Are You Wasting Your Resources?
If you are spending time and money doing blitz marketing then you are wasting your precious resources.
How do you know if this applies to you?
Answer both of these questions to find out.
Are you clear on the exact result that people want to buy from you?
Do you sell related products and services your target audience is already buying?
Unless you clearly can answer both of these questions then you are doing blitz marketing.
You must know who is most likely to purchase your products or services because once you have this information you can then find other businesses with the same customer base who you can then share customers with. It’s great business sense for both of you. All you need to do is simply create a great incentive and great arrangement to encourage both of your customer bases to purchase from one another. This will give you an audience to market your products and services to that will generate added value from the current base of customers the other business owners have.
One of my mentors, Jay Abraham, shared this model which will help you figure out how you know how much incentive you can give away.
Determine the lifetime value of your customer. Know your average profit margin from each sale and the number of times your customer purchases each year and then the number of years the customers stays with you. Now you can see how much money a customer generates and how much marketing cost you can spend.
Once you know how much you can spend to attract a new customer, you can determine how much of an incentive you can offer to a business to help attract new customers.
Get going on these actions now.
First, find companies who already have the customer base you are looking for. Then, negotiate an incentive so these companies will be open to sharing their customer base. Finally, focus all your marketing resources on this group of predisposed customers.
If you need help working through this process, check out our FREE test drive for the most comprehensive system of marketing tools and resources.
The Gold Is In Current Customers
Most business owners work so hard on marketing and they spend their time and money and resources on marketing tactics to bring on new clients that they overlook their current customers. What you really need to do is to spend your time retaining your current and former customers because they are the people who have already bought from you and are most likely to buy more.
Spend more time marketing and selling new products and services to your old customers and less time trying to sell current services and products to new customers and you will see a drastic change in your sales and the quality of your customers as well as your brand satisfaction.
Customer Retention Strategies That Work
- Be Top Of Mind: Use everything you can, phone, email, texting, e-newsletter, video messaging, social media messaging, in person… use it all.
- Follow Up With Customers: Your customers must feel like they are being supported for their purchase. How many times have you purchased a product, then felt completely abandoned? Something as simple as a thank you note can go a long way in retaining a great customer.
- Guarantees And Deals: Offer your current customers the best deals and the best guarantees you have. Show them you appreciate their business. You might even consider creating a club specifically to reward loyal customers. You can also do this by having a preferred pricing option for repeat customers.
- Integrity: Using good business practices and establishing your business on the foundation of authenticity, integrity and transparency go a long way with customers. The safer and more confident you make your customers feel, the more they will trust you and become a long term and very customer.
The 3 Rules of Business Success
- Provide a quality service/product
- Offer products and services that solve a problem and give your customers the real results they seek
- Stop spending so much time marketing to new prospects and focus on your current customer satisfaction
We can help you put together the resources and tools to do exactly that.
We can find any business owner a MINIMUM of $10,000 in less than 45 minutes… guaranteed… and without spending a cent on marketing or advertising.
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