While many businesses put the most effort into acquiring new customers, it is crucial to not overlook the potential of your current client base. Your best new clients are your existing clients. By delivering exceptional service to your existing clients, you will unlock new opportunities to invest in acquiring fresh clients. To maximize your success, consider implementing effective strategies like blogging and email marketing, both on the frontside and backside of your business.
- Frontside – Outreach to attract and acquire new leads, potential clients, and ultimately convert them into paying customers.
- Backside – Implement strategies to develop and retain existing clients, increase repeat business, cross-sell products and services, encourage loyalty, facilitate word-of-mouth referrals and consistently provide fresh offers.
Retention and repeat business hold significant importance in maximizing client value. Achieving this requires careful and strategic marketing techniques, such as consistently reaching out to customers in a systematic manner, not taking them for granted, and maintaining regular communication.
Email marketing and blogging are effective strategies for consistently engaging with your current clients and enhancing the client relationship. It is crucial to always have and provide relevant updates when asked “What’s new?” because if you fail to do so, your customers will seek this information elsewhere. When clients become disinterested, they will turn to other options and gradually forget about you, ultimately failing to spread the word about your brand.
By consistently introducing new offerings, you can establish the “What’s new?” concept. Through regular email marketing, your customers will hear from you at least once a month, if not more frequently, providing them with a fresh offering. This approach will generate ongoing interest and keep them engaged, leading to more frequent sales and increased client referrals.
If your business lacks new products or services, an effective strategy is to engage in constant client education. This involves being a reliable source for addressing common questions and resolving problems that customers frequently encounter, achieved through blog posts and email marketing communications.
What Is Good Email Marketing Content?
A client e-newsletter that, at a minimum, distributes once a month can include:
- Content that re-affirms your unique selling proposition and expertise in your business area, emphasizing only the crucial aspects. Avoid overwhelming the e-newsletter with too much industry-related information. Instead, concentrate on addressing the specific pain points that your audience experiences.
- A compelling message that showcases “what’s new” and urges them to take action. Continuously reinforce the notion that your offerings hold immense value and have the potential to enhance their lives. Additionally, seize this opportunity to provide up-to-date insights on pertinent, attention-grabbing issues that most affect your audience.
- Stories and case studies to build a connection with your clients. This can make all the difference in preventing them from going elsewhere. By forging a friendship, you become more than just a service provider. Through your email marketing efforts, you can nurture these relationships by sharing stories and keeping them updated on your business. This way, your customers can form a strong bond with you, making it highly improbable for them to seek out another provider.
Investing in reducing attrition holds just as much importance, potential profitability, and validity as investing in acquiring new clients.
How To Monetize Current Clients?
Increase Transaction Size – Grow transaction size with cross-selling and upselling.
Increase Transaction Frequency – To increase the number of your purchases, it is essential to maintain regular and captivating communication. Email marketing with a monthly e-newsletter and content pulled from blogs are good ways to achieve this.
Decrease Division of Spending – The client with the least divided spending will be more likely to be around forever and recommend you to others. On the other hand, customers who divide their spending the most are more likely to be lured away and less likely to recommend a business. Reduced divided spending increases the likelihood of referral and retention rates.
Reward Repeat Purchases – Install a strong loyalty rewards program, then promote it frequently to clients via email marketing. Show them the distance to the next reward or reward level. Have benefits that are activated by usage.
Increase Retention – You need an alarm that goes off just when a client starts to wander. Watch out for:
- Email marketing non-openers.
- Questions about when your agreement expires
- Injuries about details pertaining to their offerings.
- Their payments are past due.
What Is A Lost Client Campaign?
A lost client campaign is any planned strategy intended to reactivate lapsed or inactive customers. Your lost clients don’t have to stay gone forever. A successful win-back campaign can bring them back quicker, more simply, and at a lower cost than focusing on bringing in new customers. An excellent strategy to sustain communication is to use email marketing to keep lost clients informed.
Optimal lost client campaigns include the following:
- An acknowledgment that something must have gone wrong for them to wander off, if not an apology.
- Reminding them of the main reasons they choose to do business with you.
- Announcing “Exciting News” about how you have “New and Improved” services or products.
- Providing a unique, extraordinarily generous, and/or compelling offer.
- Offering an alluring FREE gift in exchange for visiting, calling, etc., so that they see the “New and Improved” for themselves.
- Imposing deadlines on the offers.
Bring in “New” Products
Selling more to clients who already know, like, and trust you is easier than recruiting more new clients. The first sale of a new product or server is the hardest but luckily your regular customers are more likely to buy from you. If a product or service is new to the client, make sure they are aware of it.
Reduce Refunds
Someone could make an impulsive purchase and then regret it a day or two later. Send your clients a message as soon as they make a purchase, assuring them that this is the right product for them.
Retention by Ascension
Clients stay longer when they are climbing or rising from level to level, by design and aspiration, rather than static in a transactional way.
Climbing from one level (of benefits, of involvement, of recognition and prestige) to another, then another, then another is one of the most effective ways to lengthen client retention. They are less inclined to leave if they are ascending toward a goal. Usually, the costs associated with developing and delivering these higher levels are not equal to the increased spending by customers over time.
Clients become more valuable as they climb and reach higher levels because all initial acquisition costs are amortized over an increasing number of months or years. In addition, the margin on goods and services at higher levels is higher than that of initial, early, or basic purchasing. You can significantly increase customers in staying and spending by length, frequency, and dollar amounts if you can get them committed to achieving a goal that needs them to remain and spend.
Avoid putting your clients on a path that has a dead end. Make sure there is always a next, back door to front door, exit ramp to (optional) next on ramp, extension, upward mobility, and ascent, etc. Check your business carefully for roads with dead ends and keep the communication flowing with blogs and email marketing.