We’ve heard it all before – it costs more to acquire a new customer than to keep a current one …. but have you ever stopped to figure out just how much? Furthermore, research from Bain and Company tells us that a 5% decrease in customer defection can increase profits by anywhere from 5% – 95%. So what can you do to get things moving in the right direction? Here are five marketing and client loyalty campaign options you can implement immediately:
1) Email campaign – Generic – We Miss You!
If you are able to segment your database with a simple query of who hasn’t made a purchase in the last 90 days (or other reasonable amount of time for your product/service) send out a targeted note to that group letting them know that they have been missed and offer an incentive to purchase within a short period of time.
2) Email campaign – Targeted
Are you able to segment your client list into groups, lets say product preference or some type of behavior? If so, create more targeted messages for each group and then send out campaigns according to each segment. Get creative in how you share your message! Use infographics or pictures rather than text to maximize your impact. Remember to track how the various campaigns worked so you know what to repeat moving forward.
3) Client Loyalty Campaign – The Survey
Sometimes we simply don’t know all we don’t know. A survey is an excellent opportunity to learn what is not meeting our customers expectations and allow us to fix it. Better yet, we know that when we recover from a mistake, we actually increase the loyalty level with that customer. Send out a survey to all your customers, not just those who have been absent from some time – remembering to segment the results so you can compare and benchmark. Then create a plan to actively address the concerns that have been brought up by the results.
4) Client Loyalty Campaign – The Phone Call
At the end of the day, hearing from a live person is unexpected and special. Once again, segmentation is important. You can either offer a special promotion to do business with you again, or just understand why they left and accept responsibility for any failures/defects that may be brought to your attention. Apologies (if needed) are often worth more than any discount on a future purchase.
5) Client Loyalty Campaign, Targeted Courtship & Dating
This tactic is a bit more time consuming, with the potential for deeper relationships and ROI. Target the clients you want to gain back (or acquire) and start following them on social media. Really engage with them. Comment on posts, share content with your followers, understand what motivates them, and then when you have built a relationship ask for the date (the sale)! Everyone likes to be appreciated, and doing business with companies and people who understand and appreciate us is always preferred.
Many of these strategies can be used together. Track which ones work best, and note if certain segments of your business respond better than others. Overtime you will be winning back the hearts and minds of past clients, growing revenue and developing a strong marketing strategy that you can turn-on or off anytime you want to accelerate a particular segment or product within your business.
PowerVision, is a strategy consulting firm that helps business and their leads to scale and grow. Ready to put your vision into action? Contact PowerVision today.