Do know that there are two types of marketing strategy?Â And you should be doing both to ensure that you’re getting the maximum out of your business.
These two types of marketing strategy are:
Customer Acquisition, and
This is your strategy for getting your new customers.Â So you need to be aware what your marketing positioning is, how you differ from others in their field (ie why should people listen to you or buy from you?), and what marketing methods you are using to attract people into the top of your marketing pipeline or funnel (called the “marketing mix”).
You need to be really strong and focused on your positioning, your niche, your USP (unique selling proposition) and your target market.Â Why?Â Because if you’re woolly or confused, then you can bet your bottom dollar that everyone else will be too.Â And if everyone else is confused, then you just won’t get the clients that you want to work with, or the customers you want to sell to.
Then you need to have a variety of ways that you attract people to you.Â This is really important.Â It takes people (that’s you and me included) about seven times on average before they respond to something.Â But – it doesn’t need to be seven times in the same place.Â Put your promotional message in a variety of places that you know your target market will be at or read, and keep it out there.
Now business owners spend a lot of time on this strategy: they know they need new customers, and so they go all out to find all sorts of marketing methods to bring new customers in through the door.
It will cost you about 8 times as much to get a new customer as it will to keep an existing one, AND existing customers are far more likely to buy from you again.Â Actually there’s a well known statistic that states that 80% of your sales will come from 20% of your clients.Â Hmm.Â So it makes sense then to be spending a large proportion of your time, effort and marketing budget on keeping your existing clients.
So with your customer retention strategy you need to be looking at way that you can make your clients and customers feel good about buying from you in the first place; find ways to add value to their purchase with you; and learn how to increase what they buy from you, increase the number of times they buy from you, as well as increasing the length of time that they stay as a customer with you (this is called their “lifetime value” and if you’re serious about marketing your business then you should always be concentrating on increasing the lifetime value of your customers).
I joined an organisation recently that spent a lot of effort getting me through the door and signing the direct debit form.Â Then, once they’d got me – that was it! No welcome pack, no “what happens next”, no “here are your special deals”, no?well, nothing.Â Such a shame because they’re leaving big money on the table, and they’re not giving me a big enough reason to stay with them over the long term.
So, don’t be one of these business owners.Â I know you work hard to get new customers on board, but do put in place a customer retention strategy as well.Â You’ll be streaks ahead of everyone else out there, and it’ll make a massive difference to the marketing of your business.
Have a great week!