Your business is as unique as your clientele. So, it makes sense that your retention and marketing efforts should be that individualized as well.
Why should you care about retention marketing at all? According to the Harvard Business Review, acquiring a new customer is anywhere from five to 25 times more expensive than retaining an existing one. This means that putting your dollars toward retention may be a more effective business strategy than just focusing on new customer acquisition alone.
Don’t have any spare dollars to contribute to your retention marketing plan? Or maybe you’ve got dollars, but not enough time? That’s okay. We’ve developed retention marketing suggestions for any size budget or business, so you’re sure to find something that suits your needs.
Our options range from using the MINDBODY reporting you already have to develop a completely DIY retention program, all the way up to augmenting your software with partner or consultant services to supercharge your retention marketing.
Answer the questions below to determine what kind of retention program fits your business.
- What is your monthly revenue range?
- $5,000 or less
- $5,000 - $25,000
- More than $25,000
- What is your average monthly marketing budget?
- Less than $500
- $500 - $1500
- More than $1500
- What percentage of your first visits return to become long-term members or clients year over year?
- Don’t know
- Do you have a focused retention strategy for at-risk or lost customers? (Win-back emails, loyalty rewards, etc)
- How confident are you in your sales and pricing strategy?
- Not very
- Totally confident
- Do you have a process for following up with new customers?
- No/ I don’t know
- We follow up sometimes
- Yes, we have a plan in place for each new customer/visitor
- How mature is your business?
- 0-2 years
- 3-5 years
- 6+ years old
- What are your business goals for the next 12-36 months?
- Focus on developing a strong acquisition model to build/expand my customer base.
- I’ve spent considerable money/time building my client list, I want to make sure they stick around for the long run.
- My business is expanding and I’m ready to take over the world!
If you answered mostly A:
Your retention efforts probably take backseat to acquiring new customers or you’re taking a no-frills approach to your business and marketing initiatives. This route takes a little more time and attention, but you’ll save some money and anyone can do it.
Consider rolling up your sleeves and implement engagement campaigns with resources you already have. (If you’re a MINDBODY customer, you have access to robust reports, auto emails and MINDBODY University on Demand all within your software.)
Keep in mind that at the heart of any retention strategy is a good sales strategy. Your sales and pricing strategy should both introduce your services to new customers as well as incentivize them to keep coming back. The MBU On Demand KPI sheet and Sales Process videos are your new best friends for this.
If you answered mostly B:
Looks like you probably feel the need to get more serious about retaining your clients, but don’t have the time to manually run reports, compile lists and reach out to at-risk clients. Or let’s be honest, maybe you do have the time, and just don’t feel like doing all that on your own. Luckily, there are some options available to help you out.
You’re ready to invest additional time and funds into client retention, and it may be time to invest in the Accelerate software package. With Accelerate, you get access to a Retention Marketing dashboard, 2-way SMS and automated emails, all designed to reduce no-shows and drive slipping customers back to your business.
It may also be time to invest in your business and think about attending a live MINDBODY University or BOLD conference event. MBU events are held throughout the year, and offer the opportunity to dig deeper into the software to maximize how MINDBODY helps you run your business. The BOLD conference is held just once a year—in 2018, it will be held September 18-20 in San Diego, California, and offers you the chance to meet, network and learn from hundreds of your peers.
If you answered mostly C:
This is the option for those among us who just want...more.
Your welcome emails should be framed in the MOMA and you have your KPIs memorized. You’re already using the Retention Marketing tools offered by the Accelerate software level, or maybe you even have the Ultimate software level with your own branded app. You’ve attended a live MINDBODY University or BOLD event, taken copious notes, and put those learnings into practice.
But maybe you want more personalized attention. And maybe you can’t shake the nagging feeling that you’re missing something; that your numbers aren’t where they could be, that you’re not quite going “all out” just yet. And you’re an “all out” kind of person. Luckily, there are a few more options on tap to help you kick your retention efforts into high gear. Also, consider this fun fact: most expenditures on client retention efforts pay for themselves, owing to their great return on investment.
If you’re already doing everything mentioned in the Basic and Intermediate sections, MINDBODY has a marketplace full of partners ready to help augment your client retention program to take you to the next level. Just click on the dropdown menu in the top left that says “I want to…” and select “Retain my customers” to see all client retention solutions.
With your marketing budget, you may have funds available to invest in a fully customized retention, marketing and sales plan. If this applies to you, consider partnering with a MINDBODY Certified Consultant to work towards your specific goals. You can see the full roster of MINDBODY Certified Consultants and their specialties, here.