In our quest to acquire new customers, we often sideline the importance of customer retention. We take our current customers for granted and do not put the effort into solid customer retention strategies. <\/p>\n\n\n\n
Let\u2019s look more at customer retention and why it is more important than customer acquisition. <\/p>\n\n\n\n
As the term suggests, customer retention is the rate at which a company manages to keep its customer throughout a predefined time. <\/p>\n\n\n\n
Here\u2019s how you can calculate the customer retention rate:<\/p>\n\n\n\n
Customer retention rate(CRR)<\/strong> = <\/strong>((Total number of customers at the end-new customers)\/customers at the start) X 100 Now that we have learned about customer retention rate and calculating it, let\u2019s look at its importance. <\/p>\n\n\n\n To substantiate our claim, look at a study by a reputed website<\/a>,<\/p>\n\n\n\n 1. The cost of acquiring a new customer is five times higher than retaining one. <\/p>\n\n\n\n 2. Increasing the customer retention rate by 5% can increase profits by 60%<\/p>\n\n\n\n 3. There is a 65% chance that you will be able to sell to a customer while you only have a 15% chance when trying to sell something to a new customer. <\/p>\n\n\n\n From the aforementioned statistics, we can see that customer retention has the following benefits:<\/p>\n\n\n\n Now that we are armoured with the knowledge of customer retention, how to calculate it, its importance, and its benefits. But how to do it? Well, like many other solutions in marketing, videos come to our rescue again.<\/p>\n\n\n\n We have already evangelized about how Video First Marketing<\/a> is the future. Similarly, customer retention should also be an integral part of your video marketing strategy. <\/p>\n\n\n\n Bettering your customer retention videos will consolidate your video marketing strategy. The two ways to do that are the following:<\/p>\n\n\n\n We have already explored why personalized videos are such an effective marketing tool<\/a>. They make your customer feel connected and at home. It is bound to cultivate loyalty toward your brand. If you have already made your videos and if you think that you have missed the bus of personalized videos, do not fret over it as we have an easy solution for it. Just edit and add a personalized introduction to your videos. <\/p>\n\n\n\n Making your videos interactive by adding interactive hotspots to them is going to make your videos more engaging. Hotspots like surveys, polls, turnstiles, quizzes, etc. provide you with the opportunity to make your videos gameable as well as help you collect feedback. It improves your videos\u2019 recall value and helps you improve your customer retention rate.<\/p>\n\n\n\n Just because they are your customers does not mean they are thinking about you 24\/7. They probably have a hectic life of their own. This is where customizing and branding your video player<\/a> perform such an integral role in forming a strong impression in your customers\u2019 heads. If your customers remember you, there are higher chances of you retaining them.\u00a0<\/p>\n\n\n\n
<\/p>\n\n\n\nWhy Is Customer Retention Important?<\/h2><\/div>\n\n\n\n
Customer retention is more important than customer acquisition by a huge margin.<\/p>\n\n\n\nTypes of Videos to Retain more customers<\/h2><\/div>\n\n\n\n
<\/li><\/ol>\n\n\n\nTips to Make Your Customer Retention Videos Better<\/h2><\/div>\n\n\n\n
1. Personalized Videos<\/h2><\/div>\n\n\n\n
2. Interactive Videos<\/h2><\/div>\n\n\n\n
3. Customizing and Branding your Video player<\/h2><\/div>\n\n\n\n