Overcoming Unpredictable Revenue and Boosting Stagnate Business Growth System #2: Marketing to Your Existing Customers… I want to help you install systems—just like your accounting system, payment system and inventory system—that will become part of the fundamental underpinnings of your well run, efficiently managed business. For most businesses, getting new customers is their #1 priority, which is why I discussed how to establish a simple Prospecting and Lead-Generation System in the first module in this series.
Today, I want to help you establish System #2: CRM and Marketing to Past Buyers.
CRM is the acronym we marketers use to say “Customer Relationship Management”. It’s also sometimes used to denote software applications that capture, store and communicate with customers in a database. Why is managing the relationship with past buyers important? Because you can often make more profit from existing customers (than from constantly bringing in new ones) simply because there is no cost to acquire that new customer. The entire purchase amount from that customer goes solely to (1) the cost of delivering the product or service, (2) the low cost of sending an email or letter to that customer to alert them to a unique offer, and (3) your profit. What’s the checklist of tasks for setting up a CRM system and marketing to your past buyers? Step One: Capture Your Customers’ Names Whether you capture names, addresses and phone numbers from customer checks…or get email addresses from a free drawing card at your register… or obtain complete contact details from a shopping cart function at your website, capturing information about your customers is a necessity if you plan to do “relationship marketing.” Here are some options for capturing and storing these names for later use:
* Offline databases like Salesforce, Goldmine, Microsoft Access, Filemaker * Online CRM systems such as 1ShoppingCart.com, Infusionsoft, Aweber.com
Step Two: Plan Regular Communications and Unique Offers for Customers Part of managing the relationship with customers whose names you capture is to regularly communicate with them—and extend unique offers developed specifically for them. At the very least, you should give them advance notice of a sale or an advance opportunity to purchase unique items. What kinds of communications and offers work with customers?
• Reactivation Offers: Unique pricing or product bundles that encourage past buyers to start buying again. • Continuity Offers: Converting one-time buyers into ongoing customers who receive a regular delivery of goods or services for a fixed price…by the month, quarter or year. • Upsell Offers: Special pricing on additional goods and services extended to customers in your store or while they are purchasing online. • Customer-Only Offers: Special sale days, unique pricing or financing options, advance notice of sales, opportunity to buy from a limited quantity of premium goods, and other offers extended only to past buyers.
Step Three: Create a Calendar of These Communications and Offers The key to establishing System #2 is to schedule a calendar of regular communications with past buyers and current customers. Just like last week’s calendar of new-customer acquisition campaigns, marketing to people who have already purchased from you is imperative. Schedule the “drop date” of your email, postal letter, phone call or voicemail broadcast, then count back the number of days or weeks you need in order to prepare that campaign. Delegate all tasks to your employees or outsource vendors. Require them to meet stated deadlines. This Week’s Homework Assignment Assuming that you started last week creating your one-year marketing calendar by scheduling NEW customer marketing campaigns, take time this week to add to that calendar all the special sales days and other campaigns you’ll create for EXISTING customers. Beware of overlapping dates, but most especially, be sure that past buyers are alerted to any sales or new-product releases BEFORE you advertise to prospects or the outside world. Of course, if you need actual campaigns and step-by-step guidance in executing new-customer or existing-customer campaigns, click below to read about the Income:Series—a monthly service where I’ll send you highly detailed, in-depth, planned-for-you marketing campaigns at a very low cost. Click here for details. These campaigns are easy to integrate into your business… instantly actionable without a lot of advance work… and require just a few hours (or less) to review, understand and execute (either by yourself or by a staff person)… They can be yours every month for less than the cost of lunch at your favorite restaurant–or for about what you’d pay to talk for just 7 minutes on the phone with an accountant or attorney. Click below to get started with “New-Customer Acquisition Strategies”—your first month’s campaign—at the introductory price of just $3.95. I’ll be back next week with details about the next Income System in our 12-week series. Click here to get started.
Until next time,
Janet Switzer Editor, Instant Income Revenue Report P.S. Have you established cash-generating systems in your business yet? Does your revenue get banked on a predictable basis? If not, you need to put in place the major systems that reliably bring in cash-flow. These systems will help you easily execute pre-scheduled marketing campaigns, run advertising that makes the phone ring, use sales strategies that convert prospective customers to cash-paying buyers, and more. Click here to read more about these systems and the step-by-step program for establishing them starting today. Then stay tuned for more advice, free reports and income-generation news from the Instant Income Revenue Report.