Much of the focus in marketing these days centers on the act of acquiring new customers. Certainly, any business must continually capture new customers in order to sustain growth and survive. But it costs a lot to attract and land a new customer – in fact, six to seven times more than it does to sell to an existing one. So while landing a new customer is important, more and more CMOs are recognizing that real bottom line growth requires selling to your best customers…. the ones you already have.
Keeping Customers Boosts the Bottom Line
Keeping your existing customers engaged has an immediate financial impact, even before you up-sell or cross-sell a single item. According to Dr. Emmet Murphy, New York Times best-selling author of Leading on the Edge of Chaos, a two percent increase in customer retention has the same effect as decreasing costs by 10 percent. And the infamous venture capital firm Bain & Company says that a 5 percent reduction in the customer defection rate can increase profits by as much as 95 percent.
Make it Routine
Retaining customers can pay, but how do you do it? One way is with the routine customer documents that you send every day. Statements, acknowledgments, invoices, account summaries, notifications – these are just a few of the many customer-facing documents that are sent to customers each and every day. The expense and effort behind issuing these documents is no small matter; often costing tens of thousands of dollars to send and thousands of labor hours to produce. Despite this investment, routine customer documents are often overlooked in the bigger marketing mix, and for years have been issued with relatively little thought behind the marketing value that everyday documents may, or may not, possess. We’re here to change all that.
Everyday Improvement
At Eclipse, we pioneered the idea of retaining customers with everyday documents. Our flagship solution, DocOrigin, was built from the ground up to enable business units, marketing specialists and IT departments to work together on a common platform to improve customer-facing documents in order to save money, increase effectiveness and boost the value of each customer engagement. If you thought it was too difficult or complex to add targeted content, relevant messaging and coordinated campaign management to your old school transactional documents it’s time to think again. We make it possible and affordable with DocOrigin. Contact us today to learn more.