In this article, we’ll look at the importance of client retention and how financial advisors and professionals can improve their client retention by sending cards online. As well as why you should make efforts to retain existing clients, we’ll look at the principles of relationship marketing and how sending greeting cards has long been a part of that.
We’ll also compare sending cards online to sending cards by mail, which is a more traditional method, to understand what advantages online cards can offer. Whether you choose to send a card for a birthday, a first purchase anniversary, or simply as a nice surprise for your favorite customers, your customers will love the personalized gesture and will reward you with ongoing loyalty.
Why is customer retention important?
Customer retention is the cornerstone of any business. Without a loyal, satisfied core group of regular, returning customers, you will find it very difficult to expand and grow as a company. Here’s why:
- It’s cheaper than acquiring new customers
Studies show that acquiring new customers can be 30 times more expensive than hanging on to your current customers.
- Existing customers trust your brand
Because existing customers have tried and tested your products, they are more likely to purchase new products from your company or spend more on premium versions of a product, thus increasing their lifetime value.
- Word-of-mouth advertising is free and effective
Satisfied customers will tell friends and family about a product they’ve enjoyed, giving your brand social proof with new prospects, thus acting as free marketing!
Communication is a key pillar of customer retention
There are strong links between customer retention and engagement. Customer engagement has been defined as “the degree and depth of brand-focused interactions a customer chooses to perform” and this definition includes an important focus on the quality of interactions—the more engaged a customer is, the more valuable their actions will be, like repeat purchasing and social recommendations.
Communication is arguably the most crucial aspect of customer retention. Converting first-time customers into regular shoppers means establishing a meaningful connection with the customer. This must go beyond simplistic, generic follow-up emails and should instead aim to create a deep sense of connection between customer and brand. This is where sending cards comes into play. They can play a significant part in a comprehensive communication schedule between you and your customers.
Snail mail builds relationships but has its downsides, practically speaking
Sending a card in the mail can be a fantastic way to foster a deep and lasting relationship with a client, and many businesses have used this practice for years. When you send cards by mail, your customers will begin to see your brand as friendly, approachable, and reliable. The physical card or gift is also a tangible reminder of your business.
However, there are a few downsides to sending cards by mail. The practice is costly, time-consuming and requires extra work from the marketing team or your office staff. The team will need to keep track of each customer’s birthdays, anniversaries and so on, and then will need to handwrite a message and take the letter to the post room or the post office. In the event that you would also like to send a gift, small as it could be it would add to the time-drain exponentially. As your company grows, you may find you need to mail birthday cards almost every day of the year! Luckily, we have a solution.
Build rapport with your customers and leave the heavy lifting to The Birthday Company.
There’s no denying that the days of snail mail are largely over. After all, who sends letters anymore? These days, the majority of interactions, whether business or social in nature, occur online. That’s why sending a card or a gift in the mail will help you stand out and show that you go the extra mile for your customers! The Birthday Company provides the convenience of sending cards online and the tangible experience of a physical gift in the mail. The good news is, you don’t have to add extra work to your team’s plate, it’s as easy as 1,2,3.
Here are a few reasons why you will benefit from using Birthday Company to handle this aspect of your business:
- Save time and money
Handwritten cards take time and money. By switching to our streamlined system, you’ll free up your marketing team, and your retention strategy will work like clockwork. You can even upload an image of your signature that will go in each individual card to give it a handwritten feel.
- Custom cards
We rotate the designs so that your customers don’t get the same card twice. Forget the days when you would need to order a new batch of cards for each new occasion.
- Always on time
Your customers will love receiving their birthday cards on or before their actual birthday. Our cards and gifts are always mailed with plenty of time to spare.
- Set it and forget it
Upload your client list, pick your gift levels and we’ll make sure your clients get their card and gift on time.
How could sending cards online with the Birthday Company affect your customer retention?
Returning customers make up an average of 68% of most companies’ overall sales. If your company decides to send greeting cards to build customer engagement, you will definitely see an increase in returning customers. When you send a card, you remind the customer of your brand, encourage a sense of loyalty, and ultimately result in an excellent rate of retention.
If you go a step further and adopt us as your customer appreciation partner, you’ll be amazed by how easy retaining customers will become. Our simple process for sending greeting cards and special gifts makes it a cakewalk to maintain a strong bond with every one of your existing customers. (You might say a >birthday< cakewalk 😉
Sources:
https://www.linkedin.com/pulse/what-cost-customer-acquisition-vs-retention-ian-kingwill
https://www.fa-mag.com/news/relationship-marketing-as-an-advisor-differentiator-51511.html
https://blog.smile.io/what-is-customer-engagement-and-why-is-it-important
https://www.simplecrm.com/blog/7-tips-to-improve-customer-retention/