Retention marketing, the mysterious form of marketing that seems to be popping into your favorite ecommerce blogs, podcasts, and even into conversations with your other merchant friends. The whisperings have started, but do you really know what retention marketing is?
What is Retention Marketing?
Retention marketing is a new form of marketing that is becoming more and more prevalent in the ecommerce world. The focus of this school of marketing is to create engaged customers that return to your store to shop again. It is a shift in focusing only on the acquisition of countless new customers, to also focusing on the profitability of those you already have!...
Scooped by Jeff Domansky |
Everett Bowes's curator insight,
February 11, 2016 9:11 AM
- At a certain size it becomes much more difficult to grow by “adding more” than it does to grow by “getting more.” A study by Harvard found that a 5% increase in online retention can boost profits by 95 percent!- While Facebook says you can expect to reach around 16% of your audience with a post, AdAge says it is more like 6%- The trend you should spot is that it is becoming tougher than ever to acquire a customer. You need retention marketing to make each customer you do acquire more valuable. - a return shopper is 9x more likely to convert on a purchase than a first time shopper.
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Retention marketing is a trend worth noting for its efficiency and profitability.