Quick Marketing & Business Tips
Welcome to our video series “quick marketing and business tips” where we’re giving you actionable advice, tips, and recommendations, to grow your business today.
This is episode #7.
Let’s dive right in!
Episode 07: Nurture your existing customers
It costs around 5 times more to gain a new customer than it does to retain an existing one. Sounds scary, isn’t it? It shouldn’t be. This is good news.
Customer retention and loyalty are critical to every business. Our current customer list is the most valuable asset we have.
In the previous episode, we discussed the importance of research. We analyzed that we need to research the market, the competition, and the business itself by exploiting all the assets a business has in its position.
One of those assets is our current customers.
Our goal with marketing is to target potential customers, nurture them into a brand’s ethics and values, convert them into paying customers, and then delight them and retain them for as long as we can.
Think of the most successful brands in history, they are not necessarily experts in acquiring new customers all the time, they are experts in retaining them for a lifetime.
Acquiring new customers is not an easy task. It takes effort, resources, consistency, and money to persuade people into doing business with us. Marketing, advertising, sales, product development and improvement, innovation, customer service, and the list goes on.
Existing customers are more receptive to a brand’s new offers and products. They already trusted us with their hard-earned money.
And when I work with a new brand, I always investigate and exploit its current assets.
Unfortunately, not all business owners are willing to consider evaluating their current customer list. Others are afraid they will lose the customer forever, others think it’s an aggressive and pushing method, others don’t really understand the power behind the numbers.
But if you don’t work your current customer list, it’s a dead list, the customer is already lost.
So how can we re-enable our customers to do business with us again? Let’s see some examples.
#1 If you are a service-based business, contact your customers with a brand new service package. Offer them exclusive discounts, extra services, and added guarantees on a monthly or yearly subscription and make it crystal clear that the new subscription service is only available to your best customers. It’s not a service available to anyone else.
#2 If you run a local store and you don’t know your customers by name, add an exclusive club card service so they can collect points that they can redeem for products in the future.
#3 In our hotel, it’s our policy, to offer discounts to all existing customers when they visit us again. It doesn’t matter how many nights they’re gonna stay. They get the discount, over and over again. That’s why they visit us again and again.
If an existing customer books a room for a relative or friend, they get the same discount as well.
#4 If you sell goods and products, announce special, or flash sales, and limited availability offers to your existing customers ahead of time. Be very specific on how the new products or offers can help your customers and improve their lives.
#5 If you sell a luxury or high-ticket offer don’t avoid revealing the actual price but at the same time focus on the features, benefits, and supreme quality. Analyze the production, inspection, and perfection and the time it takes that ultimately guarantees the best product for only a handful of selected clients.
#6 No matter your business or the kind of product you sell, ask for customer feedback and take action. Collect valuable data to improve your current product line and to create new products that the market needs right now.
Marketing & Business
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Your host: Tasos Perte Tzortzis
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