RipeMetric’s 3 R’s of Profitable Marketing: Retention, Referral & Reputation Management
Effective marketing is a challenging task. There are some basic steps your business can follow to receive a larger response and bring in more profit.
RipeMetrics employes 3 key fundamentals for modernized marketing to create a profitable marketing plan:
- Retention
- Referrals
- Reputation Management
- Retention – Acquiring new customers is extremely costly, with estimates stating that it’s 5-10 times more costly to acquire new customers than retain existing ones. Retention marketing focuses on your customers with the goal to create repeat customers, and increase both their frequency of purchase and the average order volume per purchase.
Offering personalized deals to customers based on their purchases can help retain a customer, continuously bringing them back . - Referrals – Referral marketing is word of mouth marketing. Loyal customers are likely to refer to your business and products. Encouraging your customers to tell their friends about you is also a strategy of referral marketing.
Having a personal relationship with the person referring you to a business creates an initial sense of trust. A lot of money can be saved with referral marketing because it doesn’t cost money, it does require providing a good customer experience. - Reputation Management – Your reputation is something that can bring in sales or drive them away. The way a majority of customers choose a business depends on the review sites.
Reputation management is monitoring and influencing the online reputation of a business and brand
Using a comprehensive Customer Experience Management platform and Customer Data Platform allows you to maintain a good reputation by resolving concerns in real time and directly with your customer before a bad review is written.
Conclusion
Retaining customers saves you money on acquiring new ones and at the same time your loyal customers continue to refer and bring in business.
Giving your customers a good customer experience promotes loyalty and good reputations. Using all 3 R’s Retention, Referral, and Reputation management are key strategies that when used together have an entourage effect for a profitable marketing plan.
RipeMetrics is the premier CXM for the cannabis industry. Sign up for a demo today to discover how RipeMetrics can help you on your journey to build a world class Cannabis Customer Experience.
