It is a common understanding that Customers are the lifeblood of our business, the very success or failure hinges on our ability to attract customers and complete the purchase process.
Traditional marketing practices put a heavy focus on identifying your target customer needs, and offering some sort of promotional deal to attract them into your sales process, this has worked, and still does. But; this singular driven process is costing your business time, money and is the proverbial ‘ticking time bomb’!
Even with the fingertip marketing and media resources available to us today, most businesses are still centering their focus on attracting new customers only; it’s all about growing the database and bringing in new customers; and if you have a little bit of savvy in your strategies, you will have a built in funnel to nurture and support your potential customers into the purchase process. While these strategies work and offer a level of success for your business, the real truth is; they are simply not enough and they could be costing your business more than the strategy is worth!
When was the last time you calculated the real cost of marketing, nurturing and attracting a new client? Depending on your marketing strategies and ROI, this can easily stretch into the thousands.
According to Lee Resource Inc. “attracting new customers will cost your company 5 times more than keeping existing customers!” Bain & Co research results tell us that a “5% increase in customer retention can jump a company’s profitability up by 75%!” And if we apply the Pareto Principle here, “80% of your future revenue will come from 20% of your existing customers”. So to be truly successful your business needs to expand the Customer Service Standards and not only serve new customers, but more importantly, hold a higher value and focus on your existing customers.
Traditional marketing is lazy marketing and it is time for an update! Bring your current customers into focus, update your marketing and sales funnels with them at the front of the queue, reward them for their loyalty, make them them a high priority – brand loyalty is a tough market, with so much choice available and easily accessible, you have to work hard to build and maintain customer trust.
The most powerful form of marketing is word of mouth referrals, lazy marketers might give new customers an incentive to refer; savvy marketers do this; and prize their existing customers, continually building their trust, always including them in amazing offers and deals. Savvy Marketers Breed Raving Fans, they blow the lid off the traditional standards and show massive client loyalty.