IBGR - RESULTS Radio Network. Everything a business owner needs to start, grow or exit a business. Come grow with us.
Today’s topic focuses on how much do you need to focus on customer acquisition versus customer retention.
How much time do you allocate to acquiring customers versus retaining current customers.
How much of a budget do we allocate to acquiring 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
Overall marketing budget percentages towards acquisition vs retention?
Are there automated ways to generate prospects, and how can we convert them into first time customers?
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:
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 platform- 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.
Previous: Episode C3.008 Identify New Users for Existing Offer
Next: Episode C3.010 Customer Recovery
Written by Charles George
new choice for BUSINESS SEARCH