3 Tips for Improving Your Customer Retention Process

Most business owners know the cost of acquiring a new customer is much higher than retaining a current one. But just in case you need some convincing, here are a few statistics from Leading on the Edge of Chaos by Emmett C. Murphy and Mark A. Murphy.

1. Acquiring new customers can cost five times more than satisfying and retaining current customers.

2. A 2% increase in customer retention has the same effect on profits as cutting costs by 10%.

3. The average company loses 10% of its customers each year.

4. A 5% reduction in customer defection rate can increase profits by 25-125%, depending on the industry.

5. The customer profitability rate tends to increase over the life of a retained customer.

Those numbers are pretty astonishing and they point out just how critical it is to spend time improving your customer retention process.

Happy customers are active customers

Continue reading

Can You Predict The Future?

Can you tell what 2011 has in store?

While we don’t have a crystal ball telling us exactly what’s going to happen and when, we do have market trends and analysis to give an idea of what’s coming in 2011. Overall, this is going to be an exciting year, and here are some things we agree you should be watching for and looking to incorporate in your marketing strategy:

  1. Mobile Marketing. You’ll notice in the article Go Mobile in 2011 that the statistics of mobile adoption continues to increase at an exciting rate. During 2011, we’re going to see more business effectively developing their mobile websites, targeting the mobile user rather than the desktop user. With this, you’ll see an increase spend in direct marketing in mobile channels. Do you have a mobile website ready to take on the challenge?
  2. Social Media Comes of Ages. There is a time when
Continue reading

Now is the Time: 5 Easy Steps To Get Started in Social Media

You’ve heard about the explosion of social networking sites. Over 400 million people worldwide use one or more. A social networking site is a place of social interaction. On Facebook, members become friends, share information, invite each other to events, and engage in other social activities. On Twitter, people share brief messages or updates with one another. Individuals, organizations, and businesses take part. Have you ever wondered if you should get involved, and if so, how?

You may be hesitant to try something new; however with the enormous traffic that these sites receive, it’s time to make your presence known! Not only is social networking a strategy to increase revenues and/or deepen customer relationships, it is also a fabulous Search Engine Optimization (SEO) technique for linking to your website.

Here is a simple 5-step process, adapted from the article, “5 Steps to Get your Business Ready for Social Media” to … Continue reading

Hospitals Must Now Have A Powerful Online Presence

Not long ago, if a person suffered medical symptoms, he or she would first turn to a family member or friend for help or advice. Not anymore. The internet has taken over as the first source that consumers turn to. Why? Because research has shown that trust in online sources has increased about 44%. That’s a lot of credibility. How can you tap in?

There are some surprising statistics in 5 Trends in Healthcare in 2010, a study commissioned by Google, which show that an online presence is critical for healthcare providers and institutions.

Check this out:

  • 61% of adults use online health resources.
  • 53% of those adults ask their doctors new questions based on what they find on the internet.
  • 80 million Americans use social media for health-related issues.
  • 65% of all adults say that the internet is their top resource for health concerns.
  • 32% of adults say
Continue reading