Let’s talk today about turning prospects into customers then retaining them so we can market to them again in the future! If your marketing is working you will be turning those prospects into customers. Nothing else will do. Here I’ll discuss the important ways we draw them into our sales funnel/pipeline to eventually seal the deal. You’ll need to be all these things:
The big fear of nearly all new buyers is the dreaded buyer’s remorse. We should want to avoid this entirely as that result is terrible for everyone – you and them both. Buyers remorse should be unlikely if you do indeed provide quality products and/or services that consistently deliver the claims you’ve made in your marketing.
But, such remorse can still happen. There are a couple of ways to handle this well:
- Offer a no-questions-asked refund.
- Offer that they can return the product but they get to keep any bonuses that came with the deal.
These two alone will also lower the chances of buyer’s remorse occuring because the buyer will tend to trust you more because you offered these things in the first place.
Here are some other ways to change your prospective client into a valued customer:
- Present a special price as a market testing opportunity.
- Present a lower price with a reason like you are pushing inventory to pay a tax bill, to cover your teenagers gap year expenses, or any other reasonable situation. Customers often like this a lot as it makes you appear so much more human to them.
- Offer them an incentive to refer potential prospects to you.
- It may work best to offer them a smaller, less expensive product earlier on to build the trust needed for them to stump up for your main offer.
- Offer bundled (package) deals. These can be powerful if the combination is well thought out to give the perception of massive value.
- Offer to reduce the price for the first purchase if they commit to becoming a repeat customer.
- Offer more incentives like longer-extended warranties. Perhaps additional bonuses if the order is completed by a certain date.
- Provide them with financing options if that suits your business model.
- Give them a bonus if they will make full payment right now.
- Provide special packaging or delivery options at no, or minimal, extra charge.
- You could offer a “name your own price” incentive.
- Do their product comparison/research work for them using comparative data or other appropriate tools. As long as you are presenting the data truthfully they’ll appreciate the time you’ve saved them.
- Ask them if they’d like to trade-up or upgrade something they already own.
- Offer extra educational information and some space and time to help them make the decision.
As you can see the options are about as endless as you want to make them. Use these together with other ideas to discover what works out best for your business, your particular products and/or services and your desired target market. Above all remember this gem…
“By making it more inviting, easier, informative, educational, inspiring, fun, and less threatening to do business with you, you’ll lift your enterprise way above your competition.” ~ Jay Abraham.
Today I’d like to teach you about the three most important start up marketing tools you need to get and keep new customers.
- In person: It’s essential you meet with customers/clients in person whenever possible. This shows you respect them and take the time to work with your clients to give personal attention to each of them.
- Follow up letter: Always take a moment to send a follow up letter about what you talked about, new agreements or partnerships made and to thank them for taking the time to meet with you. Likewise, you should always send thank you letters or small gifts to partners you find success with.
- Phone call: Use a telephone call to follow up with them to talk again about the matters you talked about in your meeting and offer any assistance you can to help their business run smoothly and more successfully.
None of these will work if you don’t have a quality product/service to back you up!
Here are the key steps for putting together your start-up marketing tools:
- Research potential customers, buyers, competitors and their preferred methods of distribution.
- Talk to potential customers. Take a hard look at your product from a customer’s perspective and see what it needs to be successful.
- Follow up with your 3-step process from above.
- Develop systems for contact follow through, quality control standards and customer service.
- Develop a post-sale follow up system to keep lines of communication open with customers and build on your current relationship which increases future purchases.
“Marketing and innovation produce results; all the rest are costs” ~Peter Drucker, management consultant
Here’s another one I love from a famous business icon:
“If there is any one secret of success, it lies in the ability to get the other person’s point of view and see things from that person’s angle as well as from your own.” Henry Ford, Founder of Ford Motor Company.
I must agree with Ford because my own work experience managing businesses, then founding and owning a business, my later training and experience as a counselor, and finally my current work as a self-employed marketing coach, absolutely bear out the truth of his statement.
This lesson has offered you the tools to put together a start-up marketing plan that can be used over and over again to help your customer base and business grow in a manageable way. Check out the tools inside Score More Business Academy because we offer you these very same things.
Ok, let’s learn how you find a target market of prospects so you aren’t tempted into wasting your precious resources doing blitz, also called “awareness”, marketing. Ask yourself these two questions:
- What do my potential customers actually want to buy?
- What are the products they are already purchasing that are related?
When you know this you’ll know who is more likely to buy your products/services. Then, find other businesses having the same type of customer base that you can share clients with. Cook up a good incentive and work establishing a great joint venture arrangement that will encourage your combined customer base to shop at both of your businesses.
The underlying concept is:
Find existing businesses having the same customer profile you are looking for so you can market your products and/or services to them.
Strike up a relationship with these business people and together work out an incentive for prospects to purchase from both businesses.
Do this and you’ll have an additional audience to pitch to and your JV partner/s also generate an added value from their current base.
So, how do you work out the numbers? Here’s a great method by Jay Abraham:
LV = (P x F) x N – MC
What it means:
- LV = the customers lifetime value
- P = the average profit margin per sale
- F = the amount of times a customer purchases per year
- N = how many years customers buy from you
- MC = the cost of marketing each customer (total expense divided by the number of buyers)
When you’ve calculated how much you spend to attract every new customer, you’ll know what size of an incentive you can offer to another business to help attract new customers from their customer pool.
Here is your process set out step-by-step:
- Search out other businesses already having the customer base you want to tap into.
- Figure out then negotiate an incentive that will have them keen to share their customers with you.
- Focus your marketing efforts and resources on this group of already targeted consumers.
Go get ’em! Remember, if you want guidance working your way through the above process we’re only a few clicks away.
How do I do this educating and about what, you may be thinking?! Well, chew over this, many businesses focus solely on attracting new customers, but you NEED to spend a good chunk of your precious time retaining current AND former customers. These are people you already know to be good sales potential…they’ve already bought something from you!
Take the time to market and sell new products to your old customers and less time trying to sell old products to new customers. You will see a drastic change in your sales, customer quality and branding position.
Here are a couple of key elements to use to retain your current customers:
- Stay in contact: This means in-person, by phone, newsletter, email, heck even by carrier pigeon if you have too!
- After-Purchase Assurance: This means following up with customers. Your customers must feel they are being supported for purchasing and with the item they purchased. Have you ever purchased a product, then felt more or less abandoned? Yeah thought so. Something as small as a simple Thank You note containing your customer service information can go the distance in retaining a good customer.
- Deals or Guarantees: Make sure to offer current customers the best deals and guarantees you have. Show them you actually do appreciate their business. Prove this by coming up with a loyalty club specifically to reward faithful customers. Preferred pricing for them is another way you can show your appreciation is real.
- Integrity: Employing excellent business practices and simply showing integrity, honesty, and always treating them with dignity go a long way towards keeping customers satisfied. Face it, truth is there’s a lotsa crappy swindling going on out there so the safer and more confident your customers feel in your care, the more they will never want to leave. That makes for a wonderfully supportive, happy, and loyal customer.
The cornerstone factors trinity essential to a top-line business:
- Premium products and/or services
- Offering products/services solving a real problem for, or that enhance the life of, a customer
- Offers your customers find compelling
Educate your customers by offering them really useful information and insights. You will be rewarded with their loyalty and the success that must follow.
Don’t waste all your time wooing new prospects if your current clientele is falling by the way!
Jay Abraham said, “Your best prospects are your current customers. If you’ve been putting all your advertising and marketing efforts towards acquiring new customers, stop and divert some resources into reselling, upselling, cross-selling to those very same people. In every way possible stay in touch with those customers and get them used to buying from you by using package inserts, special promotions, regular mailings, et cetera”
So, there you have it! Remember, our FREE sneak peek can help you put together the resources and tools to do just what we’ve been discussing. We can help you whenever you’re ready to start. You will watch the benefits pay off many times over. Your only regret will be that you didn’t take up our offer sooner.