Customer Retention
Converting new customers to repeat customers and maximizing customer lifetime value.

What is it

Customer Retention consists of all actions aimed at creating long-term trusting relationships with customers and increasing their loyalty. Its main objective is to convert new customers into repeat customers and maximize customer lifetime value.

Customer Retention is important for achieving a company’s long-term goals. It is effective as it is 6 to 7 times cheaper than attracting new customers and can increase a company’s revenue by 25-95%. Loyal customers are 23% more likely to purchase higher value products or services than the average new customer. They have learned the value of a product or service and return again and again.

Also, 60% of loyal and satisfied customers share, praise and refer a company to their friends and family. As the Greek consumer audience shows signs of being highly influenced by the buying preferences of their social circle, retaining customers and turning them into brand ambassadors should become a priority for every business.

Customer Retention includes

  • The integration (Onboarding) of the customer from the very first purchase in order to educate him/her on the products and the company.
  • Re-engaging customers through social media, advertisements and even email marketing so that they remember again, buy again and even find out about services/products that they did not know that the company provides.
  • The creation of personalized messages and proposals, at the right time, based on the problems and needs of each client.
  • The process of receiving feedback from customers in order to continuously improve and evolve the business.
  • The provision of educational content in order to develop and inform the client-partner, for the continuous enhancement of the business.
  • Creating social media communities around the product or service.
tip-from-the-experts

In a constantly evolving, competitive market, the strategy of retaining existing customers is just as important as the strategy of attracting new ones, costs less and helps the long-term profitability of the company.

Customer retention in a B2B reality is based on the philosophy of creating trusting relationships between two partners. It is based on the values & of the company’s history, the support provided to them and the superiority of the product/service compared to the competition.

Create trusting relationships

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