Business
The Harvard Business Review found that acquiring a new customer is five to 25 times more expensive than retaining an existing one and that increasing customer retention by 5% can increase profits from 25% to 95%. Bain found that returning customers spend 67% more than new customers. And Temkin found that loyal customers are five times as likely to repurchase, five times as likely to forgive, four times as likely to refer, and seven times as likely to try a new offering.Retention marketing is an important topic that brands need to be thinking about. This is especially the case in China, where advertising and paid marketing costs have skyrocketed over the past few years and now oftentimes customer acquisition costs are higher than the lifetime value of the customer.Elijah Whaley, chief marketing officer of China influencer marketing platform PARKLU, joined Lauren on the podcast and explained his recently published guide to retention marketing.This podcast and the concepts that are discussed will be valuable to brands of any size in any stage of their China marketing journey!Resources:Download PARKLU’s Retention Marketing Strategy GuideComplete Guide to KOC Marketing in ChinaExperiential Marketing Mechanics: Turning Customers into KOCUpcoming Event:Webinar: What Can We Learn From China Livestreaming Ecommerce With Lauren HallananVideo:Perfect Diary Unboxing VideoGuest: Elijah WhaleyLinkedInHost: Lauren HallananWebsite | LinkedIn | WeChat: H1212118514To learn more about marketing in China, sign up for Lauren’s newsletter: The China Marketing Update!Check out Lauren’s book: Digital China: Working with Bloggers, Influencers and KOLs.