What is a leaky bucket in marketing?
What is a leaky bucket?
In the wild west, the buckets are for your caballo to drink. In Marketing we refer to the leaky bucket metaphor to represent the pool of customers that you acquire. In a way, you pour the customers in the bucket like you would pour water.
Now, the problem is your bucket is leaking, and no matter how many new customers you add, customers keep falling out through the holes in your bucket.
As for the water bucket, it is fine as long as you bring new customers as steadily or faster than they drop out. Whenever you stop adding new customers, your customer bucket will eventually dry out, which in the west meant a dead caballo, and in marketing, a dead business
How do I fix my leaky bucket?
Unfortunately, there is no way to completely fix the customer bucket. Customers will eventually churn and stop buying your product, as we say, nothing can be said to be certain, except death and taxes. But even for taxes, countries see a customers leak pretty much equal to the country’s death rate.
Having said that, there are many marketing strategies that can be applied to limit the customer churn rate.
Auditing your Retention and Loyalty marketing strategies in order to maximize customer retention is one our Marketing Automation Services.
Tags: Marketing Automation Services, Marketing Retention Services