If your pockets are almost empty, reaching your existing clients with affordable online marketing can save the day!
Consumers are weary, sales cycles have lengthened and you’ve already depleted the brand advertising budget. What can you do now? It times of dire straights, communicating effectively with your clients using online marketing can help you tighten up margins and regain your swagger.
We often forget our roots and ignore the age old business philosophies. Well, philosophy #1 states, 70% of your marketing efforts should be focused on customer retention and 30% in acquiring new clients. Now, I know what you’re saying. “But this doesn’t apply to ALL businesses”. True…not all businesses, but even businesses that have a singular sales cycle and where repeated consumption is non-existent; your current customers have the most potential for future business.
Sure, you can always up sell your clients, but they can also be your companies biggest mouth piece, singing your praises. Much more effective than a banner advertisement. So, how can you effectively monetize your current clients to maximization?
First, communicating with a variety of online and mobile mediums is essential. In today’s communication galaxy, its important to reach your clients via e-mail , SMS, RSS feeds and viral video to offer promotions or to flex your newly gained press and achievements. Keep the communication informative, exciting and offer premiums that only exist to your current clients.
Next, understand your ROI from every client. How much prospecting time went into the sales cycle. How much pre-consumption dialogue existed? The client’s who chew up your time and are the first to call you with a problem or question, are the first you should market to.
These are the client’s who require you to raise the campaign ROI, or risk taking on unprofitable business. They require frequent hand holding and frequent communication, so they will also be more open to your forms of online marketing, which communicates your proposition.
A very effective proposition for ALL clients can be the offering of a premium. Providing client’s something the public is not privy to can speak volumes about your views on customer relationships and provide a REAL solution for clients.
For example, a magazine selling ad space may offer its top 5 customers inclusion in a seasonal issue for 50% off the list price. Not only is this providing the client additional exposure at a premium price, but it is reinforcing the relationship.
A strong proposition for some of your smaller budget clients can be the use of affiliate marketing; getting something for “free” can be a very attractive offer for those with SEVERELY strapped cash.
It’s important to offer these clients a personalized affiliate marketing plan to motivate them to sell FOR you. If you know your client needs yellow marbles, then spell out to him how many free yellow marbles he’ll receive in exchange for $2,500 in business referral.
Another effective online marketing tool is to leverage your business relationships with companies in different industries and cross market their services at a premium to your clients. A great example of this lies within the tobacco industry.
Tobacco giants would set up off line promotions and hire brand ambassadors to enter bars and nightclubs with notepad style computers, and collect contact information from smokers of their products, in exchange for a free Zippo lighter.
The brand reps would ask patrons if they were a smoker of (tobacco brand), and if the answer was yes, they were entitled to a Zippo in exchange for their e-mail address and home address. The tobacco brands used this information to send e-mails strengthening brand awareness and to provide offers and also in direct mail.
No matter how tight your budget gets, don’t forget about the best chance at stimulating your bank account….YOUR CLIENTS!
This guest post was written by SEO Design Solutions’ VP Mr. Shiraz Madan who consistently refines the focus of our collective marketing and branding efforts through bringing fresh insight and vision to broaden our business horizons. If your business requires a fresh perspective with new eyes, then feel free to contact us at 1 (312) 794 7883 to see what opportunities exist.