Thinking through retention and return on investment
Retention is a commonly used word in marketing to refer to how long customers or advertising products are kept. It is a measurement of value. Although many people talk about best practices for the greatest return on investment (ROI), they all agree that the longer a customer or promotional item is kept, the greater your ROI. The investment may be time or material cost. Let me tell you a short story about retention from one of my customers.
A local builder wanted product for the home builders show in our area. This is a big event and a huge commitment, so he wanted something that would tie into his booth theme and be kept by potential consumers. Thousands of these would be given away. He had a small budget for us to find a product that would generate interest in his booth and his business and be kept for months after the show. We chose a magnetic dry erase board, because it enhanced his “Take Note” booth theme.
A couple of years after the show, my customer saw firsthand how retention works.
He told me the story with a smile, saying he had gotten a picture from a heating and air company subcontractor two years after the home builders show. That subcontractor was repairing a central unit in a home when he saw our builder’s magnetic dry erase board on the home’s refrigerator. Two years of advertising for the cost of about $1. That is great retention!
Let us work with you and your marketing plan to maximize your ROI. Email Kay@cppproducts.com or call 423-364-7343.