Maximizing Your Client Value
Many businesses make the costly mistake of thinking that marketing efforts stop when a potential client turns into a paid client. And after pouring tons of money into marketing campaigns to acquire new clients, they find themselves baffled because there is no increase in revenue or, even worse, they lost money on the campaign. Singularly focused on acquiring new clients, many businesses overlook their most valuable asset, which is their current client base. They are not doing enough to derive the maximum lifetime value out of current clients, which can become a fatal mistake. Especially considering that, according to SCORE, on average “It costs about 5 times as much to attract a new client as it does to keep an existing one.”
To top it off, large competitors are invading communities and driving most of the purchasing power away from local businesses. And these local businesses have no leverage to fight them off in order to survive. As statistics show, 25 to 32 percent of local businesses close down within one year after the opening of a large-scale competitor in their area.
We have found that many business owners have limited knowledge of certain critical aspects connected to running their business, and this has a negative impact on their company’s performance:
They do not have a clear understanding of how to develop a flood of new, highly qualified prospects, actively looking for their exact product or service;
They do not know how to harness the power of the internet with tactics such as Social Media and Video Marketing, to drive more prospects into their lead generation funnel;
They do not understand why or when a client defects;
They do not understand why their best clients are their best clients;
They do not have a clear marketing strategy emphasizing their strength as a member of the community;
The do not know who the 20% of their clients are that are responsible for 80% of their sales;
They do not know how to cultivate client loyalty and make doing business with their company a personalized experience.
Yet, if a company had this level of strategic insight, it could continually evolve with their clients’ needs, enrich their experience as clients through excellent service, and maximize the Lifetime Value of every one of their clients. Frederick Reichheld of Bain & Company reports that, “Businesses who boosted client retention rates by as little as 5% saw increases in their profits ranging from 5% to a whopping 95%.”
Simple Solution For Businesses:
We assist local businesses in developing insight into top client acquisition and marketing strategies. We help our clients by maximizing their client acquisition and retention efforts with our Marketing for Local Businesses Service and our Data Driven Predictive Marketing System. Using our wide range of expertise, we help local businesses gain leverage in three critical aspects of doing business:
How to identify, build, and execute the most efficient and effective customer acquisition strategies;
How to identify and influence various client behaviors, from the first purchase to the last;
How to use top marketing strategies and grow their business regardless of the competition.
With this information in hand, we guide businesses to develop and enact the best marketing and client retention strategies.