IT’S TIME TO FOCUS ON THE FUNDAMENTALS OF BUSINESS BUSINESS HOW-TO
4. Customer retention campaigns: The longer a customer stays with you, the more valuable they are to your business. Making sure you’re building relationships, nurturing (as I mentioned above), and having amazing customer service is very important to keep as many customers as possible for as long as possible. After each of those is in place, you can certainly look for additional new-customer acquisition campaigns. Most people typically start with campaigns to entice new customers, but that isn’t smart at the best of times, and right now, it may be an even worse idea. New-customer acquisition campaigns are by far one of the most difficult (and least profitable) parts of running a business. Investing in marketing that may not pan out, while you’re leaving low-hanging fruit on the tree (as in the above four sections), is silly. The campaigns I’ve mentioned will cost less, yield more profits, and do it more quickly than another new-customer acquisition campaign. This will ultimately help your company be better prepared for the coming downturn, whether that downturn comes next week, next month, or six years from now. –Shaun
THE SMARTEST MOVE IS TO FOCUS ON THE FUNDAMENTALS OF BUSINESS, WHICH ARE (IN
It makes me feel old when I can look back and think, "I remember the last time the economy went through a cycle like this" and see the patterns repeating themselves. Right now, I'm seeing a number of businesses that have not been working too hard at their marketing and are scrambling. I’m also seeing a number of professionals, who had a few months off, suddenly be as busy as ever and think that is going to be the new norm. As the economy was previously very good, everyone — from the entrepreneur to the customer — got lazy and sloppy. Employees, in many cases, felt invincible; after all, they were in demand and could get another job whenever and wherever they wanted. Entrepreneurs felt like they were geniuses; after all, their business was growing with little to no marketing or effort needed. Customers allowed businesses to be sloppy because they had more money in their pockets than ever before and weren’t as scared of having a bad experience; they could always leave a negative review. And the sheer volume of other vendors to choose from gave them confidence. Right now, it is too early to tell which way the economy will go for sure, but I’d bet that it won’t be as strong as it was at the end of 2019. However, it is unlikely to be The Great Depression Part II, either. With that said, no one really knows. So, what is the best strategy for growing your business right now, without taking on too much risk, just in case?
NO PARTICULAR ORDER): 1. Nurture campaigns for
prospects: These campaigns will allow you to maximize any investment you’re already making in customer acquisition. 2. Nurture campaigns for driving
revenue growth from existing customers: The easiest sale to make is always to an existing customer. The sale is made even easier if you’ve done nurture and
relationship marketing previously, as customers always prefer to buy from someone they know, like, and trust. 3. Referral campaigns: Birds of a feather tend to flock together, and referred customers close faster and spend more on day one than cold leads. As an added bonus, referred customers also tend to refer others more frequently.
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