Don’t forget to nurture your brand advocates!
Time and time again I have seen businesses so focused on acquiring new customers, that by comparison they neglect their existing.
For the statistic buffs out there, did you know that it costs up to 7 times more to acquire a new customer than to retain an old one? Or that loyal customers spend 65-70% more than new ones? Or my favourite, that increasing customer retention by just 5% increases profit from 25% to a whopping 95%!?
Needless to say, celebrating and nurturing your existing customers is vital to your business success, leading to more cash flow coming in to you, and less of your hard-earned dollars going out.
Not only that, but your loyal customers and brand advocates will do the hard work for you as not only do people look for recommendations from their friends and loved ones, but they are a powerful resource to help you reach new audiences that you otherwise might not (and ultimately, drive conversions!).
So how can you pay it forward and make the most of your brand advocates?
Create a targeted communication plan to speak with them specifically, while using language that makes them feel valued and appreciated (and where possible, make them the hero!)
Create campaigns to incentivise them to spread your message ie competitions and give-aways
Reward them with special exclusive discounts and offers, and/or set up a loyalty program
Remember special and significant dates: birthdays, purchase anniversaries and anything else that you would like acknowledged if you were the customer
Give them something unexpectedly, and importantly, don’t make it conditional on giving you something in order to acquire it
Always acknowledge (and in a quick timeframe) their feedback, regardless of the nature
Bottom line, the grass isn’t always greener.
Yes, new customers are vital to longevity, but time, efforts and money should always be allocated to your existing tribe, in order to continue them shouting your name from the rooftops.
I’ll keep my ear out for yours.
