Two Words That May Change Your Marketing Strategy
As marketers and communication specialists, our job is to help clients create a brand that will resonate with their audience and help them understand why they should trust the client’s brand over the competition’s. When we first sit with a client, they usually start by asking us to help them capture more market share by converting customers from the competition or finding ways to reach new ones. When I hear this, I like to ask them one question: “How much of your current business is based on repeat customers?”
The majority of the time, I get a blank stare followed by something like “We’re currently focusing our efforts on new customers.”
But think about this for a moment. Depending on your business model (some have only one shot to capture a client for a one-time transaction), the majority of your business may be built around repeat customers. If this is the case, I like to ask, “How much of your marketing budget is based on retaining repeat customers?”
One marketing strategy to create new customers may be to focus on current ones. Use the relationship they have with your brand to have them convert their friends and peers to switch to your brand. Turning your current customers into brand advocates should be part of your marketing strategy and budget. This is a great way to keep your existing customers as well.
If the words “thank you” are two of the most powerful words in the English language, how can you say it to your current customers so they remember it and want to champion your brand? You may find this is one of the most effective ways to convert your competition’s customers. Look at it this way—retention as a way of acquisition.
Interested in discovering how to convert customers and build your brand? Contact us today and let’s have a conversation to explore what is possible. We’re a different kind of agency, because we judge our success by your success, and strategic positioning and brand enhancement are what we do.