On the International Business Growth Radio Network (IGBR)
Each Wednesday at 2pm Eastern Standard Time listen to Charles George’s Publish to Thrive Radio Show on the International Business Growth Business Network.
Today we are going to be talking about how to build stronger relationships with your customers which 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 your really lked 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 the company to recommend them?
If you are a business owner, this is an epic fail for several reasons.
Last week we talked about understanding who your best customers are is incredibly valuable.
- It costs 8-10 times more to acquire a new customer versus retaining a current customer.
- Spend More
- At Higher Price Points
- Cost Less to Serve
- Tell others about you. Think word of mouth and referrals
- 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 : Dominos 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.
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, Broad Cast 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.
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 do we need products can we 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 custoemrs 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, your 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
