Customer acquisition refers to the process tow truck and other business attract and close on new customers. On the other hand, customer retention involves keeping customers satisfied so that they can continue purchasing and subscribing to a company’s products and services. In the past, the task of customer acquisition solely lied on the sales department. However, customer success professionals today acquire new customer and retain existing ones by just activating happy customers to get referrals of new leads. Customer acquisition is all about bringing in new customers. Customer retention is about keeping those customers around. None of the two is more important than the other as both a critical for business growth.
Here are some of the ways you can use to improve customer acquisition and retention
Increase Customer Referrals
Referrals in marketing is one of the few ways customer acquisition channels can use to scale indefinitely. Customer success teams need to swing in full action to achieve the same. Businesses need to be proactively reaching out to customers who are already referring new businesses and thank them for the same. Businesses need to promote customer success stories as case studies. Nearly every business makes use of case studies to drive customer acquisition. Case studies are a good proof that your product works. The right candidate to be used for case studies will have in-depth knowledge of your product, have remarkable results using your product and your company must be a recognizable brand.
Encourage user generated content
Companies such as Yelp are very popular because of user generated content. Their users have incentivized how to create useful content that makes their content rank well in search engines, and this helps in driving more users who will in turn create more amazing content. You also need to improve on your brand’s messaging. company messaging will be key to customer acquisition. It should consistently drive the key benefits of your company, target ideal customers and work to highlight points of differentiation between you and your competitors.
Respond to Customer Feedback
When a customer leaves your business, there is a good chance they will try to take a few other customers as well. 95 percent of customers will share feedback with other consumers whenever they encounter a bad experience with your business. 55 percent of such customers will turn to social media to voice their concerns. Note that 76 percent of consumers have a high trust on online reviews and the reviews left for your business will mean a lot if your business is not doing good enough. To stop customers from writing negative reviews, ensure you respond to their feedback.
To improve on retention rates, you need to help your customers test your products. Some products will need your customers to wait for significant period of time before they can start seeing result. If a product will take time to work, a section of your customers will grow impatient and might want to cancel. You need to listen to your customers, analyze what they say, set expectations clear an check in to give them assurance on the progress of the questions they might have.
A brand is a feature or just set of features that helps in distinguishing one roof installation business or company from the next. A typical brand consists of a name, tagline, logo and symbols that represent the voice of a company. It refers to the overall experience a customer undergoes when interacting with a business. Branding refers to the process of researching, developing and applying distinctive features or a set of features to your organization so that customers can begin to associate your brand with products or services. Ideally, branding is an iterative process that requires getting in touch with the heart of your customers and your business.
Importance of branding
Your brand is arguably one of your organizations most prices assets. It helps in giving your organization its identity and makes your business a memorable one. It helps in encouraging consumers to buy from you and supports other activities in a business including marketing, advertising as well as bringing employee pride. Branding can be a deciding factor for consumers when it comes to making a purchasing decision. Branding helps in giving a business its identity beyond its products and services. It gives consumers something to relate to and connect with. It also makes a business memorable.
When it comes to branding, there are key terms you need to know.
Brand awareness refers to how familiar the general public is with your brand. High brand awareness leads to brands being referred to as trending and popular. Brand awareness is important because consumers can’t consider purchasing from your brand if they are not aware of it. Another key term is brand identity. Brand identity is the personality of your business and the promise you make to you customers. It is what you want your customers to walk away with after they have interacted with your brand. Your brand identity will typically consist of your values and how you communicate your products and services to your customers.
Brand management refers to the process of creating and managing your brand. It includes managing the tangible elements of your brand, style and guide as well as packaging, and the intangible elements on how it is perceived by your target audience and customer base. Your brand is a living, breathing asset and should be managed as such. Another important aspect is brand recognition. Brand recognition relates to how well consumers can recognize and identify your brand without seeing your business name through logo, tagline, packaging, advertising among others. This concept goes hand in hand with brand recall, which is basically the ability to think of a brand without any visual identifiers.
There is also the element of brand trust. Brand trust refers to how strongly customers and consumers believe in your brand. Do you deliver on your marketing promise? Do your sales people and customer service go above and beyond to deliver according to expectations? There is also the aspect of brand valuation. This is the commercial valuation of your brand that is derived from consumer perception, recognition and trust. This concept goes hand in hand with brand equity. A powerful brand can make your business invaluable to investors, shareholders as well as potential buyers.
Email marketing is still one of the best marketing channels when it comes to generating high return on investments for cash for car junks. There is an increasing number of brands investing in email marketing and that means it’s even harder to capture your contact’s attention and engage them in meaningful conversations. The key to crafting successful email marketing strategy lies in creating trust with your contacts and building genuine as well as long lasting relationships with them. There is need to learn how to create effective email marketing strategies that can deliver high value with measurable return on investment for a business. Here’s how to go about it;
Success starts with inbound email marketing strategy
Email marketing helps you to connect with the right people, nurture their relationships and have conversations that help you to grow customers. Successful email marketing doesn’t happen in a single night. A part of your business growth will depend on your ability to create a human and helpful customer-driven email marketing strategy that integrates with your wider inbound strategy. It helps to understand where email marketing fits into your inbound methodology. Email is the most perfect channel for engaging ad delighting the contacts you attract.
Segment and manage your contact list
You need to segment and manage your contact list in the most appropriate way. Email marketing happens from segmented, targeting and triggering campaigns. Segmenting your email list will empower you to send the right message to the right customer at the right time. The more relevant your message is, the more likely your subscribers are going to engage with you. Segmentation will also help you to avoid sending the wrong messages to the wrong people. This is very important in building trust with your contacts and increasing conversion rates. This will keep your contacts engaged over the long term.
Create high performing emails
You need to create high performing emails every time. Return on investment is not guaranteed simply by drafting emails and hitting the send button. Your contacts need to see genuine value in the conversations they are having with you before you can convert them into customers and get steady purchases from them. This can be achieved in a variety of ways including setting smart goals, and sending the right emails to the right persons at the right time.
Optimize your emails
You need to optimize your emails to drive the right conversions. There are two key areas to optimize, and that is your email opens and email clicks. This will hinge primarily on your ability to write engaging email copies that creates value for your audience and builds trust. Crafting engaging subject lines is key to getting people open your emails. You need to focus on the value you are providing upfront. You need to choose the right email templates for your campaigns. Your business will want to send different types of emails to your contacts for different types of jobs. You can promote your products and services by writing engaging content and publishing on your blog.
What sets your business apart from competition? Successful companies such as Google, Amazon, Apple among others have one thing in common, and that is a strong brand. A strong brand should be a priority for any business striving to achieve success. There is one surefire tactic such businesses do and that has everything to do with brand positioning. Brand positioning involves the process of positioning your brand in the minds of your customers. It is more than just a tagline and a fancy logo. It entails all the strategies you out in place to set your business ahead of others. Effective brand positioning is the extend in which a brand is perceived as favorable, different as well as credible in the minds of consumers.
Importance of brand positioning
Every business has a reputation to protect. Brand positioning helps you to take control of your reputation and brand image. It allows companies to differentiate themselves from competition. This differentiation helps increase brand awareness, communicate value and justify pricing. When you are deciding on how to position your brand in the marketplace, you will have many options to choose from. It will depend on what your competitors have to offer. In most cases, you will need to tailor your strategy to highlight the competitive advantage of your product and indirectly or directly point out to the shortcomings of your competitors.
Not all brand positioning strategies have the same objective. Depending on your product, service or industry, the positioning will always vary. Here are some of the most common types of brand positioning strategies that are most common.
Customer service positioning strategy
With this strategy, companies aim at highlighting their prompt, friendly customer service to differentiate themselves in verticals that are known for inattentive support. Other companies highlight their strong support system if their product has a particularly complicated implementation phase. The most tangible benefit of this strategy is that great customer service can and will justify higher price point. This can be the case where Apple attracts higher price point for their products but always tries to leave its customers highly satisfied.
Convenience based positioning strategy
Convenience based positioning strategy highlights the reason company’s products or services are more convenient as compared to those of competitors. This convenience can be based on location, ease of use, availability in multiple platforms, wide accessibility, support among others. Convenience may also come as a result of product design. If you can position your products or services as the most convenient it will automatically attract busy buyers. Same can also be used to justify higher price point.
Price based positioning strategy
Companies make use of price-based strategy to present their products and services as the most affordable option. If you can position your products as the cheapest in the market, you will without a doubt attract a large customer base. This is because no one likes to spend more than they have to. Offering the lowest price presents an easy way to entice your prospects to make a conversion. One limitation associated with this strategy however is that it may convey lower production quality. It can also initiate price war depending on the industry you are involved in.
Business owners know that data and technology play an integral part in the sustainability of any business. This brings a lot of questions like what kind of data do businesses need to analyze and what is the right technology needed to facilitate business growth? What are the best tools out there needed for business? Coming up with the right answers can be a daunting task, especially for smaller businesses that might not have the budget, personnel, and technical knowledge for implementation. It is possible for small businesses to gather relevant and actionable business intelligence to help them reach their targets and leverage business intelligence.
What is business intelligence?
Business intelligence is the process of transforming data into valuable information that can guide decision-making, identifying trends, and giving businesses the growth needed. It involves implementing the right tools and processes to gather, organize, visualize and interpret data. The end goal of all these processes is to get a complete view of the business and its different areas. There are different ways in which businesses can use business intelligence. It can be used to analyze financial data to track revenue, profits, and other KPIs. It can be used to analyze customer preference and behavior. Can be used to track sales and marketing performance. Can be used to identify which operations need to be optimized.
An eCommerce company can make use of BI to find out at a glance their most popular products among consumers. This can be the case if customers are experiencing common problems with their products or services. There could also be delays with issues dealing with delivery. You might also want to streamline your sales process and decide to make use of BI to automate reporting of sales performance. You can analyze sales data in real-time to allow you to optimize your sales and lead generation strategies. You could also decide to create a dashboard to monitor customer satisfaction and identify what are the most common causes of customer churn in efforts to prevent it before it happens. Many businesses make use of BI tools to keep track of their financial metrics in real-time and track on areas where they are hitting or missing their targets.
There are many different business intelligence tools that can be used. Tableau is one of the leading providers in the BI and analytics market and can make a great choice for many small and large companies. It is a user-friendly application where users build dashboard and visualization data making it easy to find data they need all in one place.
Another great tool is the looker. It is an easy-to-use application for data analytics and a platform that helps companies explore, analyze and share real-time analytics. It also allows users to create custom dashboards for easy data visualization and makes it easy for stakeholders to have access to the most relevant data in real-time.
Another important tool that can be used is cluvio. It is a tool created with startups and small businesses in mind. Allows users to easily analyze data and create interactive dashboards that can be shared with your team. With this tool, your team can keep track of important KPIs, receive notifications based on the conditions you set as well as custom reports.
When you are unveiling a new product to the market, the last thing you want to get involved in is performing this launch without a proper go-to-market strategy. Without proper planning, it is impossible to know if you are chasing the right or wrong audience. You might be getting into a fully saturated market, and if that is the case, you will struggle to break even. You can also end up wasting a lot of time and resources launching unprofitable businesses. To avoid all these from happening, you must craft a carefully thought plan on how you will approach the market.
Commonly abbreviated as GTM, this strategy consists of a step-by-step plan that is created to successfully launch a product to the market. A good GTM strategy generally identifies a target audience, includes a marketing plan, and outlines a sales strategy. Although each product or market will be different, a GTM strategy should identify a market problem and position a product as the ideal solution. This strategy is how a company brings a product to the market. It is a roadmap that measures its feasibility and predicts success based on market research and available competitive data.
When developing this strategy, there are some key elements you need to include;
Identify buyer persona
The first step when developing this strategy is to consider where your customers will be. On average, there are 6.9 decision-makers for every sale you have to make. These are the people we call buying centers. Each of these people has a role to play that influences whether a purchase is made or not. There is the initiator who starts the buying process and shows initial interest. We then have users who will use the product. There is an influencer who convinces others the product is needed. We have the decision-maker who gives the final approval for the purchase. We have the buyer who owns the budget. There will be an approver and blocker as well.
Come up with messaging
After you have mapped your buying center personas, the next step of the process is to map out your value matrix. A value matrix is a breakdown of each buying center personas, their business problems, and how your product is valuable in solving those problems. The value matrix will include a relevant marketing message that ties the problem and the solution together. The message you craft needs to capture the pain points and value in a meaningful way. One of the best ways to achieve the same is to agitate the pain points.
Once you have crafted the massage and refined everything, it’s time to roll out ads and optimize them as well. Work on your audience to find out if the message being conveyed is the right one. When you roll out the ads, observe common behaviors such as clicks, likes, and responses your ad post gets. It is very important to understand your buyer’s journey. With all your personas and value matrix well-constituted, you must dive deeper to understand the journey a potential customer will make, from both perspectives of buyer and company
Certain elements define any successful business. Every great business is defined by great products and services, awesome and hardworking employees and loyal customers who keep the name of the brand. Additionally, every great business is defined by a clear line of communication. Communication is the root of every successful interaction a business makes. With a clear and transparent communication, there will be a lot of errors and depending with the magnitude of the error, it can break or make a business.
Developing a communication strategy for a business helps a business have defines structures on how they approach key issues. With a clear communication plan, business can be more efficient, and establish more cohesiveness between teams. A communication strategy is a process developed by appropriate stakeholders to identify where communication efforts need to be improved. The next step of the process os to ideate and select measurable actions that can be used to develop a communication plan to achieve the desired outcome.
When looking forward to develop a communication strategy, here are some key things you need to put into practice;
Use a communication plan template
There are very many communication plan templates available online which provide a great resource for you to develop actinal steps without having to spend too much of your time coming with a plan from scratch. A communication plan will help you go through all steps needed to address the challenges you might be facing. Depending on your overall strategy, you may develop multiple plans to to meet various needs. You will want to break your plan into a series of steps to ensure you meed the required success and track your results consistently.
Focus on your current problems
You need to determine your current as well as potential plans. Start by identifying the problems hindering your company’s communication efforts and then work on developing a solid communication strategy. Look on the areas you are experiencing communication problems both internally and externally. The more questions you have, the better you stand in ensuring all your issues are properly addressed and communicated. Where there are issues directly affecting your employees, be free to open more channels to collect feedback.
You need to select key stakeholders who will be involved in the process. This comes especially after you have asked the right questions. If you are running a small organization, there is a possibility you may be the only person constituting the team. In that regard, ensure you involve other coworkers so that they can help you on the process. Ensure you impose the appropriate leadership on your teams and be ready for feedback.
You must have a good understanding of your audience. Your audience will be either internal – coworkers in a company, or external – your customers and stakeholders, or even a combination of both. From there, you will need to get more specific. Are you addressing the entire company or are you addressing a certain department in a team. Take time to have a proper understanding of your audience.