HEY GO-GETTERS! MIKE FROM FULL CIRCLE AGENCY BRINGS YOUR WEEKLY MARKETING BOOST! 🚀

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The Art of Keeping Customers: A Community Approach to Retention Marketing and Acquisition Mastery

The Balancing Act: Customer Acquisition vs. Retention

The Great Business Juggling Show

Imagine your business as a high-flying circus act, where acquisition and retention are the dazzling jugglers keeping the show alive. Acquisition throws new customers into the mix, while retention ensures they don't fall through the net. It's a performance that requires skill, timing, and a sprinkle of magic.

The Cost of Admission

Acquiring a new customer is like buying a ticket to the show—it can cost a pretty penny. In fact, it's five times more expensive than keeping the audience you already have. CEOs, take note: your existing customers are the front-row fans who deserve the VIP treatment.

The Encore Performance

Why aim for a standing ovation with retention? Because a mere 5% increase in customer loyalty can significantly boost your profits. And let's face it, who doesn't love an encore that fattens the wallet?

The Secret Behind the Curtain

Retention's secret sauce? It's not just about rewards; it's about the experience. Fast delivery, round-the-clock support, and feeling like a cherished part of the community—that's what keeps the crowd coming back for more.

The Show Must Go On

Without new faces in the crowd, the show can't grow. Acquisition is the lifeblood of expansion, bringing fresh enthusiasm and diversity to your audience. It's about casting a wide net and reeling in those who are intrigued by your spectacle.

The Loyalty Loop

Retention might seem like the less glamorous behind-the-scenes work, but it's where the real magic happens. Happy customers become your brand ambassadors, spreading the word and bringing in new spectators without you spending a dime on advertising.

The Strategy Spotlight

So, what's the grand strategy? It's not a one-size-fits-all. If your tent is already bustling with loyal fans, focus on retention to maximize ROI. But if you're looking to fill more seats, acquisition should be your headlining act.

The Final Bow

In the end, both acquisition and retention deserve a bow. Striking the right balance is key to a sustainable and profitable business. Keep both jugglers in the air, and you'll have a show that runs night after night, to the delight of shareholders and customers alike.

THIS WEEK'S MARKETING BLAZERS

X Pushes 'Q5' Advertising: The social media platform X (formerly known as Twitter) is advocating for advertising during the post-holiday shopping season, termed 'Q5.' This period reportedly sees reduced costs per mille (CPMs) and cost-per-conversion as consumers look for post-holiday deals and items to kickstart their New Year's resolutions. X claims that during this time, advertisers can benefit from a 5% reduction in the average CPM and a 27% decrease in the average cost-per-conversion, making it an opportune time for businesses to reach out to customers​​.

Live Video in X's Spaces: X is also planning to enhance its Spaces feature by incorporating live video, which would operate similarly to a group call where the video switches to the person speaking. This move is aimed at making the platform more interactive and engaging, offering new opportunities for content creators and marketers to connect with audiences​​.

In-App Spending on TikTok Continues to Rise: TikTok's in-app spending has reportedly increased by 15% year-over-year, amounting to about $3.8 billion. This growth is significant in the U.S. and China, with both markets contributing approximately 30% each to the app's lifetime revenue. The app continues to be a lucrative platform for digital marketers with its engaging content and wide reach​​.

Google's Programmatic Support for AdSense, AdMob, and Ad Manager: Google has announced plans to introduce programmatic bidding on inventory eligible for limited ads in its AdSense, AdMob, and Ad Manager services. This move, expected to take effect in early 2024, will allow for more efficient ad buying processes and is a crucial development for advertisers and publishers alike​​.

Google Analytics 4 (GA4) Audiences Now Available on Google Ads: Google has integrated GA4 audiences into Google Ads, enabling marketers to create and utilize predictive audiences during the campaign creation process. Predictive audiences are defined by one or more predictive metrics, such as "People Likely to Buy Within the Next Month," which can significantly enhance targeting and strategy optimization​​.

Rise of Q5 and Innovative Marketing Approaches: A notable trend is the concept of 'Q5,' representing the period after the traditional holiday season, where brands are leveraging new advertising strategies to capture end-of-year sales. This trend signifies a shift in marketing tactics to capitalize on consumer behavior during specific times of the year, with a focus on last-minute sales and preparations for the new year​​.

Cheers to soaring marketing heights! 🚀🚀

Keep crushing it,

Mike

REFERENCED IN THIS STORY

1. “The Differences Between Customer Acquisition and Retention.” Crazy Egg, 14 November 2022, https://www.crazyegg.com/blog/customer-acquisition-vs-retention/.

2. “Customer Retention Vs Acquisition: Which is More Important?.” REVE Chat, 21 April 2023, https://www.revechat.com/blog/customer-acquisition-vs-retention/.

3. “Customer Retention Marketing vs. Customer Acquisition Marketing.” OutboundEngine, https://www.outboundengine.com/blog/customer-retention-marketing-vs-customer-acquisition-marketing/. Accessed 27 December 2023.

4. “Customer Acquisition vs. Retention: Where Should You Focus in 2023?.” HubSpot Blog, https://blog.hubspot.com/service/customer-acquisition-vs-retention. Accessed 27 December 2023.

5. “Acrobatic Juggling Performance (Bob and Trish) - YouTube.” YouTube, https://m.youtube.com/watch?v=03VWp9QfgGk. Accessed 27 December 2023.

6. “Retention Cost Formula | Customer Lifetime Value.” Customer Lifetime Value, https://www.clv-calculator.com/customer-costs/retention-costs-clv/retention-cost-formula/. Accessed 27 December 2023.