In a previous client acquisition tip post, we shared the idea that client retention offers the potential for a much better ROI than focusing on getting new clients. With this in mind, we would like to explain how video marketing can help you re-engage with old clients more effectively than other methods.
Why do we say this?
According to the latest research, it can be up to seven times more expensive to acquire a new client than it is to keep, or re-engage with an existing or past client. As we’ve said before (and will probably say many times again), 80% of your future profits will most likely come from 20% of your existing customers. These are just a couple of the reasons that creating customer loyalty is critical to the ongoing growth of your business.
Considering those stats, doesn’t it makes sense for you to make the effort to keep the loyalty fires stoked? And, by incorporating videos into your messaging, it’s not as hard as you might think.
Re-engage with Past Clients Using the Power of Video Marketing
When you think of past clients or old prospects as business assets that have become dormant, their potential value becomes clear. The reason you should think of them as assets is because they’ve already proven their value:
- They know who you are and they already like you.
- They understand what you have to offer and they know you provide value.
- They have paid you before – which increases the likelihood they will pay you again!
If these aren’t enough reasons to re-engage with past clients, here are a few more:
- More than 90% of marketers are using video content in their marketing campaigns.
- The word “video” in an email subject line increases open rates by 19%.
- The word “video” in an email subject line increases click-through rates by 65% and reduces the number of email unsubscribers by 26%.
When considered separately, these are very significant reasons for using video marketing to re-engage past clients. When you combine them, the idea that you should begin to use video messaging as part of your re-engagement strategy becomes truly compelling.
Nurturing repeat business is a vital step in the long-term success of any business yet, those of us who do business online often struggle with client retention because of the inherently impersonal nature of the internet. A “how you doing”, “what’s new”, “here’s the latest” video campaign that is designed to nurture and re-engage past clients may be the perfect tool for doing so – keeping your business growing and thriving long into the future.
Looking for more client retention tips, help with your online marketing strategy, or email marketing ideas? Get in touch with the YOMT Team today.