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Introduction – What is Retention Marketing?

Retention marketing is also known as customer loyalty, and is a strategy that helps businesses retain their current customers and increase the profitability (also known as lifetime value or LTV) of each customer over their lifetime. Simply put, it is the way you think about your company's marketing scheme, how it works, and how it can work better for your customers.

Why is retention marketing important for your business?

Retention marketing is a relatively new concept that is becoming increasingly popular in the business world, especially with the meteoric rise of e-commerce business due to various economic shutdowns that force customers to shop online. It is an approach to customer retention that focuses on the customer experience rather than customer acquisition. The goal is to create a positive and memorable experience for customers so that they stay loyal and continue to do business with you.

The goal of retention marketing is not only to keep your current customers, but also to keep them happy so they keep coming back. With retention marketing, you focus your efforts on making sure your customers have a good time every time they interact with your business, rather than just trying to get them to come into your store for the first time.

Retention marketing is important because it is much cheaper to keep a customer than to acquire one. Acquiring a new customer is typically 5 to 25 times more expensive than the cost of retaining a customer.

Once you've built a solid customer base, you should try to split your time 70% on acquisition and 30% on retention. If that's you, read on to learn how to get started with retention marketing tactics.

What are the best ways to improve customer retention and loyalty?

Customer retention is one of the most important aspects of a business. Customer retention strategies are a great way to increase customer loyalty and help a business grow. In this article, we will discuss some strategies you can use to retain customers.

Email Marketing

This is the number one retention marketing tactic. Specifically, it involves automating email marketing.

Email marketing is one of the most effective marketing tools for businesses. However, it can be time-consuming for marketers to manually send personalized emails to their customers. This is where email automation comes into play.

It allows marketers to automate and schedule personalized emails so they don't have to worry about sending a message at the right time. It also saves them time by automating repetitive tasks like creating a welcome email and following up with people who haven't opened an email in a while.

For marketers, email automation is one of the best ways to save time, money and energy when creating customer retention campaigns.

If you're an ecommerce brand looking to increase customer loyalty and improve conversions, you'll be hard-pressed to find a better all-in-one solution than Klaviyo, our preferred email marketing and customer loyalty platform.

Klaviyo is a comprehensive retention marketing tool that provides numerous templates for effective email automations or flows.

These are just some of the flows we at Forge recommend to get started with your customer retention strategy:

Welcome Series: Get your subscribers to close their first deal by introducing them to your brand and services while building trust and laying the foundation for a long-term relationship.

After purchase: Increases customer loyalty and lifetime value and turns customers into loyal buyers.

Re-engagement: Save money and stop sending emails to people who don't want to receive them. Using the re-engagement tactic will improve the deliverability of your emails and keep your list clean.

Abandoned Cart: 73% of shopping carts are abandoned. Retrieve them at the right time while they are still considering your product.

Abandoned browsing: You can help remind your subscribers of their initial interest and potentially bring them back to your online store, helping to ease some of the initial disappointment of not buying anything on their first visit.

If you need help setting up a high-converting retention marketing strategy, feel free to contact us. Forge Digital Marketing is your partner to develop your eCommerce retention strategies and grow bigger than you ever thought possible!

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