Charles George - "Publish to Thrive"
Welcome to the Publish the Thrive Radio Show. Today, every business is a publisher. Every business owner can benefit from publishing their knowledge. 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, or 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 businesses 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.
Today we are going to be talking about opportunities to increase revenue with your best customers.
Remember to increase revenue in your business, you need to
1) Acquire new customers
2) Increase the average transaction size
3) Increase the frequency customers purchase.
In today’s show, we are going to focus on the second and third strategies.
Next week, we are going to do an entire show on acquiring new customers.
Over the last few weeks, we have talked about why it is more profitable to retain current customers than attract new customers.
Why it is far more profitable to sell more products and services to existing customers than acquiring new customers?
If you remember, we talked about:
Understanding who your best customers are is incredibly valuable for several reasons.
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
Today, we are going to talk about how to increase revenue by focusing on your best customers.
Have you ever thought about a roofing company? Roofing companies face an interesting dilemma. On-one-hand getting a new roof is an expensive purchase. On the other hand, once you purchase a new roof, shingles companies are now offering 50 year and lifetime warranties. Plus, the warranty is transferable when you sell the home.
This creates an interesting dilemma for roofing companies. How do they stay in business when customers only need the product once every 50 years?
How do we sell more products to current roofing customers, when customers don’t really need our main product?
What can we do so we are not always chasing new customers?
How do we offset the price of customer acquisition?
That’s what we are going to be talking about today.
How to create opportunities to increase revenue with current customers.
Key Issues – Segment 2
We mentioned last week that there are 3 ways to grow a business.
1) Acquire new customers,- this is the most expensive way to generate revenue. This is what most businesses focus on the most.
2) Increasing the average transaction size. – Last week talked about how the dominos app does this.
3) Increasing the number of times a customer purchases.
We talked about how to identify your top 1%, 2%, 5%, 10% 20% of your best customers.
What You Need to Know – Segment 3
Roofing Example – partnering with others- start an email newsletter to your existing customers, start growing your prospect list, your customer list, hosting a local trade show, lead generation service, start a local magazine creates new products, collaborate with other businesses, direct and indirect competitors, Partnering with Other Companies
– Direct and Indirect Competitors –
Creating Additional Revenue Opportunities
Creating a Variety of Products and Services with Different Price Points
Link Your Products so there is a natural ascension.
Current Customers are worth more to our business than prospects
What You Need to Do – Segment 4
Identify your best customers are-
Create products that only cater to your best customers.
Continuity/Subscription Pricing Models- Examples software company examples, car
wash, membership club-
Reason Why Marketing – anniversaries, birthdays, holidays, and event calendar
Previous: Episode 6 Opportunities to PLUS 1 the Relationship
Next: Episode 8 Identify New Users for Existing Offer.
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