Increasing customer retention rates by 5% increases profits by more than 25%, according to research. That’s why it can be better to invest in retaining existing customers (i.e. sell more to people who’ve already bought from you) than it is to find new ones. I once knew a software company that gave away its flagship product in order to get the chance to sell service contracts and additional products. The business model made a lot of sense at the time.
Remarketing has a huge part to play in this. If you sell online, you have a thank-you page which is only seen by customers. Tag this, and once you’ve got a decent number of customers tagged and on the list, you can create an ad campaign which only those people will see. Special offers, more expensive giveaways, new product lines and more can all be targeted at this exclusive audience, alongside the email and other campaigns which you’ll surely be undertaking. You can also use Google Customer Match, if you’ve got a really big list of customers; upload your customer data to Google Ads and the service can identify and track a significant proportion of them.
These remarketing campaigns could be on the display network (image and text ads around the web) or on Google search – if you go for the latter, you’ll be able to target much broader searches in the knowledge that the ads will only be seen by previous and existing customers.