Balance Between Selling to the New and Servicing the Old - Charles George

By Charles George
Welcome to the Publish the Thrive Radio Show. Every business owner can benefit from publishing their knowledge. Today, every business is a publisher. Whether you are creating content for social media, blog posts, videos, podcasts, newsletters, books, or other types of premium content like paid newsletters, online courses, membership programs . Everyone is a publisher.  Publishing helps you reach new prospects, strengthen relationships with current customers and create additional revenue opportunities.

I’m your host Charles George. I am a digital direct marketer and copywriter. For about 20 years, I have consulted with business on creating marketing campaigns that reach new customers and sell more to their current customers. Today, I focus on building profitable online audiences and brands.

You can follow me personally at www.PublishtoThrive.com. 

IBGR.Network - PROFIT Radio. Everything a business owner needs to start, grow or exit a business. Grow With Us.
 
Introduction
Today’s topic is going to be how much do you need to focus on customer acquisition versus customer retention. 
 
How much time do you allocate to acquiring new customers versus retaining current customers. 

How much of our marketing budget do we allocate to customer retention?

Can we build systems that help automate acquisition?
Can we implement systems to help sell more products and services to current customers?

Is there a balance between customer acquisition and customer retention?
 
Show Objectives - The Why
 
3 Ways to Increase Revenue

• Acquire New Customers, Increase Average Transaction Size, Increase Frequency Customers 

Current Customers

1. It costs 8-10 times more to acquire a new customer versus retaining a current customer.
2. Spend More
3. At Higher Price Points
4. Cost Less to Serve
5. Tell others about you. Think word of mouth and referrals
6. Once You understand who your best customers are it's easier to attract more people like them

Overall marketing budget percentages towards acquisition vs retention?  

Acquisition - 
Are there automated ways to generate prospects, and how can we convert them into first time customers?
 
Retention - 
Once prospects purchase, how can we lead them to purchasing multiple times to become advocates. How can we use automation to achieve this? 
 
Key Issues- Owner Perspective: 

1. review the marketing & sales process for improvement to handle fast or hyper sales growth - building it robust enough,
2. build processes for servicing the customer post sale - building it robust enough, 
3. how to track the balance between effort spent closing deals with first time customers - and effort spent on service accounts closed to create opportunities for upselling.

 
What You Need to Know - Customer Acquisition - 
Lead Generation - Lead magnets and landing pages 
 
Facebook ads to generate leads and sales 
Dedicated/Solo emails - 

Being a guest on other people’s platforms- podcasts, Facebook & YouTube Lives, contribute content to their site blog posts, newsletter articles. 

How can you add value to the person’s audience?
Creating Your Own Content for social media, website, etc. building your own audiences. 
 
Converting Leads to Customers - 
Low price point upsells - books, reports, smaller items and services where customers can get a taste and experience what it is like to do business with you. 
 
Sales Pages on your website
 
What You Need to Do​​ - Customer Retention 
 
Automated Selling Systems- shopping carts that have these features. 

Upsells & Cross sells

Higher price point products- Follow up with Phone Calls, and Zoom meetings. Conversations Lead to Conversions 

Email Newsletters & Promotional Emails 
Facebook ads targeting specific customers with specific offers
Direct Mail- Sequences
Customer Rewards Programs
Develop systems that automate some of these processes so the company can scale. 
 
Shows
Previous: Episode C3.008 Identify New Users for Existing Offer  
Next: Episode C3.010 Customer Recovery
 
About Charles George
Charles George is passionate about helping purpose-driven entrepreneurs create a lifestyle business by combining publishing with direct marketing.

One of the fastest and most profitable ways to build an audience is through email. Download Charles' free report 101 Ways to Increase the Size of Your Email List. http://publishtothrive.com/IBGR
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