Any successful dental laboratory knows: attracting new dentists is only half of the equation to long-term, sustained growth and success. Retaining your existing dentists is at least as important.
Of course, knowing that fact means little if you don't know how to actually accomplish the feat. Fortunately, a number of strategies are available that can help you keep your existing customers happy and coming back. Here are 4 ways in which data can improve your customer retention efforts.
1) Know How to Attract Desirable Customers
You may not have considered this, but customer retention actually begins before a member of your target audience ever purchases your product or service. In fact, for optimum success, it can be as simple as knowing who will be most likely to become not just a one-time customer, but a loyalist of your brand.
Data, of course, can help in that regard. By analyzing your current customers, you can find common characteristics such as age groups, location, and other geographic and demographic factors. Then, you can refine your target audience to make sure that your initial marketing efforts reach only those with a high chance of staying with you for a long time.
2) Know Which Customers to Target
Similar to the above, you can use common characteristics for your most loyal customers to make sure that once someone buys something from you, you focus your efforts on retention only if they're likely to repeat the same action.
For example, you might reserve your most intense retention efforts (such as a personal phone call) only to customers who fit the profile of your most loyal audience. Others can still get automated nurturing messages, but you can focus your resources and valuable time on the group with the highest chance of repeat conversions.
3) Know How to Phrase Your Message
Through data, you can also begin to understand just how you can convince your audience to stay with you. You may, for example, find that your post-purchase nurturing efforts are more successful if you talk about industry updates rather than promoting your product.
Through metrics such as email open rates and website engagements, you learn how your audience interacts with your messages, and adjust your retention efforts accordingly. The result is a more focused retention strategy that helps you take advantage of the insights you gained throughout the process.
4) Know When to Reach Out
Finally, don't underestimate the importance of timing when it comes to retention. Following up with new customers immediately after their initial purchase may lead to negative feelings, while waiting too long can risk missing the window of effective communication. But how do you find the middle ground?
The answer is simple: data. Research industry best practices for the timing of your marketing strategy, but don't be afraid to consult your own data as well. If you can run a few experiments in which you contact first-time customers at various time points, you can conclude which timing worked best to improve your retention rates.
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