Customer Acquisition
You need it now more than anytime before!
When it comes to acquiring new customers, you need to build databases quickly and cost effectively. This means using technology, email marketing and the internet.
Most business owners would not have the appropriate technology and advanced analytics you need for an internet based customer acquisition program; technology that can also help determine your allowable cost-per-new-client, so you know your limits as well as when to increase spending.
Spam compliant email marketing technology allows you to not only communicate with your database cost effectively, but to understand and build Business Intelligence about your customer's behaviours. Please be kind to your business and meet all legal requirements, DO NOT send marketing emails with Microsoft Outlook; it is not SPAM compliant and does not provide you with any business intelligence to grow your business through customer acquisition.
For example, when you send an email would it be helpful for your business to understand in real time the following?
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Did they receive your email
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Did they open your email
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How long it took them to open their email
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How many time they open the email
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What were they interested in reading
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Did they forward the email to a friend
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Did they click on a particular link if so how many times
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Automatically track and flag invalid e-mail addresses
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and more...
Your marketing efforts on acquiring the right type of customer for your organization must be constant and focused on building a strong database containing as many prospects and customers as possible through direct mail, print media, email, online activities, telemarketing, and point-of-sale registration.
If you don't have an email database, here is a simple tip:
Step 1: organise a competition with a big prize e.g. "WIN A TRIP for TWO" (maybe work with a travel agent to promote them and get it for free).
Step 2: design and print a postcard inviting people to register for the competition on your website and send it through "snail mail" to your customer and prospect database or distribute it through your network or point of sales.
Step 3: yes... you may have to use an old delivery system such as the post services.
Result: conversion of an address book to an online database by getting the card recipients to register online.
Et voila...you did not have to call everyone to ask them for their email address and now your email marketing and customer acquisition database is growing.
PS: Today the most cost effective communication solution is email, which can be up to 1000 times cheaper to create and send emails than direct mail distribution. The sooner you start building your email marketing database the sooner you will build customer acquisition and customer retention at a very low cost.
Customer Retention
You must know that it is equally important to have a customer retention strategy, as it is to generate new customers.
When you look at marketing solutions and deep analysis into your customer data you need to focus your efforts and investments on the most productive segments.
Build a customer retention strategy that delivers the right message and communication to your customers to keep them coming back, to improve response rates, increase order values, and develop a customer loyalty program that maximise revenues and profits.
You must rely on lifetime value modelling to predict future revenue streams and to determine the present value of new customers. This best practice approach ensures that money spent up front to acquire new customers pays dividends well into the future.
Customer Loyalty Programs
You may spend 5 to 10 times as much to get new customers as you will retaining existing ones.
You will work hard and spend a lot of money to get customers to use your services or buy your products. It only makes sense to put an appropriate amount of effort into retaining those customers so that your company may enjoy long-term repeat business.
Your customers have more information today than ever before. Many are Internet savvy and all are out to find the best deal for them. One proven way to improve your chances of customer retention is through a carefully constructed customer loyalty program.
Quick tips:
Need professional help?
As web sites and Internet marketing become more complex, a growing number of businesses are discovering the value of outsourcing the implementation and management of their Web 2.0 initiatives, customer acquisition and customer retention programs to trusted service providers that employ a staff of people with a full range of competencies.
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