Growing your business takes a lot of work. Not only is a business a financial investment, but it also takes time, dedication, and long hours. As professionals ourselves, the experts at 51Blocks understand how spreading yourself too thin can hinder your business growth instead of increasing it.
As the premier white label marketing partner, it is our job to understand your client's needs. Not only do we have extensive experience helping businesses grow, but we also do so efficiently and with your budget in mind. Below, the experts at 51Blocks help explain why client retention and transparency are essential to growing your business.
Many business owners focus on acquiring new customers. However, taking care of your existing customers can actually be more beneficial. Why? Because customer retention increases conversion rates, reduces marketing costs, allows for more sincere improvement potential, and increases profits. Do not believe us? Let us take a closer look.
Whether you own an e-commerce store, run a blog, or simply want to share your message – there is a goal in mind. From purchasing a product to signing up for your weekly newsletter, encouraging a customer to commit to an intended action is a measure of success. For websites, this is known as a conversion. The larger the conversion rate, the more successful your website is.
While winning new customers is great, you have a higher chance of attracting repeat business from a client you already have. If they enjoyed their experience or product, then it becomes more probable they will visit your page again without intense marketing. Why? Because you have already established trust and confidence in your business. Thanks to different analytic tools, you can also identify their journey through your page and predict what products or services may attract their interest. If you do opt for further marketing, this predictive data can help customize a targeted campaign.
That brings us to the next benefit. Full-blown marketing campaigns can be costly. In fact, experts have found that it costs roughly 16 times more to develop a long-term business relationship with a new customer than it would to cement one with an already existing client.
Marketing takes time and money. In some situations, it takes teams of people to develop a successful marketing campaign. For some companies, this may mean you need to invest in more employees. For others, it may mean, as the sole owner and employee, that you have to take your time and attention away from other pressing business matters. Both solutions mean you sacrifice something else to manage an attractive campaign that proves your worth to potential clients instead of caring for those who already recognize your value.
An often overlooked benefit, existing customers tend to provide you with an opportunity to improve your business. Unlike those “once and done” customers, clients who continually make use of your products or services offer honest, valuable insight. This can help you improve or expand on features that keep customers returning to your website, while still allowing you to increase your ability to attract new customers too.
Finally, most businesses thrive because of their profit margin. It may seem like simple logic – more customers equals higher profits. However, a 2014 Harvard Business Review (HBR) report has found that this is not the case. In fact, HBR found that if you increase your customer retention rate by just 5%, your profits may increase between 25% and 95%.
This profit increase, in addition to the reduced marking costs, means that retaining the right customers can help any growing business achieve maximum financial stability.
The professionals at 51Blocks are marketing experts. That is why we know that the majority of all customers enjoy transparency. They like to see that their investments are paying off and having quantitative evidence is proof of that.
The customer desire for transparency is not a new concept. It has been around for decades! While most businesses understand this desire and claim to offer transparency – a lot of this is sheer talk. In fact, most businesses cannot even be transparent with themselves and their employees.
With today’s digital age and the availability of free-flowing information thanks to the internet, clients expect full transparency. From pricing to manufacturing processes, customers want honesty. Failure to live up to the transparency expectations of your clients will lead to losing them.
Being transparent with their ROI, which stands for Return on Investment, is essential to building confidence with your customers. It allows them to see their investments are truly making a difference. It also helps to foster their trust in your company. This is very important for digital marketing or service providers. After all, a lot of your work occurs outside of the immediate purview of the client. Allowing them insights into the benefits of their investment at any time can ensure they continue to trust your work and ethics.
We are not just marketing experts; 51Blocks offers premier white label partnership services. As such, we understand that your customer retention relies on our ability to be fully transparent with you. That is why we developed the aDash system.
aDash, our proprietary system, allows you instant access to all of our marketing metrics. This includes, but is not limited to:
Now, when your customers want to see how their investment in your services is paying off, you can provide reports to them instantly. You do not have to wait for us to run metrics; nor do you have to undergo intensive hours pulling data and building reports. You have all of the metrics you need at the touch of a button.
aDash gives you instant access to anything your customer wants to know about the services provided through our white label partnership. The best part is you reap the recognition our services win you. Since we truly understand the value of a white label partnership, we never make our presence known to your customers.
As a white label partner, we offer several different services that can help your business grow. Our re-sellable Search Engine Optimization (SEO) packages, for example, make reselling our services under your brand easy and affordable for any budget. If you opt for allowing us direct customer support, we do so under your brand name to ensure you get all the credit. Emails, reports, phone and chat support – all in your name and only with your permission.
Retaining customers is essential to the continued growth of any business. However, we understand the need for attracting new customers too. 51Blocks can help you do both: retain old customers and attract new ones. Our targeted marketing campaigns are designed to help you achieve your goals. By partnering with our marketing experts, you work smarter, not harder. As a result, you reap only the rewards. So what are you waiting for?
If you would like to learn more about our white label partnership services, including the aDash system, contact 51Blocks today.