acq-ret strateg-bes
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8/7/2019 ACQ-RET STRATEG-BES
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UNITUNIT--22CUSTOMER ACQUISITION ANDCUSTOMER ACQUISITION AND
RETENTION STRATEGIESRETENTION STRATEGIES
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FOCUS ONFOCUS ON
THETHE
CUSTOMERSCUSTOMERS
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GROWTH CUSTOMERGROWTH CUSTOMER
By definition, a growth customerBy definition, a growth customer
is one who contributes to theis one who contributes to theexpansion objectives of theexpansion objectives of the
company.company.
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WHO ARE GROWTHWHO ARE GROWTH
CUSTOMERS?CUSTOMERS? Base/existing customersBase/existing customers
New customersNew customers
Customers who, through their ownCustomers who, through their ownprogress have become larger customersprogress have become larger customers
of the companyof the company
Highly profitable customersHighly profitable customers Influential customers who will bring otherInfluential customers who will bring other
customers with them.customers with them.
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CUSTOMER RETENTION STRATEGIESCUSTOMER RETENTION STRATEGIES
Invest in the relationshipInvest in the relationship
Increase trustIncrease trust
Expand product lineExpand product line Cross sellingCross selling
Marketing partnershipsMarketing partnerships
Foster customer loyaltyFoster customer loyalty Improve communicationImprove communication
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RECAP RETENTION ACTIVITIESRECAP RETENTION ACTIVITIES
Understand important factors to keepUnderstand important factors to keep
customerscustomers
Develop good customer databaseDevelop good customer database Implement communication strategiesImplement communication strategies
specifically based on customer retentionspecifically based on customer retention
Develop a win/win mindset with customersDevelop a win/win mindset with customers
and deeply appreciate themand deeply appreciate them
Develop and implement a focused approachDevelop and implement a focused approach
to retain and grow current customersto retain and grow current customers
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REACTIVEATION STRATEGIESREACTIVEATION STRATEGIES
Have a great list of previous customersHave a great list of previous customers
Develop a communications strategy to reDevelop a communications strategy to re--
connect to themconnect to them Tell them you want them backTell them you want them back
Understand why they stopped buyingUnderstand why they stopped buying
Make it right if it was wrongMake it right if it was wrong
Remind them about your businessRemind them about your business
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NEW CUSTOMERNEW CUSTOMER
ACQUISITION STRATEGIESACQUISITION STRATEGIES
Study what was successful for you in the pastStudy what was successful for you in the past
Develop a detailed, ideal customer profileDevelop a detailed, ideal customer profile
Test new strategies as an experimentTest new strategies as an experiment
Develop a specific customer target listDevelop a specific customer target list
Look for best practices regarding newLook for best practices regarding newcustomer acquisitioncustomer acquisition
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Ways to Reduce CustomerFearsWays to Reduce CustomerFears
Money backMoney back
Favorable, convenient return policiesFavorable, convenient return policies
WarrantiesWarranties Quality statements/standardsQuality statements/standards
Sampling programs/free trialsSampling programs/free trials
Customer forumsCustomer forums
Make contact information very visibleMake contact information very visible
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HOW IS YOUR BUSINESS REALLY DOING?HOW IS YOUR BUSINESS REALLY DOING?
Sales per square footSales per square foot Total Net Sales / Sq ft of Selling Space = Sales per Sq Ft ofTotal Net Sales / Sq ft of Selling Space = Sales per Sq Ft of
Selling SpaceSelling Space
Sales per transactionSales per transaction Gross Sales / Number of Transactions = Sales per TransactionGross Sales / Number of Transactions = Sales per Transaction
Other MeasurementsOther Measurements Sales per LinearFoot of Shelf SpaceSales per LinearFoot of Shelf Space Sales by Department or Category CodeSales by Department or Category Code
Sales per EmployeeSales per Employee
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SIX WAYS TOSIX WAYS TO
INCREASEINCREASE
SALESSALES
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Six Ways to Increase SalesSix Ways to Increase Sales
1.1. Set up a sales incentive programSet up a sales incentive program
2.2. Encourage your sales staff to upEncourage your sales staff to up--sellsell
3.3. Give your customers the Inside ScoopGive your customers the Inside Scoop4.4. Tier your customersTier your customers
5.5. Set up a Customer Rewards ProgramSet up a Customer Rewards Program
6.6. Distribute free samples to customersDistribute free samples to customers
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MORE ways to increase salesMORE ways to increase sales
Use valueUse value--added strategiesadded strategies
Focus on backFocus on back--end salesend sales
Be proactive about referralsBe proactive about referrals
Know your competitionKnow your competition
Communication (AIDA method )Communication (AIDA method )Awareness/Interest/Desire/ActionAwareness/Interest/Desire/Action
PostPost--purchase followpurchase follow--upup
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Quick Tips / ChecklistQuick Tips / Checklist Identify exactly who you are going to sell toIdentify exactly who you are going to sell to
Find multiple ways to segment your customersFind multiple ways to segment your customers
into more specific groupsinto more specific groups
Segment your customer base into existing,Segment your customer base into existing,previous and newprevious and new
Get serious about customer retentionGet serious about customer retention
Develop a customer databaseDevelop a customer database keep it upkeep it up
Develop approaches to reduce customer fearsDevelop approaches to reduce customer fears
Make focus on growth an organizational priorityMake focus on growth an organizational priority
not just owner/managernot just owner/manager
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Your Business Revenue Growth GoalsYour Business Revenue Growth Goals
WorksheetWorksheet (available for download)(available for download)
List the 3 most important things you hope toList the 3 most important things you hope to
accomplish in each of the following time periodsaccomplish in each of the following time periods
regarding your revenuesregarding your revenues (90 days; this year; 3 years)(90 days; this year; 3 years)..
What are the 5 most significant revenueWhat are the 5 most significant revenueopportunities that face your company?opportunities that face your company?
What are the 5 most significant roadblocks toWhat are the 5 most significant roadblocks to
your sales success?your sales success?
List 5 key ways you and your team will have toList 5 key ways you and your team will have toevolve over the next year to position yourevolve over the next year to position your
business to grow with your customer base.business to grow with your customer base.