tend to focus most of our efforts on acquiring new customers. Although customer acquisition is certainly vital to future growth, retention also plays an essential role in a successful marketing strategy. After you’ve worked so hard to earn those customers, it’s vital to keep them happy by building customer loyalty and fostering long-term relationships. We’ve all seen similar stats over the years: it can cost anything between five and twenty-five times more to acquire new customers than to keep existing ones. In the midst of economic uncertainty, keeping existing customers active is proving to be not only more important, but also more challenging, than ever before. Proactively addressing declining engagement with a re-engagement strategy can go a long way in helping businesses retain customers before they churn, ultimately leading to increased revenue and customer lifetime value.
We’ve compiled a list of four steps to help you kick-start your re-engagement strategy: