Aug/11
Customer Loyalty: Maximizing Your Retention Rate
It’s mind boggling, how overlooked customer loyalty and retention is these days… So many businesses assume they’re so much better than the competition… it’s comical. The reality is, you’re probably not splitting atoms, so consumers have options on where they can go to buy products/services similar to yours.
Customer loyalty and retention are critical keys to a successful business. Treat your customers with respect, and they’ll reward you with loyalty. Express genuine interest in their needs, and keep in mind that if your current customers are happy, they will send new customers your way.
The truth is, its a lot easier and more cost effective to build and enhance current relationships than bring in new ones. Loyal customers buy more, and more frequently.
Here are a few proven ways to help build stronger relationships with your customers, and increase your retention rate.
- Don’t take loyalty for granted - Seemingly obvious, but many business owners are trapped in the “we already have them” mindset, and their existing customers are the ones who suffer. Nourish and flourish these customers, to ensure they feel appreciated. Successful marketing campaigns may draw new customers, but only relationship building will help ensure they keep coming back. Don’t take customer loyalty for granted and don’t underestimate the power of relationship building. Customers return when they feel not only that their needs have been met, but when they can trust the product/service/advice your brand has to offer them.
- Word-of-mouth - Markets are saturated, and competitors are often plentiful. With that, it is easy for a customer to take their business elsewhere. If you’re not keeping your customers happy, somebody else will. Since it’s rarely the product that sells your company these days, your service and expertise better be top notch. Being good is no longer good enough. You need to go above and beyond, to really keep people talking.
- Lend a hand - If a current customer or prospect is having difficulty, lend them a hand, even if it doesn’t result in direct business. People who scratch backs, get theirs scratched in return. Expressing interest in your clients’ success or happiness, shows a lot about the character of your brand. At Primary Target Media, we’ve built our reputation on this very principle. We know what we know, and not everything has to be “billable”.
- Save the fluff - Personally, nothing irritates me more, than a clearly rehearsed conversation. Spare me the pitch, and let’s talk straight. Fortunately for me, I’m a nerd, so I understand “techy talk”… but I do everything I can, to talk in an understandable manner to my clients. If they’re confused about what I’m talking about, they’re never going to feel comfortable in what I’m offering. The days of fancy suits and big words are over… don’t get me wrong, I love a stylish 3-piece as much as the next guy, but if it’s the suit that’s selling my services, we’re all in big trouble. People are drawn to what they can relate to, and it’s no different in business. Focus on your offering, and how you can help your customer… not your knowledge of big words and complicated conversation.
- Show your appreciation - Appreciating your customers doesn’t have to mean giving them something for free. Simply being there when they need something is often times enough. Showing them that they can count on you and your business goes a long way in building a strong relationship. I also believe in offering my loyal clients discounts on my services, if and whenever possible. After all, they’ve trusted me with their business in the past, and showing my appreciation with a discount is the least I can do.
These things may seem somewhat obvious, but you’d be surprised how many businesses overlook them. Let your customers know that their success and satisfaction is important to you. Your success depends on theirs, so enuring your customers are happy, is truly critical.
Apr/11
Business Goals 2011: Measurable Marketing
J. Paterson - Every year, we all strive to improve our business goals, and marketing/advertising is always at the top of the list.
With technology growing faster than most of us can catch up with, it’s become increasingly important to utilize this technology to improve efficiency, make smarter advertising decisions, and improve our bottomline.
For the longest time, advertising decisions were made based on the pitch of the ad-rep, mixed with a few recommendations from colleagues/friends, and by simply following what your competitors are doing.
Let’s shoot a hole in each one of these angles, just for fun
- The ad-rep has to eat… so he/she is going to tell you what you want to hear.
- If your colleague/friend owns a flower shop, and you own a car dealership… is there recommendation necessarily a good one.
- By following your competitor(s), you’re basically admitting to yourself that they’re smarter… and your advertising dollars are being spent, based on their decisions.
Gone are the days where you throw an ad in the newspaper, stare at the phone and assume that everyone who calls, noticed your ad beside the article on high gas prices.
Technology allows us to measure each and every activity, relevant to any/all of our advertising efforts. Whether it be a newspaper/magazine ad, direct mail campaign, tv/radio campaign, or online ads, if you’re not effectively tracking these ads, i promise you, you’re wasting money.
Measuring your marketing efforts provides you with valuable answers, to help you make smarter advertising decisions moving forward.
Let’s say you’re meeting this afternoon with a local magazine representative, whom you’re interested in placing an ad in their upcoming issue. You agree to drop $1,500/issue for 3 issues… equaling a total investment of $4,500.
You provide them with the artwork (or they develop it)… using your phone number, website, and some catchy little tagline… Sounds great right?
Well, now the magazine goes to print, you get your copy… and you start cracking your knuckles waiting for the phone calls to pour in… And maybe they do. The question is, how do you know what drove these phone calls?
Sure, you can tell your staff to ask the “How did you hear about us?” question… But in reality, if you’ve tried this before, you’re well aware that this tracking method isn’t worth squat!
Now, it’s 3 months later, you’re $4,500 deep in an advertising decision that ultimately, you have no idea how effective is was/wasn’t. The ad-rep comes calling again, and you’re stuck with another decision, without the proper tools to help you make a smart one.
Using technology to effectively monitor your marketing activities isn’t difficult, you simply have to team up with the right people (like us), before launching that new advertising campaign… We’re able to tell you, whether or not you just threw away $4,500 (so you dont do it again), or that it was money well spent.
Sure, stats are nerdy and boring… but what’s worse is blinding advertising, when all the “eye-opening” tools you need are readily available.
So, before you spend another dime, let’s open those eyes!