People seem to be logging in to every social media platform, always checking emails, constantly browsing websites, and connecting on the latest digital apps at a neck-breaking pace. This means that reaching customers is pretty easy, right? Not so much…One source says that, “77% of CMOs feel their brand is failing to realize the full revenue potential of their customers.” So, why is this the case? Well, it comes down to a few factors.
First, many companies are spending much of their time, efforts, and money on trying to acquire new customers and in doing so, they’re forgetting about their existing customers. While bringing in new customers is an important part to any business, it is no secret that is costs more to attract a new customer than to retain an existing one. And what’s funny is that even over the last ten years, marketers still haven’t uncovered the full revenue potential of existing customers as shown in a study conducted by the CMO Council.
Another issue is personalization. Think of a time when you’ve received a card from a coworker or friend that had a thoughtful message written in it…didn’t it feel nice and make you smile a little bit? Well, apply the same concept to your customers. Of course every message can’t be personalized to a T – that just isn’t scalable. However, with a bit of strategy and creativity, the right amount of personalization can be applied to make them feel special, possibly crack a smile, and most importantly, remember your company. As one website indicates, “personalizing communications across all touch points and identifying new ways to cross and upsell and are their [marketers] main strategies to profit more from their existing customer base. These strategies all focus on delivering relevant experiences.”
The final piece to the puzzle comes down to data – our favorite! The great thing about data is it removes a lot of guesswork. You’re able to make strategic decisions based on previous marketing efforts either success or failure. What’s even better, as Martech Advisor points out, “A closer look at the data reveals that the disconnect lies in the “when” aspect of delivering those experiences.” The relevant ones, that is. They go on to say, “While many marketers have honed their approach when it comes to promotional emails, delivering fine-tuned, pre-purchase messaging, few have leveraged transactional and triggered emails as a means of furthering customer relationships post-purchase.” In simpler terms, marketers miss an opportunity to deepen existing relationships with customers – whether it be by upselling, suggesting related products, and even providing further education.
In order to prevent existing customers from getting lost in the mix, there are a few things you can do. First off, make sure your marketing and sales teams are aligned. This ensures that everyone is in the loop and they understand every touch point in the customer’s journey. Second, give some thought to implementing more personalized emails to existing customers – anything that recognizes them as a valued customer .
At RenderTribe, our RenderLab process helps you identify the unique pieces that fit in your overall marketing strategy and align your plan with overall business objectives. We help build the foundation for measurement, expertise, and the tactical execution needed to support the plan.
Let us help you grow your bottom line. Contact us today.