What is Rebound Marketing? This is the question of many people who may be new to digital marketing. Of course, the name of return marketing seems a bit vague at first. Still, with some care, you can understand that this type of marketing is used to keep or bring back customers and business audiences, including practical methods with excellent results. Is. If you are interested in digital marketing and want to learn about retention marketing, it is better to read this article to the end.
What is Rebound Marketing? Learn a little more!
Retention marketing is a new type of marketing that has emerged in the last few years, and its practical methods aim to create stable and loyal customers. Imagine customers who return to your online store repeatedly after their first purchase or visit. In retention marketing, our focus is not only on acquiring new customers, but the primary and fundamental goal is to maintain and maintain the loyalty of current customers and the customers you already have.
There are essential steps that should be taken into account when using retention marketing, and during these steps, you will ultimately improve customer loyalty. Return marketing is a method that focuses on bringing back previous customers to increase business success.
Retention marketing strategies have become a dedicated and influential tool in the world of e-commerce, and this is not a strange issue at all! This method is essential because it is expensive to create real customers in a business, and if you make these customers, you must try to keep them with the brand. According to statistics, the cost of acquiring a new customer in a business is 25 times higher than retaining an existing customer with the brand. This is when return marketing tools will become very important for us.
What is the impact of return marketing?
When you produce a new product, you will present it to the market, and gradually, customers will come to your brand. The customer acquisition cycle is time-consuming, and you need to take steps to improve the customer acquisition process. At the same time, it will be necessary to spend resources and costs to keep the customers and audiences obtained with the brand. You must know that acquiring these customers costs a lot over time, and not trying to keep them happy is not wise.
The impact of return marketing tools in digital marketing is not hidden from anyone, and digital marketing teams pay a lot of attention to this issue. While the word return marketing may seem like a new concept many businesses don’t pay attention to, this method can impact business development and success in making money. This method has set its primary goal of more purchases by customers who have already bought from your company. With these conditions, the lifetime value of a customer for the business will also increase.
Of course, it should be noted that return marketing is only one part of digital marketing, which is considered a general strategy with separate components. You may imagine that your business is now profitable, and with these conditions, there will be no need to spend money on methods such as retention marketing.
But maybe you haven’t paid attention to the significant advantage of this method, which is the possibility of a substantial increase in income in a certain period that return-type marketing will provide you. Return-type marketing may not be a new method and it has also been used in traditional marketing. But introducing this idea to digital marketing in recent years has made it possible for businesses to think about more profitability in better conditions and to keep previous customers with the brand more confidently.
Focus on new ways of delivering goods and services.
New Quick Delivery methods are among the essential strategies to improve customer retention. Indeed, creating a good experience for the customer can draw them to your brand repeatedly, turning them into a regular customers. Delivering goods on the same day of placing an order is one of the best and latest methods to help your brand’s credibility and make your business grow significantly compared to competitors.
What is return marketing and acquisition marketing?
Attention to this issue is significant in the world of digital marketing. Retention Marketing and Acquisition Marketing are two completely different concepts influential in a business’s growth and forward movement. The acquisition means acquiring, and as the name suggests, digital marketing specialists focus on developing new customers.
Meanwhile, return marketing will focus on retaining previous customers. These methods will help a digital marketing team to help grow and excel as a business and increase its credibility. If you are looking for high business growth, using these methods together and simultaneously is necessary.
The importance of return marketing or retention marketing is also where many businesses allocate more funds to let their previously loyal customers know that they matter to them.
Rebound marketing and acquisition marketing will act like two wings of a bird. If one of these wings has a problem, the business flight toward success and predetermined goals will face serious problems. Of course, depending on the situation, it is possible to consider budgeting and focusing on one of these methods more than the other. Still, it is not reasonable to abandon one for an online business.
Most businesses focus on acquisition marketing. Why?
It may surprise you that most of today’s successful businesses that have achieved phenomenal growth online have focused primarily on acquisition marketing. There are many reasons for this, some mentioned in the previous sections. You may need to know a little more about the success metrics in digital marketing to explain this.
Acquisition marketing has a much higher input: To monitor the results of a campaign, many monitoring tools can be used to see the information on a website. With this method, it is possible to quickly analyze the percentage of success of a campaign and the results of expenses and make a good comparison with predetermined goals. In most cases, running campaigns that focus on acquiring new customers will yield excellent results and drive many potential customers to a single website page. When you intend to increase the number of visits to an internet page of your website by spending a specific budget, acquisition marketing is one of the best methods, the results of which can be analyzed instantly and accurately.
The speed of running campaigns is faster: the Retention Marketing model is a long-term process and requires a lot of time. Even in some cases, this time may last more than a year. Instead, when the budget is spent on acquisition marketing, the result can be seen quickly, and the campaigns will show you results much faster than the previous method.
Which method is better for your business? There is no general answer to this question,n and it is impossible to consider a specific plan for all businesses. Every company has different conditions, and based on particular needs and predetermined goals, you should focus on one or both of these methods. For companies based on multiple transactions and instant, minute,e or daily purchases, it is better to focus on acquisition marketing and generating new customers. In addition, return marketing is one of the methods that will help you improve the conditions. Stabilize your business income.
Usually, for companies with limited marketing budgets, it is better to spend a lot of time on return marketing because,e in this situation, a much better ROI rate can be achieved. Using usingreturn-typee marketing requires a longer time to work, but note that in the case of the allocated budget, in acquisition marketing, you will need to prepare more funding at the same time as running the campaign.
By considering the following, you can choose the best method for your specific business:
- Business goals: You will need to list your final goals from running campaigns at the beginning, and this work can be considered the essential part to start working. For example, when your goal is to enter a new market, it would be best to focus on acquiring marketing and new customers. Also, if your main goal is to reduce costs, increase sales and improve brand reputation, return marketing will be a reasonable and optimal option.
- Budget: Consider how much budget you have for online or offline marketing. This budget is significant in determining the marketing method and its complexity. You can even get helpful information about micro-costs after consulting a digital marketing specialist and choosing the most optimal way based on your needs. Many brands consider that Customer Retention requires lower costs, but think that the acquisition marketing method will also bring you many new customers.
- User data: You can quickly determine from your previous data which marketing methods have brought you the best results. Fortunately, today many forms will enable the collection and analysis of user data using digital tools, and finally, you can make the right choice based on these analyses.
- Type of product or service: The type of product or service you intend to sell or officially introduce also significantly impacts choosing the desired marketing method. For this, the kind of product and its demand is essential. Perhaps in the case of selling a product, the acquisition marketing method is much more effective than the other method to obtain new customers. If you intend to introduce new features and basic functionality of a previous product to previous customers, using return-type marketing can have a better effect.
- Competitor analysis: Your business likely has competitors, and you can use the experience of these competitors to succeed in the future of your business. Of course, your competitors will not explain their success methods, and it is the art and expertise of your marketing professionals to acquire these methods and use them in the target market. By analyzing your competitors, you can use the optimal strategy for yourself and increase your business market share.
What are the benefits of retargeting marketing?
Having a good and strong customer relationship will help your business grow and develop. This powerful connection is formed in many ways and will ultimately benefit you. Using a return marketing strategy is time-consuming, but if you have a well-documented and reliable plan, you will achieve excellent results in the allotted time.
In addition to increasing business growth and helping to increase your brand’s credibility, retargeting marketing can bring you the following unique benefits.
Reducing the cost of increasing customers
Acquiring new customers is a time-consuming and expensive process. Also, you will need to spend a lot of energy to reach new customers, and your workforce will lose a lot of time. Imagine spending weeks and money on a new customer acquisition process only to have your campaign’s audience switch to a competing brand.
In this situation, spending a budget on return marketing is the method that will get you results in less time. You must often focus on return marketing so existing customers do not leave your brand.
In case of fewer customers, additional costs will be required to acquire new customers so your brand does not fail.
Understanding customers
Spending money and time on Retention Marketing has more benefits, and by using this method, you will be able to understand your current customers and their needs. There are successful businesses that can know their customers well during growth and development and understand what kind of products and services they are looking for. Achieving this understanding over time will help you keep customers with your brand and keep them happy more efficiently and reliably.
Improve the brand value and credibility.
Brand credibility is one of the greatest assets you can acquire for your brand, and this credibility can be achieved by using the return marketing method. An essential benefit of investing in Customer Retention is increasing customer interest in your products, which can help increase sales. By increasing customer purchases and seeing the quality of your products, they will feel good about your brand, which will ultimately help your business succeed.
Note that this increase in brand value and reputation is a permanent advantage, and when you invest in keeping current customers, they will be considered your brand’s advertisers. These conditions will help your business a lot in acquiring new customers.
Reduce customer churn
Customer churn is one of the biggest problems for small, medium, and large businesses. There are various reasons for this loss of customers, including the low quality of products, poor customer service, and the lack of reasonable offers for current customers. Multiple factors are considered during the implementation of a return marketing process. The mentioned items are also part of keeping existing customers with the brand in the best possible way.
Losing a customer in any way is harmful to an online and offline business, and one of the tasks of marketers is to try to reduce these losses with return marketing methods. Retention Marketing will be an essential and unique strategy to achieve the lowest customer loss. You will need to use digital marketing experts to achieve the best results from this strategy.
The continuous growth of the brand
Every business is interested in achieving continuous growth and having high confidence in continuing this growth in its evolution. Keeping current customers with your brand is a unique feature that you will need to achieve continued growth. It doesn’t matter if your company is a newly founded startup or you manage a large company with several hundred employees. Continuous growth means increasing sales, product quality, responding to market demand, etc.; a return marketing strategy will significantly help all these.
For example, a 5% increase in the Customer Retention rate will help you to increase the company’s profit by 25%, and this rate is equivalent to 5 times the yield. Of course, this rate of return may differ for different companies, but generally, you will see a decent return after investing in retention marketing.
What are the disadvantages of retargeting marketing?
There are disadvantages to many marketing methods, and this is the case with retargeting marketing tools. For example, one of the disadvantages of this method is the need for a lot of time to achieve the desired result, and you may need to spend more than a year to see the significant effects of Retention Marketing.
Cost and time: return marketing methods require spending a lot of money and time, and you will not be able to achieve effective results quickly. For example, you may need to offer unique discounts and offers to exist customers.
The need to increase quality: Of course, this cannot be considered as one of the disadvantages of this method, but the requirement to improve the quality of products and services is a challenging issue in many cases. For you to keep the previous customers with your brand, there is no other way but to increase the quality of products and reduce the cost of services.
Forgetting new customers: Sometimes focusing on previous customers may cause less attention to new customers, and this is one of the big problems that many online businesses face. This lack of awareness can ultimately lead to negative results and make it difficult for your business to acquire new customers.
What are the different retargeting marketing tools?
Return marketing is a digital marketing strategy that requires optimal and reliable tools and methods to succeed. A return marketing strategy can significantly increase the profitability of your brand and make it a long-term and continuous business.
Various tools will help you along the way, most known as process automation tools, explained below.
CRM customer relationship management
CRM automation and management tools can be considered the most powerful software in the digital world, used in almost every medium and large company and business. A CRM tool can help you appropriately interact with your customers, record their requests, and correctly analyze the amount and type of their demand.
Imagine that you can record all customer interactions in a CRM tool and have accurate and real-time data on their requests. This will allow you to optimize products and services based on your customers’ needs at the time of need, which will ultimately help your business development.
Many CRM tools are developed publicly and privately; you only need to purchase and deploy them in your company. Of course, if you need additional tools in the CRM package, you can order your package so that a software company can prepare it for you.
Among the primary benefits of CRM tools for return marketing and digital marketing the following can be mentioned:
- The possibility of automating purchases and sales and reaching real-time data
- The possibility of using email marketing for return marketing
- Thcasety of recording customer and audience calls
- Access to accurate and reliable reports
Customer Loyalty tools
Brand credit management tools are among the software that helps to keep current customers with the brand and turn them into regular customers by offering suggestions. These tools are specially designed to help improve your brand’s credibility, and you can use them to connect with your customers and send them amazing offers.
By defining personalized programs in these types of tools and sending messages to current customers, you will be able to attract customers and encourage them to use your products and services repeatedly. These tools have a fundamental advantage: the possibility of unique customizations. Your digital marketing specialists will be able to use them to send ultimately personalized messages and offers and analyze the results of the implemented campaigns.
Among the advantages of these tools, the following can be mentioned, which will help you to a good return marketing:
- Acquiring new customers
- Increasing the number of repeated purchases by customers
- Ability to reach new customers
- Expanding the time customers spend with your brand
- Improve customer interaction with your brand
- Help improve brand image and customer experience
Gamification tools
Gamification is one of the best topics and most effective methods in the world of marketing and business, which is used by many small and large companies today. This method tries to attract the audience by using the advantages of gamification or gamification. By using it, it is possible to push the previous customers of the brand to buy the products or use the services of a company in the future.
For example, in your online business and on social networks, you can consider points for your audience or offer discount cards for them for future purchases. This is just one example of gamification in the marketing world, and by consulting a digital marketing specialist, you can access many different methods.
Gamification will undoubtedly help a lot to improve return marketing, and this method is considered one of the most basic methods of using Retention Marketing.
For return marketing, using the gamification method has many advantages, which can be summarized as follows:
- Increasing the rate of customer interaction with the brand
- The possibility of acquiring new customers from among the youth
- Increase brand awareness among the audience
What are the best retargeting marketing strategies?
A return marketing strategy is the path that will lead you to success. If your return marketing strategy is well formulated, you can easily count on keeping current customers with the brand. Of course, be careful that it is unnecessary to use all return marketing strategies; you only need to choose a few from several methods and formulate your goals based on them.
In the following, some of the critical retention marketing strategies are explained.
email marketing
Email marketing is one of the most attractive and effective methods in the digital marketing world. You can send promotional or educational messages to your previous and current customers. Statements in this way can be directly focused on selling a new product or service, and you can even focus your email marketing strategy on education and sales.
Email marketing must be implemented as a specific and reliable program, and its use in return marketing requires time, expertise, and high accuracy. It is better to know that every email marketing strategy will not necessarily succeed; it is essential to prepare personalized and targeted messages to achieve success.
By knowing your audience and previous customers and their needs, you can send them reasonable offers and help sell more of a product or service.
Email marketing has countless advantages for a brand, some of which are as follows:
- Help increase sales
- The possibility of direct communication with the audience
- The possibility of increasing incoming website traffic
- The possibility of automating the operation
- Ability to increase leads
- Low cost compared to many return marketing methods
Social Networks
You can use social networks for various digital marketing purposes, and one of these purposes can be to encourage previous customers to buy your products or use your services. Your potential customers are present on social networks, and with a correct and complete understanding of their needs, you can start your work on social networks.
Maybe most of your audience is present in only one or two social networks; in this case, your focus should be on these channels. Another standard method that can help return marketing is SMS messages.
Conclusion
For many businesses, keeping existing customers with the brand is cheaper than acquiring new customers. Return marketing or Retention Marketing will help you in this way to stay current and previous customers by spending minimal costs and using practical methods. This method helps increase sales and increase the credibility of your brand. If you have any questions or comments about retargeting marketing methods, please post them below.