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How to EXPAND Your Customer Relationships (from #IHeartMktg)

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  • 1. Western Region User Conference October 8, 2013
  • 2. PRESENTED BY: JUDY LOGAN, DIRECTOR CUSTOMER MARKETING CHRIS NEWTON, VP BUSINESS DEV, INFLUITIVE RAPID FIRE SESSION EXPAND
  • 3. Agenda • What is “Expand” ? • 3 Core Components of EXPAND – Satisfaction – Advocacy – Extension • Wrap Up, Q& A
  • 4. Customer Lifecycle
  • 5. End-to-End Customer Lifecycle Advocates Customers Qualified Leads Inbound Marketing Marketing Automation CRM Customer Success Customer Advocacy Engagement Platform for Complete End-to-End Customer Lifecycle Known Prospects Anonymous Visitors
  • 6. Why does this matter? Source: Frederick Reichheld, Bain & Company, published in the Harvard Business Review
  • 7. Why does this matter? Source: Frederick Reichheld, Bain & Company, published in the Harvard Business Review Customer Retention vs. Customer Acquisition Number of times more costly it is to acquire a new customer than retain an existing one Amount of increased profits that can come from boosting customer retention rates by as little as 5%
  • 8. SATISFACTION
  • 9. Customer Nurturing Lead Nurturing Customer Nurturing Advocates Customers Qualified Leads Known Prospects Anonymous Visitors Inbound Marketing Marketing Automation CRM Customer Success Customer Advocacy
  • 10. Content is Key to Engagement Develop a curriculum and content plan that matches a customer’s journey. Be both relevant and timely. Become a trusted advisor by educating throughout the dialogue. Reinforce content across multiple channels.
  • 11. Automated Programs
  • 12. Welcome + Access to Resources
  • 13. Deepening Knowledge
  • 14. Content as Enablement
  • 15. ADVOCACY
  • 16. What is Advocacy?
  • 17. What is an Advocate? Remember THIS Guy?
  • 18. ALUV Member
  • 19. ALUV Members in Attendance Akhila Aiyer Alok Vasudeva Audrey Van Norman Barbara Cromarty Bill Doucette Casey Cheshire Derek Cheng Drew Graham Ian Nate Joe Shafer John Stalnaker Jonathan Kuipers Jonathan Wright Lisa Seward Mark Kurtz Mary Alice LaPoint Noe Marti Nuala Coogan Patricia Wood Stacy Gentile Wendy Wells
  • 20. Buyers trust their peers… over your marketing
  • 21. Integrated advocate marketing lowers acquisition costs OutboundInbound Advocate WOM 4. Use advocate testimonials, case studies and references to rapidly close. 3. Add to nurture track. Tele-prospect to targets that show interest in content 2. Sponsored content appears in prospects’ social media feeds 1. Expanded referral program yields targets
  • 22. Referrals Product reviewsBlog comments Advocates support the entire buying cycle and more ReferencesRe-tweets, Likes, shares Discover Media interviews User groups Product surveys Customer Advisory Boards Analyst interviews Consider, Retain, Inspire Purchase
  • 23. Poor Advocate Experience What advocates seek: Status Recognition Career value Connections Part of the team Reputation Perks Feedback What advocates get: Neglect + Abuse = Annoyed Advocate disengagement
  • 24. 1. Part of the Team What motivates advocates? 1
  • 25. 2. Measurable Impact What motivates advocates? 2
  • 26. 3. Social Currency What motivates advocates? 3
  • 27. $0 $10 $20 $30 $40 $50 $60 $70 Week 1 Month 1 Year 1 Subsequent years Customer Onboarding First experience First month First year Subsequent years How to build advocates? Create massive customer value surplus Customer value surplus Value to customer Cost to customer ≈ cust. expectations Critically important that early interactions offer a very high degree of surplus
  • 28. The Advocate Marketing Playbook Part 1: Your introduction to advocate marketing Part 2: Laying the foundation for a world-class advocate marketing program Part 3: From planning to identifying and onboarding advocates Part 4: Engaging and rewarding your advocates Part 5: Tracking and analyzing the results of your advocate marketing program http://influitive.com/playbook
  • 29. EXTENSION
  • 30. Crucial to Company Success Source: Forbes.com
  • 31. Customer Retention Customer Nurturing 1. Survey regularly and respond appropriately • Provide relevant content and support based on responses 2.Use multiple channels for regular engagement • Check-in by phone, email, social media 3.Analyze and anticipate customers needs • Answer those needs with services and timely offers
  • 32. Cross Selling
  • 33. Upselling
  • 34. Wrap Up