Given the importance of customer retention outlined in Parts I and II, developing a strategy of renewed focus on your existing customers might be in order.
According to Jay Abraham’s best-seller, Guerrilla Marketing, he argues that business owners should spend the majority of their marketing efforts on existing customers. Here’s how he breaks it down:
- 10% of your marketing budget to market to EVERYONE
- 30% of your marketing budget to market to PROSPECTS
- 60% of your marketing budget to market to EXISTING CUSTOMERS
What is your current marketing ratio?
Do you spend most of your efforts marketing to everyone or prospects?
Do you neglect your current customers?
If you are looking for a way to change your current marketing ratio, spend some time designing and implementing a systematic “Keep-in-Touch” system whereby you reach out to your current customers on a regular basis if for no other reason than to say “Thank You”. Think about all the avenues at your disposal:
- A phone call
- A handwritten note
- Birthday card
- Take them to lunch
- Drop by their office and say hello
- Refer someone to them
- Send them a news article of interest
- Buy them a souvenir of their favorite college
- Etc
Developing a “Keep-in-Touch” system is a big part of the Clarity Coaching Marketing Strategy Intensive. We help our clients design and implement an easy-to-follow system of maintaining contact with their current customers in a non-intrusive, value-added manner.