Episode C3.006 Opportunities to PLUS 1 the Relationship

IBGR - RESULTS Radio Network. Everything a business owner needs to start, grow or exit a business. Come grow with us.

By Charles George
 
Shows Objectives
 Today we are going to be talking about how to build stronger relationships with your customers that leads to more revenue.
 By the end of the show you will know:
 -        Why stronger relationships with customers leads to more revenue?
 -       How to build stronger relationships with customers 
 -       How to turn these relationships into more revenue?
 
Introduction
Have you ever done business with a company and you really liked the product or service? A couple of months, or even years later, someone asked for a recommendation about a similar product or service and you couldn’t remember the name of the company or even how to get in touch with the company to recommend them?

If you are a business owner, this is an epic fail for several reasons.
Last week we talked about why understanding who your best customers are is incredibly valuable.

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 its easier to attract more people like them

We talked about how to identify your top 1%, 2%, 5%, 10% 20% of your best customers.

Last week we talked about how to determine who your best customers are and how to identify their characteristics. This week we are going to talk about how to build stronger relationships with your customers.

Now that you know who your customers are, how are you going to use the information to build stronger relationships that lead to more revenue? 
 
Example : Domino's App vs. ordering from other restaurant 
 
 ​Show Objectives - Segment 2
 
The Loyalty Effect- for every 5% customer retention, a business experiences 100% growth, and 25% profits.

• Why strong relationships with customers leads to more revenue?
  
• How to build stronger relationships with customers 
  
• How to turn these relationships into more revenue? Rewards & Revenue

 
Examples
Gas stations & debit card example -  Phone Apps.
Credit Card Processing Example

Key Issues
 How do we provide an exceptional experience for our customers, and reward them, so they will continue to purchase more products and services?
 
How can we leverage our best customers to generate more revenue?

Rewards Programs - rewarding customers for purchasing and how often they purchase.
 Grocery Store Example
 
What marketing channels are we going to use to stay in touch with our customers, build relationships, so they will continue to purchase.
 
What You Need to Know- Segment 3

Start by identifying your revenue goals.
What products are we going to create?
Can we create different products for different customer segments?

• Higher Priced Conference/Retreat Example – conferences/events create several opportunities to create revenue. – ticket price for attendees, sponsorships, vendors, VIP Experiences, BroadCast the Event Live/ Record the event and sell after the event is over. We can turn the content in a book.

How are we going to reach and stay in touch with our customers, so we can build stronger relationships? (Marketing channels)
Phone App
Email Newsletters  
Physical newsletters
Direct Mail  

Social Media – Live Video, Posting Valuable Content- Images, Articles, Events

Facebook Ads – running ads to only our customers vs. customer acquisition

Your Website- How can we add value to retain customers and keep them coming back.
                                        Amazon example
Phone Calls
Text Messages
Offer Enhanced Experiences -
 
What You Need to Do​ -Segment 4
 
Start with revenue goals.

What products do we have that can we offer? What products do we need to create? 
 
Conferences – Events, Workshops, Masterminds, One-on-One Consulting, Done for You Services, Information products -online course, a paid premium newsletter, membership experience for our customers, or lower priced point products. 
 
What assets do we have available to us that will allow us to build stronger relationships with our customers? 
Marketing Channels do we already have established or which ones do we need to develop.
 How are you going to keep in touch with your customers?
     
Email Newsletters – This is one of the most profitable marketing channels. Can communicate with customers when you want for an extremely low cost.

Physical newsletters 
Direct mail - profitability
Customer Reward Programs

Can we send specific offers to different segments of customers? – conference example, private ex

​Consulting or Coaching the way this works, the higher the price point, you're delivering one of three things… access, speed of results, or experience, or a combination of all three.
 
Shows
Previous: Episode C3.005 Characteristics of Best Customers
 Next: Episode C3.007 Opportunities to Increase Share of Wallet with Best Customers

​