Hidden ProfitsHow To Use Follow Up Marketing To
Uncover Increased Profits At Your Business
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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
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Every business has untapped profit centers that are hidden in plain sight.
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How do I know this?
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In my experience, most businesses are not maximizing the opportunity to resell, cross-sell and upsell customers that they already have.
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Most businesses focus almost exclusively on trying to get new customers.
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What’s wrong with this approach?(Three things)
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1. Getting new customers is harder than getting existing ones to buy again.
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2. It’s usually more expensive. And …
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3. It’s s l o w e r .
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There’s a better way …
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Start with maximizing the revenues and profits you are getting from your existing customers.
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How?
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Steps
STEP 1 (of 3)Focus on building your list of paying customers / clients.
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How?
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Grow your list using …
Fishbowl Social media Website SMS
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Capture everything you can when building your list.
Name Email Phone number Physical address Birthday
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STEP 2 (of 3)Communicate to that list frequently & include revenue-enhancing offers.
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BirthdaysHolidaysAnniversariesCoupons (they’re always in season)Appointment reminders
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Communicate using a variety of media.Email, SMS, direct mail, social media, etc.
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Include offers.
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STEP 3 (of 3)Create resell, upsell, and cross-sell opportunities for your products.
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ResellGet customers to buy more of what they are currently buying.
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UpsellWhen they buy, present them with a “premium” version at a higher price.
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Cross-sellIntroduce them to complimentary products and services based on their previous purchase history.
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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
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1. Make it a consistent process.
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2. Train your team.
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3. Give your team incentives.
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4. Make it easy using marketing technology.
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Let’s talk about marketing technology …
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Specifically: 1. EMAIL 2. SMS, 3. DIRECT MAIL4. SOCIAL MEDIA
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E M A I L M A R K E T I N G
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[ W H Y U S E E M A I L ? ]
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People are very receptive to email if it’s relevant and generous (they love discounts and special offers.)
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Email still delivers the highest ROI of all digital channels. (>$40 per $1)
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FastEasyCheapCan be automated
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[ E M A I L T I P S ]
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Send a monthly e-newsletter.Provide useful information, demonstrate your expertise, add value to the relationship and encourage loyalty.
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Mail at least once per week.
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S M S / T E X T M E S S A G I N G
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[ W H Y U S E S M S ? ]
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87% of Americans have mobile phones and 73% say it’s their no. 1 most-used technology device.
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nomophobia: n. the fear of being out of mobile phone contact.
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The average user spends an average of 2 hours a day on their mobile phone.
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Almost 66% of smartphone users admit to sleeping with their phones.
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6,100,000,000,000:number of text messages sent/received in 2010. SMS traffic is expected to reach 9.4 trillion by 2016.
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SMS text messaging has a 98% open rate; 95% of messages are read within four minutes.
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[ S M S T I P S ]
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Permission is mandatory.Strong offers are essential.
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Appointment reminders can reduce no-shows by up to 50%.
- Mobile Marketing Statistics 2012
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Mobile coupons are 10x more likely to be redeemed than traditional coupons.
- Mobile Marketing Statistics 2012
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D I R E C T M A I L
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[ W H Y U S E D I R E C T M A I L ? ]
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Direct mail expenditures have grown to over $50 billion, a 4.6% increase from last year.
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“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
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50% of U.S. consumers prefer direct mail to email, and 60% said they enjoy checking their physical mailboxes.
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We have an “emotional connection” to postal mail.
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[ D I R E C T M A I L T I P S ]
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Make it stand out!
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FedEx envelopes:Expensive? Yes. Effective? Very.
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Personalize it.72% of recipients will open a handwritten envelope.
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Use “Lumpy mail”.
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Always make offer. And include a clear call to action.Follow up by phone.
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Rinse and repeat. (Don’t just send one card and call it a year.)
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Automate it!
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S O C I A L M E D I A
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[ W H Y U S E S O C I A L M E D I A ? ]
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Social media use has grown by 712% since 2005. And not just among the kiddos …
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66% of adult Internet users use social media.
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72% of U.S. consumers research companies through social channels before making purchases.
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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.
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[ S O C I A L M E D I A T I P S ]
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Engage and interact. Social media is about having conversations, not monologues.
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Have a business page. 85% of consumers expect businesses to interact with them via social channels.
- Cone business in Social Media Study
Add value. Use social channels to share tips, discounts, and gain trust.
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Make educational videos and post them to YouTube.
50x- Forrester
Advertise. Facebook’s ad platform offers really cool, cost-effective ways to to reach your audience and tap the power of social proof.
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Advertise.
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L E T ’ S R E C A P
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1. Mine your backyard. Maximize the value of your existing customer base.
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2. Build your list. Collect as much info as you can.
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3. Design resell, upsell and cross-sell offers into your sales process.
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4. Reach out to your list regularly with offers, insights and expertise …
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5. And use multiple channels to do so …
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5a. high-ROI channels like email, direct mail, social media and SMS.
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Confused? Overwhelmed? Excited?We can help!
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Questions?
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We’d love to help.
• Just get in touch!
www.losangeleswebstrategies.com
(213) 607-9100
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