Are you marketing to your existing customers? Do they know everything you can do for them? Are they fully prepared for their journey ahead?
One of the most costly and time consuming activities of any business is acquiring new customers. In fact, it can be 5 times more expensive than retaining an existing customer! This month we're looking at re-marketing; the process of giving maximum attention to your already hard won customers.
Many top marketers believe at least 60% of your marketing activities should be directed back to your existing customers
If you've been following our journey around The Business Jet Engine (you can catch up on our blog) then you should have spent some time thinking about your product, customer service, marketing messaging and creating memorable experiences for your customers. Now, after all that hard work, it's time to maximise the lifetime value of your customer.
You've already proved your value to them; it may be they need the same product or service again but haven't thought to contact you. Or they may need something new, so now you need to demonstrate further why they should stick with you.
They may need informing of other services or products you provide, including upgrades, add-ons or complimentary products. Maybe you have a product that would be perfect for their colleague - or make a great gift for a loved one. Your customers may be unaware you provide any of these things unless you make it clear to them.
Some customers may be looking for a premium service, something a little more special than the standard deal, and again, they don't know you provide it. Or there may be friends or colleagues who need a similar product or service, and without you prompting, may not think to recommend or refer you.
Whilst many businesses can be over-focused on obtaining new business, they can neglect to truly look after and serve their hard-won past and present customers.
To maximise sales, re-marketing to existing customers should be the first priority.