This is why a lot of successful companies nowadays just love using the loyalty marketing concept as a key strategy for them to be able to keep afloat in today’s highly competitive market. The loyalty marketing strategy is actually just based on a really simple premise which is to develop a stronger relationship with each and every one of the company’s best customers, make sure that they are always happy and satisfied with the company’s products and services because they are the ones who will most likely stick with you for the longest time. Once you have already built a solid relationship with your best clients you will now be ensured of more profitable years ahead for the company.
Highly dependent on whichever type of market place situation is the type of loyalty marketing objective that you should infuse.
For your company’s loyalty marketing objectives, here is a good start:…
Management does not know specifically what it costs to recruit a new customer. Plus, there are no accurate statistics on the average customer lifetime value.
Without this knowledge, it is impossible to make sound decisions. You cannot determine how much to invest in marketing. If you spend more to gain a customer than their lifetime value, ultimately you will go broke. In the absence of this information, many businesses can and often do fail. To make matters worse, few of the casualties understand why they failed.
Solution: Before you invest large sums on marketing, determine the average lifetime value of a customer. An excellent book that I highly recommend on this topic is The Loyalty Factor by Frederick Reicheld.
Management makes no attempt to build a customer database. This is especially so with most retailers, restaurateurs and department store owners. However, I’ve seen this in many other businesses.
Solution: A …
Do It. Most home improvement contractors post a sign when they’ve got them, when they remember, or when working on a really nice project. This defeats the whole purpose. Every job, no matter how big or how small should get a job sign. Consistently displaying your company’s sign, like all forms of marketing, brings in higher returns and helps to create brand awareness. Create a system that ensures your signs are getting out (and coming back) when they should.
Make Sure Your Job Sign Has A “Take-One” Box. Do you know what a take-one box is? Maybe you’ve seen them on real estate “for sale” signs. A take-one box is just a simple container, attached to your job sign that allows you to provide written promotional material to interested neighbors. Sometimes they’re called “info tubes.” You can insert a flyer, letter, brochure, business card, reference list or any other promotional …
Springtime is associated with rebirth and a new beginning. It’s also a particularly auspicious time to start a new marketing campaign. A portion of the Christmas shopping debt has been settled and the shock induced by a pile of holiday bills has worn off. In addition, numerous studies show that increased sunlight tends to improve people’s mood, which often manifests itself by increased consumption of goods and services. Here are three techniques you can use to follow the lead of retail outlets and make the weather work for your business:
- If you sell a tangible product, feature your Springtime product lines on your front page and other high traffic pages. Customers are actively looking for Spring products. Some seek them out of true necessity, some sense that Spring will arrive more quickly once they’ve purchased a new wardrobe, and yet others are hunting for bargains and closeouts of your Winter
The first step calls for you to take off your traditional marketer’s “hat” and think about the experience your cleint will have the moment they purchase the product.
The key question to ask yourself is – “What will they be feeling?”
Reflect on their experience long enough to get the full impact of the warm and fuzzy feeling they will be enjoying.
Now tell yourself you are no longer marketing products, nor are you a writer of sales copy bullelted with the usual consumer benefits. Come to the realization you are a Feelings Marketer. To get this deep on the inside of you think about the purchase experience of the new car buyer. As they take delivery are they thinking horsepower, or style.
They are rehearsing in their minds the great feeling they’ll get when they drive down the I – 1 and their vehicle attracts the attention of …
Beware of the quick fix… Most organizations have been using band-aid approaches such as integrating data sharing or changing incentive compensation systems without looking at the whole picture. Stop the knee jerk reaction to solve it NOW. Take a breath and create a long-range plan to address a complex set of barriers.
Promote people who are cooperative team members… Some might say that sales and marketing “personalities” are two very different animals. They think differently and act differently and approach the same customers with very different points of view. Added to that is the unspoken habit they each have of “looking down” on one another.
When integrating these divergent cultures, have marketing and sales both report to the same department head. The simple proximity of people, with joint department meetings and problem solving teams, helps to break down barriers that no new technological fix could achieve. And then promote those …
Avoid Your Competitors
Look for some new niche markets you and your competitors overlooked. You may uncover a market you can dominate with little or no competition.
One quick and easy way to find profitable new markets is to sub-divide your current market into several narrowly defined niche markets. Then customize your advertising to the unique needs of prospects in each niche market.
Tip: You can narrow the appeal of an existing web site without losing its effectiveness with your main market. Just create customized web pages for each market segment you want to target. Then add a link to each of these specialized pages on your home page.
Use Alternative Marketing
Look for alternative media your competitors may be overlooking. For example, many internet marketers are beginning to use direct mail postcards to generate traffic to their web sites. It’s a low cost way to bypass the heavy competition …
It’s obvious that lifestyle and business processes are shifting towards a much greater dependence on digital media – people are traveling less due to cost issues and the ever-increasing speed of business is underscoring the usage of the Internet for information and research. If you’re a small to medium sized business the chances are that you’ve probably cut your marketing budget significantly – by eliminating or scaling back tradeshow attendance, trade magazine advertising and/or direct mail in favor of response driven marketing on the web that can be deployed faster and more cost-effectively than traditional marketing methods.
Capturing leads from a web site generated by opt-in e-mail, newsletter inserts, text link advertising and/or other forms of pay per click marketing is still the absolute best way to generate leads that are quantifiable as soon as they are generated. You have the ability to easily track where the lead came from …
Executing “Hit or Miss” marketing techniques.
Many entrepreneurs and small business owners buy advertising without exploring whether or not the venue is appropriate for them, or if it will appear in a place or manner that potential customers will respond to – or even see. Marketing dollars spent correctly will bring you sales. Marketing dollars spent incorrectly will not only cost you money, but will cost you your business-esteem. All marketing needs to have a “fit” with an overall initiative. They must convey a consistent message. Using advertising for name recognition is felt to be a good move by inexperienced business people. Experience dictates that success is best when even your “name recognition advertising” relates to a common theme.
Networking is one of the most important parts of marketing for the small business person. Many entrepreneurs look to groups such as Chamber of Commerces, Business Network International, and …