Your best customers don’t just buy one product or use your service once. They come back again and again for more. Customer retention increases your customers’ lifetime value and boosts your revenue.
You might have heard that it’s easier and less expensive to retain customers than to acquire them. The most recent statistics indicate that it’s true according to Forbes Magazine (https://forbes.com). Recent studies indicate you’ll spend five times less money on customer retention as opposed to new customer acquisition. Additionally, your probability of selling to an existing customer is at least 40% more likely than converting someone who has never bought from you before.
Existing customers also spend 31% more than new leads, and when you release a new product, your loyal customers are 50% more likely to give it a shot. Those statistics alone should compel you to build and test out a customer retention strategy.
So what is the best strategy for customer retention? The key is to know what your customers’ buying trends are and to keep your name top of mind as they make decisions. How do you do that without spending all your marketing dollars randomly contacting former customers? How can you possibly know when your customers are thinking about making another purchase?
CIC Credit Client Retention Lead Trigger Program
CIC Credit’s Client Retention Lead Trigger Program provides your business with daily reports and alerts of your current client portfolio when new creditor inquiries have been added to their credit reports.
These lead triggers include:
-portfolio triggers for new mortgage inquires
-new credit inquiries
-potential customers in the market models for auto, home equity, mortgage, and student lending
CIC Credit’s Client Retention Lead Trigger Program increases your customers’ lifetime value and boosts your revenue. It also helps you build amazing relationships with your customers. You aren’t just another website or store. They trust you with their money because you give them value in exchange.