How To Use Follow Up Marketing To Uncover Increased Profits

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How To Use Follow Up Marketing To Uncover Increased Profits At Your Business

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How To Use Follow Up Marketing To Uncover Increased Profits

  1. 1. Hidden Profits How To Use Follow Up Marketing To Uncover Increased Profits At Your Business www.losangeleswebstrategies.com
  2. 2. A G E N D A 1. How to find the hidden profits in your business 2. Four keys to success in getting those profits back 3. Strategies, tools, and techniques to use 2
  3. 3. Every business has untapped profit centers that are hidden in plain sight. 3 www.losangeleswebstrategies.com
  4. 4. How do I know this? 4
  5. 5. In my experience, most businesses are not maximizing the opportunity to resell, cross- sell and upsell customers that they already have. 5 www.losangeleswebstrategies.com
  6. 6. Most businesses focus almost exclusively on trying to get new customers. 6 www.losangeleswebstrategies.com
  7. 7. What’s wrong with this approach? (Three things) 7 www.losangeleswebstrategies.com
  8. 8. 1. Getting new customers is harder than getting existing ones to buy again. 8
  9. 9. 2. It’s usually more expensive. And … 9
  10. 10. 3. It’s s l o w e r . 10 www.losangeleswebstrategies.com
  11. 11. 11 www.losangeleswebstrategies.com
  12. 12. There’s a better way … 12
  13. 13. Start with maximizing the revenues and profits you are getting from your existing customers. 13 www.losangeleswebstrategies.com
  14. 14. How? 14
  15. 15. Steps
  16. 16. STEP 1 (of 3) Focus on building your list of paying customers / clients. 16 www.losangeleswebstrategies.com
  17. 17. How? 17
  18. 18. Grow your list using …  Fishbowl  Social media  Website  SMS 18
  19. 19. Capture everything you can when building your list.  Name  Email  Phone number  Physical address  Birthday 19 www.losangeleswebstrategies.com
  20. 20. STEP 2 (of 3) Communicate to that list frequently & include revenue-enhancing offers. 20
  21. 21. Birthdays Holidays Anniversaries Coupons (they’re always in season) Appointment reminders 21
  22. 22. Communicate using a variety of media. Email, SMS, direct mail, social media, etc. 22
  23. 23. Include offers. 23 www.losangeleswebstrategies.com
  24. 24. STEP 3 (of 3) Create resell, upsell, and cross-sell opportunities for your products. 24 www.losangeleswebstrategies.com
  25. 25. Resell Get customers to buy more of what they are currently buying. 25
  26. 26. Upsell When they buy, present them with a “premium” version at a higher price. 26
  27. 27. Cross-sell Introduce them to complimentary products and services based on their previous purchase history. 27
  28. 28. 4 K E Y S T O S U C C E S S Using Your Current Customer List to Grow Your Revenue in the Next Year 28 www.losangeleswebstrategies.com
  29. 29. 1. Make it a consistent process. 29
  30. 30. 2. Train your team. 30
  31. 31. 3. Give your team incentives. 31 www.losangeleswebstrategies.com
  32. 32. 4. Make it easy using marketing technology. 32
  33. 33. Let’s talk about marketing technology … 33 www.losangeleswebstrategies.com
  34. 34. Specifically: 1. EMAIL 2. SMS, 3. DIRECT MAIL 4. SOCIAL MEDIA 34
  35. 35. E M A I L M A R K E T I N G 35
  36. 36. [ W H Y U S E E M A I L ? ] 36 www.losangeleswebstrategies.com
  37. 37. People are very receptive to email if it’s relevant and generous (they love discounts and special offers.) 37
  38. 38. Email still delivers the highest ROI of all digital channels. (>$40 per $1) 38
  39. 39. Fast Easy Cheap Can be automated 39
  40. 40. [ E M A I L T I P S ] 40
  41. 41. Send a monthly e-newsletter. Provide useful information, demonstrate your expertise, add value to the relationship and encourage loyalty. 41
  42. 42. Mail at least once per week. 42
  43. 43. S M S / T E X T M E S S A G I N G 43 www.losangeleswebstrategies.com
  44. 44. [ W H Y U S E S M S ? ] 44
  45. 45. 87% of Americans have mobile phones and 73% say it’s their no. 1 most-used technology device. 45
  46. 46. nomophobia: n. the fear of being out of mobile phone contact. 46
  47. 47. The average user spends an average of 2 hours a day on their mobile phone. 47
  48. 48. Almost 66% of smartphone users admit to sleeping with their phones. 48
  49. 49. 6,100,000,000,000: number of text messages sent/received in 2010. SMS traffic is expected to reach 9.4 trillion by 2016. 49
  50. 50. SMS text messaging has a 98% open rate; 95% of messages are read within four minutes. 50
  51. 51. [ S M S T I P S ] 51
  52. 52. Permission is mandatory. Strong offers are essential. 52
  53. 53. Appointment reminders can reduce no- shows by up to 50%. - Mobile Marketing Statistics 2012 53
  54. 54. Mobile coupons are 10x more likely to be redeemed than traditional coupons. - Mobile Marketing Statistics 2012 54
  55. 55. D I R E C T M A I L 55 www.losangeleswebstrategies.com
  56. 56. [ W H Y U S E D I R E C T M A I L ? ] 56
  57. 57. Direct mail expenditures have grown to over $50 billion, a 4.6% increase from last year. 57
  58. 58. “Even though direct mail seems old school, it’s really sexy for the marketer, the reason being that there’s less clutter. So you get more effective impressions.” – Dave Scott, CEO of Marketfish 58
  59. 59. 50% of U.S. consumers prefer direct mail to email, and 60% said they enjoy checking their physical mailboxes. 59 www.losangeleswebstrategies.com
  60. 60. We have an “emotional connection” to postal mail. 60 www.losangeleswebstrategies.com
  61. 61. [ D I R E C T M A I L T I P S ] 61 www.losangeleswebstrategies.com
  62. 62. Make it stand out! 62
  63. 63. FedEx envelopes: Expensive? Yes. Effective? Very. 63
  64. 64. Personalize it. 72% of recipients will open a handwritten envelope. 64
  65. 65. Use “Lumpy mail”. 65
  66. 66. Always make offer. And include a clear call to action. Follow up by phone. 66 www.losangeleswebstrategies.com
  67. 67. Rinse and repeat. (Don’t just send one card and call it a year.) 67
  68. 68. Automate it! 68
  69. 69. S O C I A L M E D I A 69 www.losangeleswebstrategies.com
  70. 70. [ W H Y U S E S O C I A L M E D I A ? ] 70
  71. 71. Social media use has grown by 712% since 2005. And not just among the kiddos … 71
  72. 72. 66% of adult Internet users use social media. 72 www.losangeleswebstrategies.com
  73. 73. 72% of U.S. consumers research companies through social channels before making purchases. 73 www.losangeleswebstrategies.com
  74. 74. 59% of U.S. consumers use social sites to vent about customer care frustrations. 46% of U.S. Internet users feel they can be brutally honest on the web. 38% aim to influence others when they express their preferences online. 74
  75. 75. [ S O C I A L M E D I A T I P S ] 75 www.losangeleswebstrategies.com
  76. 76. Engage and interact. Social media is about having conversations, not monologues. 76
  77. 77. 77 Have a business page. 85% of consumers expect businesses to interact with them via social channels. - Cone business in Social Media Study
  78. 78. Add value. Use social channels to share tips, discounts, and gain trust. 78 www.losangeleswebstrategies.com
  79. 79. 79 Make educational videos and post them to YouTube. 50x- Forrester
  80. 80. Advertise. Facebook’s ad platform offers really cool, cost-effective ways to to reach your audience and tap the power of social proof. 80 www.losangeleswebstrategies.com
  81. 81. Advertise. 81 www.losangeleswebstrategies.com
  82. 82. L E T ’ S R E C A P 82
  83. 83. 1. Mine your backyard. Maximize the value of your existing customer base. 83
  84. 84. 2. Build your list. Collect as much info as you can. 84 www.losangeleswebstrategies.com
  85. 85. 3. Design resell, upsell and cross-sell offers into your sales process. 85
  86. 86. 4. Reach out to your list regularly with offers, insights and expertise … 86 www.losangeleswebstrategies.com
  87. 87. 5. And use multiple channels to do so … 87 www.losangeleswebstrategies.com
  88. 88. 5a. high-ROI channels like email, direct mail, social media and SMS. 88
  89. 89. Confused? Overwhelmed? Excited? We can help! 89 www.losangeleswebstrategies.com
  90. 90. Questions? 90 www.losangeleswebstrategies.com
  91. 91. We’d love to help. • Just get in touch! www.losangeleswebstrategies.com (213) 607-9100

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