It might surprise you to know that there are statistics out there suggesting that finding a new customer costs anything from five to eight times as much as keeping an existing one! And if you have a range of products or services, allowing you to cross or up sell to your existing customer base, we would almost certainly suggest you switch some of the marketing budget to focus on them in the future.
There’s a whole host of things you can do that have a relatively low cost. And if you’ve stored everything in a database that allows you to profile the clients then you can really be specific in your marketing. The more targeted you are, the better the response you can expect.
A newsletter is a really good place to start, either a printed one or email. Get a template professionally designed, so that it reflects your brand identity properly. Then choose a main story and a handful of short articles. But make sure it is not too wordy. Keep it simple, punchy, interesting and highlight stories with relevant images. You can purchase royalty-free images for this purpose for a low cost from image libraries such as www.istock.com.
The frequency of the newsletter will depend of the amount of news you have to impart. Some companies send out a weekly mail and others monthly or bi-monthly. If you are going to supplement this with more targeted emails or postal mailings – and we would strongly recommend you do for specific products or services – then you definitely don’t want to bombard your clients. Going from not hearing from you at all to receiving a barrage of mail might not have the effect you desire.
If you have a shop or showroom, you might consider putting on a ‘by invitation only’ event. This can be really effective if you’ve a new product or range to launch. It can make your customers feel really special giving them a sneak preview before they go on general sale. Send them a free gift or an invitation to pick one up should they attend. And always make sure every piece of communication from you is personalised.
It is important to realise that any form of marketing communication has a cumulative effect, so don’t expect too much too soon. But do make sure each campaign forms part of an overall, well thought out and executed marketing plan. One that can be tested and measured, and then tweaked accordingly, depending on the results achieved.
To sum up, loyalty marketing pays dividends. And remember, if you always do what you’ve always done, then you can only expect to get what you’ve always got!
Got a question on this subject you’d like to ask? Just leave us a comment and we’ll get back to you ASAP.