Nurture Marketing creates an orderly process for managing prospective customers at various stages of a sales process, across a marketing and sales force. Nurture marketing tools may include: company newsletters, industry articles or white papers, success stories, educational or informational events and other non-sales oriented activities.
Nurture marketing also applies to existing customers. It can promote customer retention and referrals. It places emphasis on building long term relationships. It involves understanding the customer's needs and providing a range of products to customers as they need them. The more points of contact between the organization and prospect or customer, the stronger will be the bond, and the more secure the relationship. Many companies involve the whole team to help build a trusted advisor relationship.
Retaining existing customers costs 10% of the cost of acquiring a new customer so it can often make economic sense to pay more attention to existing customers. Specific customer retention efforts outside of nurture marketing include: customer valuation, customer retention measurement, determine reasons for defection, and developing and implementing a corrective plan. Focus groups, questionnaires and telephone polling are great ways to start building your customer retention plan.