The Guide to Customer Retention, Loyalty & Referrals

While surely everyone knows the famous quote that acquiring a new customer is anywhere from five to 25 times more expensive than retaining an existing one, it’s strange why so many brands still focus so much on acquiring new customers instead of focusing on their existing ones. Because improving the experience for existing customers will not only increase customer retention and the bottom line, but also create satisfied customers that can become brand ambassadors to help acquire new ones.

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10 Reasons Why Social Referral Marketing Works

Over the past several years, social media has evolved and grown into one of the most powerful tools available to marketing professionals. In our digital age, virtually all businesses around the world depend on social media as a marketing tool. In fact, if a company doesn’t promote itself through social media platforms, many customers or potential clients could very well consider the company to be less reliable and not as innovative.

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3 Tips to Encourage Word of Mouth Marketing Today

Before the days of social media – before viral videos and sponsored ads – was the natural social interaction between consumers: the recommendation of a product or service from one person to the next.

Word of mouth marketing (WOMM) is the organic communication of information from one person to another about a brand, product or service. It is most often influenced and driven by a positive interaction that an individual has had with a brand. WOMM is nothing new, and has been reviewed and discussed in a number of articles. More recently, there has been strong evidence for WOMM to succeed in the credit union space.  With customer satisfaction levels at an all-time high for credit unions, and with 64% of marketing executives believing word of mouth is the most effective form of marketing, customer referral programs just make sense.

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2010 – 2019: a decade of advocate marketing

Advocate marketing didn’t start in 2010 – or even, for that matter, in 2010 BC. Since the dawn of time, our grunting ancestors would drag fellow tribesmen down to the local fire pit to try the “mega-delish grilled mammoth”. But the modern, digital version of advocate marketing? That really kicked off when Uber launched with a referral programme that saw it rapidly grow into a multi-billion-dollar behemoth.

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