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Today we’ll pick up where we left off, talking about newsletters and how they can help separate you from your competition.
Newsletters are probably the number tool any business should be using in their marketing arsenal. When done properly, a newsletter can…
Establish your authority
Demonstrate your expertise
Give you a better connection with your clients and prospects
We’ve covered the first two, establishing your authority and demonstrating your expertise, in this message, linked below:
Now let’s talk about number 3, giving you a better connection with your audience—your prospects, leads, and clients.
But first, here’s a quick question:
Do you know the number one reason a customer or client leaves a company?
Perceive indifference on the part of the business.
Most customers and clients don’t leave because of under-performing or unsatisfying products or service. They don’t leave because of the competition is cheaper or of higher quality (God forbid). And only about 1% leave because they die (sorry there’s no helping that one).
Most leave because they don’t feel wanted or needed by the company their currently doing business with.
Now think of this…
What’s your current customer or client retention rate?
Even the best run companies in the world have 20% attrition, and most companies have 40%+ rates of attrition.
Do you understand what that means?
Even the best companies in the world have 100% turnover in just 5 short years. That means they can nearly double their business in 7 years, just by slimming that number down to an attainable 5%.
For the average business with a 40% attrition rate, improvements to the bottom line can be astronomical if small changes are made and a slightly higher number of customers and clients are retained.
And newsletters are probably the best tool at doing this.
I want to cite one more stat that makes this point pretty well.
The average business loses 10% of their customer bases’ response rate for each month they don’t make any meaningful contact with the customer or client.
10% a month! That’s huge… and it’s proven.
Now, a monthly newsletter sent out to customers, clients, leads, and prospects is a meaning contact. And it’s a contact that sends a message. That message is…
“We care, you’re needed, and we value you.”
Just think of how much a simple and inexpensive newsletter can do for your business, when the majority of customers and clients leave because of indifference.
I’d say this could easily improve your retention and put miles between you and your competition.
What do you say?