Retention Marketing - RD199

<h2>Do you do retention marketing?</h2> <p>You already know that for any business to grow, people have to know about it. After all, if someone doesn’t know a business exists, there’s very little chance they’ll interact with it, let alone purchase from it. And the process for letting people know about a business is called Marketing.</p> <p class="p1">When it comes to marketing, there are hundreds and hundreds of strategies you can choose for promoting a business. But, when narrowed down to its two fundamental principals, There are only two forms of marketing.</p> <ul> <li><strong>Growth marketing, which is all about attracting new customers.</strong></li> <li><strong>Retention Marketing, which is all about retaining existing customers.</strong></li> </ul> <p class="p1">Today we're looking at that second one, retention marketing.</p> <p class="p1">As a designer, people must know about your design business before there’s any chance they’ll hire you. Don't you agree? That's why companies put so much effort into growth marketing. They want to attract new clients. However, while most businesses are marketing to attracting new clients, only 16% of them make any effort at marketing to their existing clients. They ignore the people who are already familiar with their services.</p> <p class="p1">A study published in the <a href= "https://hbr.org/2014/10/the-value-of-keeping-the-right-customers" target="_blank" rel="noopener noreferrer">Harvard Business Review</a>states that acquiring a new client requires a minimum of five times more effort than retaining an existing one. And research done by Bain & Company says that if you can increase the number of returning clients by 5%, your profits will go up by at least 25%.</p> <p class="p1">Therefore, marketing to your existing clients is a valuable strategy when it comes to growing your design business. Your current client base is a priceless treasure trove of future opportunities.</p> <p class="p1">That’s why you need to focus effort on retention marketing, meaning marketing to