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INSIGHTS & JOY
A business newsletter with Pizzazz! "We help leaders become better marketersusing a holistic business approach!"
Everybody knows that it costs more to get a new customer than to keep an existing customer. Many also know that it is easier to regain an inactive customer than it is to gain a brand new one. Given these facts, it is amazing that so many firms fail to keep in close touch with their best clients! The rewards for staying close to your customers are terrific. Clients drifting away quickly slashes profits. Answer my six-question quiz to determine if you need to rethink how you treat your customers. Subscribe directly by e-mail to rpmorgan@morganmarketingsolutions.com and writing "subscribe" in the subject box. Check our web site for: $ Million Marketing Tips, Insights & Joy Archive, Speaker's Bureau, and our Article Library! www.morganmarketingsolutions.comIN THIS ISSUEKnow your customers and reap extra rewardsSmiles make the day!$ Million Marketing TipsAmazing facts...Marketing Facets - The Market Focused
Guide to Company Analysis
Know your customers and reap extra rewards Everybody knows that it costs more to get a new customer
than to keep an existing customer. Many also know that it is easier to regain an
inactive customer than it is to gain a brand new one. Given these facts, it is
amazing that so many firms fail to keep in close touch with their
customers!
Many businesses have a sales process that starts
with prospecting and ends when the customer places an order. Proactive
customer follow-up efforts often are forgotten in the daily rush of events.
Where is the after-sale follow-up? How can the firm be sure it
met and exceeded the customer's expectations? Will the business receive the
customer's future orders? Who likes to buy, then be
forgotten?
Given today's highly competitive global
marketplace, you cannot afford to be complacent. Customer expectations are high,
and competitors continually provide customers with the "allure of a new
pretty face." It pays to stay in touch
with your customers. If you don't, you can bet that your competitors
will!
The rewards for staying close to your clients
are terrific. A five percent higher customer retention rate can double a
firm's profits over time! Did you know that a 70% retention rate will lose
2 to 3 times as many customers as a competitor with a 90% retention rate?
Clients drifting away quickly slashes profits.
The key to a high retention rate is to build
customer loyalty. You begin building loyalty when a customer is satisfied
with the first purchase. Additional purchases begin to build a relationship. The
more positive interactions you have with a customer, the faster you build
emotional loyalty to each other and joint commitments to continue
the relationship. In addition to subsequent purchases and greater
profit contributions, the happy, loyal customer may provide referrals,
testimonials, and free word-of-mouth advertising for the alert supplier.
Therefore, there is a huge difference between satisfying a customer
and creating customer loyalty. Customer loyalty is the long-term
advantage gained from a well-structured and consistent retention
program.
To check your customer retention approach,
answer the following six questions:
1. Do you consistently keep in touch with your
customers?
2. Are you aware of issues affecting your
customers?
3. Are your customers aware of all the products
and services you offer?
4. Do you ask customers for referrals and
testimonials?
5. Do you contact valued inactive
customers?
6. If a tough competitor pitched your
customer, would the customer remain loyal to you?
Not happy with the candid answers you had to
give? Consider implementing a retention plan built around stronger customer
communications!
Communicating with customers and continuing to
educate them on your value is key when building customer loyalty. I can think of
two ways to improve customer retention and build customer loyalty.
Smiles make the
day! "I don't suffer from insanity; I enjoy every minute of it!" "I work hard. Millions of people on welfare depend on me." "You're just jealous because the voices only talk to me!" "Planet Earth. Insane asylum for the universe?" "No, I'm not a complete idiot; some parts are still missing." "God must love stupid people; He made so many of them." "The gene pool could use a little more chlorine." "Consciousness: that annoying time between naps. ""A hangover is the wrath of grapes." "Stupidity is not a legally valid handicap. Park elsewhere!" "One trouble with life is that there's no background music to enhance the excitement." "Ham and eggs. A day's work for a chicken, a lifetime commitment for a pig.""Procrastinate now!"
$ Million Marketing Tips TIP: Long-term success hinges on the
trust customers have that you will deal fairly and keep your promises.
Warranties add confidence!
TIP: The future is unpredictable, so
prepare contingency plans based on multiple market possibilities!
Amazing facts! The word, noon, originally meant 3:00
p.m.
Most Americans are still not aware that being
overweight increases the risk of strokes.
Try to take it easy: 28% of household injuries in the
summer are caused by yard work.
Half of all Americans have gray hair by the time
they're 50. Wiser, or is it just from hard living?
Take good care of your feet! You'll probably walk more
than 65,000 miles in your lifetime.
The worst nightclubs were traditionally located in
basements; hence the name "dives."
Marketing Facets - The Market-focused Guide to Company Analysis I have recently completed Marketing Facets - The Market-focused Guide to Company Analysis. Marketing Facets is a practical resource for those involved in determining the current health of a company and gauging its future prospects. I designed my 103-page guidebook to be a supplement to other evaluation procedures and the highly detailed information normally gathered during a thorough due diligence or business valuation process. The workbook takes a holistic approach, assembling facts and management assumptions in key areas for analysis and conclusions. Marketing Facets is a valuable resource to private investment fund managers, individual investors, venture capital specialists, investment banks, and valuation specialists. Marketing Facets can also serve as a guide for C-level executives who wish to perform their own company analysis as part of normal business planning, or in advance of efforts to refinance, acquire or divest. Marketing Facets is available in electronic form via the Internet, on CD/ROM, or in print with a ring binder.> Electronic in MS Word .doc or Adobe .pdf format via the Internet @ $79.95 > CD/ROM format @ $85.95 including U.S. shipping and handling > Ring binder version and CD/ROM combo @ $99.95 including U.S. shipping and handling Consulting is also available.
Please contact me for additional information.
Telephone: 972.931.7993 Fax 972.931.0542 rpmorgan@morganmarketingsolutions.com. P.S. Ninety-five percent of our engagements originate as a referral from helpful people like you! If you know someone who:> Wants to develop a more productive
marketing program, or
> Needs help building and implementing an
effective operational business plan,
I would appreciate the opportunity to discuss the situation with you. Our ideal client is a business owner or CEO between 30 and 60+ years old. Usually with a financial, engineering, or production background. Who is often impatient, and interested in improving company performance. Comes alive when you ask, "How's business?" He, or she, is practical but also enjoys the finer things in life.So, you may see my ideal client driving a Lexus or SUV to Neiman Marcus...and to Sam's Club. Who do you know that fits this description? A client
speaks: "I have thoroughly
enjoyed working with you to address our marketing effort during the last few
years. In my opinion, we could not have found anyone more effective than you
have been." To unsubscribe, e-mail to rpmorgan@morganmarketingsolutions.com and write "unsubscribe" in the subject box. ©2005 Morgan Marketing Solutions, Inc. All rights reserved. Other distribution permitted with proper attribution.
Richard P. Morgan CMC Telephone 972.931.7993 fax 972.931.0542 www.morganmarketingsolutions.com Author,
Marketing Facets - The Market-focused Guide to Company
Analysis
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