Are you taking your customers for granted? We don’t mean not valuing them or providing them with sub-par service once they are in the door. We are specifically referring to taking them for granted as a source for additional sales and revenue growth. Companies will spend money and stack bodies against an account base to service and retain the customers, but few are lucky enough to unlock the installed base as a revenue growth engine.
That’s where an Expansion Surge can help!
- Review Customer Base – determining the ROI (return on investment), LTV (lifetime value) and TCS (total cost to serve) your flagship relationships and do the same for your key market segments we identified during the Marketing Surge. With this data we can help you:
- Determine retention coverage model
- Identify the customers key for secondary and tertiary sales opportunities
- Model which customers and market segments could benefit from bundled pricing discounts as well as how to structure and offer those pricing bundles
- Align Marketing Messaging With Retention Efforts – Too often, the messages to retain a customer are reactionary. What’s more the efforts to expand a customer relationship are a blanket approach to a customer portfolio. By aligning your products and services with your identified market segments, we are able to identify the key opportunities to combine the retention efforts and the secondary sales efforts
- Establish a marketing cadence with the customer base
- Engage customers using additional products to become ambassadors or profile them in use cases
- Build even trigger marketing engagements to help retain and grow customers
- Establish a Voice of the Customer Feedback Loop For Your Business – Your customers can be a huge resource of information if you take the time to listen and really get to the question behind the questions they are asking you.
- Customer Advocacy Forums to supply feedback to your operations and product teams. Here you will learn how to make your company easier to do business with and your product team will learn what enhancements are industry “table stakes” and what enhancements are revenue growing opportunities.
- Customer Satisfaction Survey to determine the reputation of your brand. Customers will do business with companies they like. They will pay more for products and services from companies with solid reputations.
- Build a Work Stream When a Customer Leaves – Customers will leave you, that’s inevitable. What happens when they leave can dramatically impact your ability to win then back (assuming the ROI, LTV and TCS scores warrant the effort!).
- Even triggered communication from leadership – a letter or email from the president or owner of the business to a departing customer can leave the door open for a return.
- Former customers should reenter the marketing engagement cycle – at the start of this whole surge journey we talked about MQL (marketing qualified leads) and SQL (sales qualified leads). This former customer is now an MQL with an asterisk. They need different messaging to keep them in the marketing cycle. That’s where the “loss interview” comes into play.
- Launch a Loss Interview – When a customer leaves, the natural first assumption is they left over price. While price always plays a part (someone else offered the same services for less, or worse, they offered additional services for more), there can be good feedback from a customer, even if they are leaving you. We can help you launch a simple ten question survey to departing customers. This is another communication that shows the market you care about your customer’s experience.
Find out how we can help expand your reach into your customer base today. Your email address will not be published. Required fields are marked *