You've probably heard the saying, "It's cheaper to keep your current customers than to win new ones." This is generally true, and here's a delightful infographic from Kapow Events with some intriguing findings. Most interesting to us is that it can cost 5 times more to acquire a new customer as it does to retain your current customer. And 80 percent of your future profits will come from 20 percent of your existing customers. Those are big numbers, folks!
Now you understand why you should dedicate (a decent) part of your budget towards marketing to current customers. But how do you reach those customers and what types of marketing messages will work?
Start simply, with your phones. If you receive lots of incoming calls from customers to place orders, speak with customer service, get technical assistance, or for any other reason, they probably spend at least a minute or two on hold. There's a perfect marketing opportunity! Use this time to promote your products and services, give callers information about your company, and build up your brand without being too sales-y.
Quick tip: Give a brief call to action in each of your on hold messages like, "Ask us about XYZ when a representative joins you on the line," or "Visit our website for more information about XYZ."
You have your customer's captive attention while they're on hold, so this type of marketing is a simple way to keep your callers informed and entertained. But there are other ways to market to your current customers! If your business has a customer database, email marketing is another "low-hanging fruit" you could easily take advantage of.
What types of marketing messages could you send to your current customers? Hubspot offers 7 ways to use email marketing to make money after the sale. Suggesting add-ons and cross-selling complementary products or services gives your customers options for upgrading after they've made a purchase. But if your company isn't product-based, you could also give seasonal tips, how-to instructions, share a fun recipe, host a contest, encourage customers to visit your social media pages, tell a success story, request feedback, and more. Plus, with email campaigns you can track results.
Quick tip: Make a splash with a video email! Video connects with your customers. It can tell a story, demonstrate a product, and give your company a face. If it's interesting, video is also more likely to be shared.
On-hold messages and email are two simple - and relatively inexpensive - ways to market to your current customers and clients. If you'd like more information about what Spectrio on-hold messages or email marketing can do for your company, contact us!
Image courtesy of KROMKRATHOG / FreeDigitalPhotos.net