First and foremost – this is probably the most patriotic week I’ve experienced in years!!!! Did you watch the inauguration? Incredible! No matter who you voted for, that display of American spirit was absolutely incredible and for me, provided hope that this era we are in now could just end up being a small fragment in time. Now back to business.
I found this quote this week that I thought you would find of value.
“It costs upwards of 5-6x as much to acquire a new customer than to retain an existing one.”
– Hubspot
If your marketing budgets are strapped, then you should absolutely be taking advantage of using your customer list. How are you staying in front of your customers after they make the purchase? BESIDES SOCIAL MEDIA! Yes, it’s where everyone goes, but it’s crowded and noisy and you can easily be swiped over.
Your customer list is invaluable, so nurture it!
This week I got my hands on some serious data for my client to really dig in and understand who her clients really are. Unfortunately, her software blueprint (the tools she uses to operate her business) don’t like to play in the same sandbox, so I had to take a variety of data sources and merge them together to paint a clearer picture of what I like to call, a Customer Profile Dashboard. To start I narrow in on 4 important segments.
- Recency – how recent was their last purchase?
- Frequency – how frequently do they make repeat purchases?
- Monetary – how much do they spend in their lifetime and per purchase?
- Metropolitan Statistical Area – where are they coming from? Country, State, City, Zip
When I layout these segments out together, they uncover incredible patterns and possibilities of communicating specific messages to specific people. The result? Precise marketing messages for the right people that create high conversion rates that don’t break your marketing piggy bank!
For example:
If we see that there is a large percentage of the list in the Frequency segment hasn’t made a purchase in a while, then one idea could be to send that specific list a specific offer. Fingers crossed that your ecomm tool and/or CRM can create and track unique promo codes/offers so that you can easily attribute the new sales to this specific marketing effort.
Another example:
Maybe you uncovered that you have a small percentage of your list that are high rollers (spend lots of money with you) – when was the last time you thanked them? Another opportunity to send a specific list a specific, yet generous offer with grateful content appreciating them for their business. The fear of giving too much is eliminated because you know you’re sending those who invest the most with you a well-deserved gift.
Until next week!
