Difference & Importance Between Acquisition & Retention Marketing
What is acquisition marketing?
Quite simply, acquisition marketing is the process of gaining new customers. Acquisition marketing works to make the phone ring and get more new cars in your bays.
What does acquisition marketing include?
Acquisition marketing can be approached in many ways. Most importantly, your business needs a user-friendly, responsive website. With a responsive website, your customers can access your website on their desktop computers and on their phones or tablets. With over 50% of searches happening on mobile devices, your customers need to be able to find your business information on their mobile phones. But how do they get to your website? Businesses (including Autoshop Solutions) use tools and strategies like Google AdWords, search engine optimization, paid social media marketing (i.e. Facebook ads) and email marketing to attract new customers to their website.
What is retention marketing?
Retention marketing is the strategy used to keep customers coming back. A retention plan will utilize your existing customer base and work to turn new customers into loyal customers.
What does retention marketing include?
There are many tools and programs businesses can use to focus on retention. While social media and email marketing were mentioned as acquisition tools, they both can be used for retention as well. By changing your messaging and emailing coupons to existing customers, or engaging with customers on social media, you’re using these tools for retention.
Many companies exist solely for the purpose of creating a retention strategy. Companies like Frederick, MechanicNet, and Demandforce use tools like email to send promotions and service reminders or ask for reviews and feedback to grow your online reviews. They work your existing customer base to try and fill your schedule with returning customers.
Why do I need both?
Businesses always want new customers, but it’s equally as important to make sure your customers are happy and want to come back. A healthy mix of both new and returning customers is the best way to keep your bays full and sustain and grow your business in the long run. Acquisition companies and retention companies work together to achieve the same goal – keep your shop busy!