Marketing tactics to keep Utah customers coming back
For some businesses, finding customers can feel like a challenge. But, once acquired, what about holding their interest as well as their business? Customer retention deserves its own time and energy in your marketing strategy, as it’s strongly linked to the success of your business.
We’re sharing some details from Utah Business on focusing on customer retention, something that is clearly a priority for businesses as the pandemic response continues and eventually tapers off. The advice that the writer and CEO of Simplus Amy Cook imparts in her article falls under three areas: outreach to encourage upselling, customer-focused messaging and the use of automation.
Upselling products and services through great relationships
Cook opens her article with some statistics that speak to the power of leveraging working relationships with customers. She cites that companies who have a weekly meeting with clients have a 26% higher customer retention rate than ones who don’t follow-up. Plus, the prospect of selling to an existing customer is between 60-70%.
“One of my primary jobs is to provide a fantastic customer experience for our current customers,” she said. “We invest heavily in our customer relationships, and it shows in the length of our engagements, number of projects, and CSAT scores.”
The method Cook employs is rooted in creating customized experiences, including weekly thought leadership digests that boost engagement in general. This has lead to more than half of Simplus’ business being generated from cross-selling and upselling opportunities.
Making customer relationships your marketing plan
Cook believes that providing the best possible customer service is becoming more significant than building brand loyalty. She built her first business, Osmond Marketing, on transparency, affordability and flexibility. That shift to customer-centered attributes resulted in success.
“We were willing to go the extra mile, be flexible with people’s schedules and budgets, and provide transparency on our invoices down to a description of every single hour that was worked,” she writes. “We became known for being very easy to do business with. And that led to natural growth, even without marketing ourselves.”
She quotes another marketing expert, Jonathan Crossfield, to put across this idea further. “The heart of your CX (customer experience) should focus on what the customer wants to do, to solve, to experience,” he says. “And then consider how your brand can help them to achieve their goal better than anyone else.”
Streamline work with technology
It’s important, though, with all this theorizing not to forget to use the right tools to help keep customers coming back. Some of the platforms and programs that Cook recommends include onboarding software, marketing automation or contract lifecycle management.
“Companies need to invest in platforms that can streamline processes, improve operational efficiencies, and give customers a self-service boost,” Cook writes.
She cites one such company, Utah’s GuideCX, which helps companies implement plans quicker and with a focus on increasing engagement stats.
Cook concludes with a simple idea that ties into all of her previous advice: find ways to create growth, but never forget to show your customers that you appreciate their business.
“By extending customer relationships with new services, focusing on customer-centric messaging, and using tools to magnify the customer experience, you’ll secure the brass ring of business growth: customer loyalty,” she writes.
How Utah businesses can plan for the future
Having a dynamic and flexible savings account can help you navigate any changes as you grow and scale. First Utah Bank can be a trusted advisor and partner in strengthening your business’ foundation. There are two options when it comes to savings accounts through First Utah Bank. The first is the standard savings account, which keeps your money safe while also giving you the opportunity to watch it grow. Plus, there are no monthly service fees and no minimum balance, so you can have the funds needed for unexpected expenses along the way.
Too, there is the High Yield Money Market account for businesses. With this option, you can still get access to your funds while also earning a higher rate on larger balances. This competitive rate helps grow your money fast, as interest is compounded and credited monthly. It’s also insured to the legal maximum by the FDIC. Note that you need have $25,000 or more in your account to avoid a monthly service fee.
As you hit milestones in your business, know that you have First Utah Bank on your side, whether it’s for savings or any other banking need. Learn more about your options for savings on our website, or call us at 801-308-2265.