Excuse the mixed metaphor! The point is that your company has lots of gold in the data that resides in your cloud and I want to know “Are you bringing it to the surface and using it?”
Research has shown that 60-80% of satisfied buyers do not make another purchase because they are not asked to. Let’s say you have 100 satisfied buyers, whose typical spend with your company is $2000. That’s $200K in previous revenue. If 60-80% of them do not buy from your company again, you will miss from $120K to $180K in future revenue. Whether this is annually or lifetime, the point is the same: when satisfied buyers do not buy from you again, you lose a lot of money.
I hear again and again that companies are investing in keeping up with the continuous changes in online search, social media and content marketing. They don’t realize that that investment never ends and that there is little to no guarantee that it will pay off. Imagine, an ROI of 1:100. One dollar gained for every $100 spent.
When you invest in relationship-building with your current buyers your investment has a very high rate of return. It’s typically 5:1. For every $20 spent you get $100 in new revenue.
3 Steps to Revenue Growth from Satisfied Buyers
It is so easy to increase revenue from current satisfied buyers. These 3 steps will make a difference immediately.
- From your data, extract a solid list of current buyers of your mid-to-high value offferings.
- Write a relationship-focused marketing plan:
- Bi-monthly or monthly contact (mix of electronic, hard copy, phone calls)
- Sincere appreciation for their relationship with your company
- Something of value to the buyer (e.g. this is not advertising or features and benefits of your offerings)
- Open invitation to call you when they are ready
- Assign specific people to implement the marketing plan. Reduce their work load on other things. Provide all resources needed to execute. Have them report to you on a specific schedule. Reward success.
Bonus Step: No excuses! You are not too busy, you don’t have other priorities, you can spend the money now, etc, etc.
Think of cultivating and nurturing your current buyers as your company’s Gold Rush. Apply all necessary resources and an extreme degree of focus. You have hundreds of buyers willing to spend their money with you, if you would only ask them to.