You’ve probably heard that customer retention is far easier than customer acquisition, and that happy customers attract more customers.
Customer marketing is targeted at a business’s current customers and aims to provide them with additional products or services related to their previous purchases.
For example, a car dealership may use customer marketing to entice current customers to buy vehicle accessories, insurance policies, or warranties as well, meeting more customer needs and keeping the customer from seeking these items elsewhere.
Customer marketing works best in consumer marketing situations, as opposed to B2B marketing.
This is because customer marketing often relies on a consumer’s personal, individual relationship and experience with a business or brand.
Through customer marketing, a business can earn additional revenue from existing clientele, maximizing the profitability of each customer and preventing customers from seeking out competition.
Furthermore, current customers who already trust a business are much more likely to spend additional money at that business than a brand new customer, thus customer marketing can be much more cost-effective than general marketing to attract new clients.
And one more word on this: word-of-mouth marketing. Happy customers tell their friends all about their positive customer experiences, so customer marketing can lead to new client acquisition, as well.
There are a variety of ways to implement a customer marketing approach. Here are a few examples:
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