What is Customer Marketing?
Customer marketing is built around activities designed to drive retention, loyalty, advocacy, growth and community participation for current customers. The strategy, which is different from marketing with the goal of acquiring new customers, relies heavily on maximizing strong customer relationships.
Why Is Customer Marketing Important?
Customer retention is critical to your company’s bottom line. The probability of selling to an existing customer is 60% to 70%, while the chances of selling to prospective customer is 5% to 20%, according to Marketing Metrics. Other benefits of customer marketing are greater product adoption, up-selling and cross-selling opportunities. The relationship, if handled correctly, can blossom into an opportunity for increased retention, and for customers to become advocates.
Related Terms: Customer Retention Program, Customer Referral Programs, Advocate Experience
Related Resources: Blog: 3 Types Of Content Marketing That Turn Customers Into Die-Hard Fans