Why Your Most Valuable Customers Are Your Current Customers
Improve your small business marketing successes by bringing your past customers back to life.
I’ve seen data that suggests that it is 5X easier to sell to existing customers than to new customers. That type of math adds up quickly when you can make it work for you!
How much does it cost you to capture a new customer? How much is that customer worth over their lifetime of interaction with you? What is the return on your small business marketing?
If you can’t answer these questions, you should quickly figure out how to and begin collecting the data. You’d be surprised at how much each new customer costs your business and frequently, they are treated as one time interactions.
It is both the cost of acquiring new customers and the fact that only around 3% of customers are ready to buy that make current and past customers so valuable to a business.
Your small business marketing should not only target new leads, but also maintain contact with your previous customers. Strive to convert your new customers into lifetime customers.
Not only will your small business marketing returns be higher, you’ll also begin to eliminate the feast and famine cycle that plagues many small businesses.
“Black Friday” is a great day for many businesses. But, the implication is that businesses are operating in the “red” until this day and then the rest of the season catapults a business into profitability for the year.
Wouldn’t you rather have a continuous flow of customers year round instead of having too few or too many and constantly worrying.
Staying engaged with current and past customers is key to small business marketing.
Sounds good, but how do I do it? Great question.
Sales resuscitation lends itself quite well to automation. Once you figure out and plan your small business marketing campaign, the next step is to configure automation to run the tasks. Then, you step in when human interaction is required, typically the close.
I’ve put together an infographic below that has a bit of a process flow at the bottom. This is a high level flow, but coupled with my last article on the back end in small business marketing, you have the whole picture.
Sales Resuscitation in Small Business Marketing
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Michael Nelson
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