The MOST Profitable — Yet MOST Overlooked Marketing Strategy IN-THE-HISTORY-OF-BUSINESS?...

- by Scott Krech

Can this “Secret” get service-based businesses more booked appointments in just a few months, than they brought in the entire previous year…all while stabilizing cash-flow & boosting client retention?...

Revealed: The Most Overlooked Marketing Strategy in the History of Business...

Let me ask you…

Do you know the most effective, cost-efficient, & profitable thing a service-based business owner can do to grow their leads, get more booked appointments, and increase cash-flow FAST?

The simple answer might surprise you.

All you gotta do is 2 things...

1. Create a database of your current and past customers, and...

2. Follow up with them.

That's it.

Here's why it vital to your businesses survival...

The Average Business Loses About 19% of its Client Base EACH Year.

Which Means Business Owners Have to Get 10% More New Clients EACH Year Just To Stay Even!

Getting new customers is important.

In fact, it’s critical.

You simply HAVE to do it.

Especially, if your business is losing up to 19 percent to attrition each year.

But getting new customers through traditional means is only one of many ways to grow your business to the point where you’re earning the kind of profits and income that you want & deserve.

But truth-be-told — there are other more effective and cost-efficient things you can do.

Listen to this exciting statistic…

For Every 5% Increase in Customer Retention, You Can Generate A 30% - 40% Increase in Profitability Over 12 – 16 Months!

Think about that for a minute.

If your business is like most, and you lose 19 percent of your customers each year, that means that 81 percent stay with you and continue to do business with you.

But if you were to increase that number to 86 percent, you could enjoy a 30 to 40 percent increase in profitability.

Remember — it costs 6 times more to get a new customer than it does to keep an existing one, and it’s 16 times easier to sell to an existing customer than to a new one.

So, when you compare the acquisition costs for getting new customers to know you, like you, trust you, and buy from you the first time...

...versus getting your existing customers to repurchase from you, the cost-to-sale difference is significantly different.

So, how do you increase your customer retention?

How do you get them to buy from you again and again?

How do you get your customers to continue doing business with you year after year, until they no longer have any need for your products or services?

And how do you get them to refer others to you, so your acquisition costs come down WAY below the 6x figure?

It doesn’t have to be an elaborate system, plan or strategy. It doesn’t have to be costly. It doesn't have to break the bank.

But it does have to be well thought-out, planned and tailored to the unique wants of your customers, if you want it to be overwhelmingly successful.

Believe me when I say this… this one strategy is the most overlooked, yet most effective marketing tool you have in your business arsenal for getting your customers to buy from you more often, extending their buying lifetime with you, and getting them to refer others to you.

In short…

This one strategy can do more for building your business than just about anything else you can do…

And the BEST part? It can do it in record time!

And if you fail to do this?...

It’ll cost you thousands and thousands of dollars in lost business and profits!

An effective follow-up strategy focuses on three sources of customers…

1. Existing Customers

2. Past Customers

3. Potential Customers or Prospects

Existing Customers — the Most Powerful Source of Profits Any Business Has?

All things being equal, people will do business with people they know, they like, and they trust. All things being unequal, people will still do business with people they know, they like, and they trust.

And since it costs up to 6x more to get a new customer to know you, like you, and trust you enough to buy from you?...

...it just makes sense to spend most of your time, effort and money strengthening the relationships you already have with your existing customers.

Here are a few things to consider when developing a system for following up with your existing customers or clients…

1. Determine the number of times you want to contact your clients, and over what period of time. You want them to know that you’re thinking of them, and that you have something of value to say to them.

But the last thing you want to do is bug them to death. You might, for instance, decide that you want to contact them six times in the next 12 months.

2. Determine the frequency of contacts. In the example in step one, you decided on six contacts over a 12-month period. Now, you want to determine how often you’ll contact them.

Will it be every other month for the entire year? Or will it be once a month for the first three months, then once every three months thereafter?

Or, if your customers have a product that expires or renews, such as an insurance policy, will you increase the number of contacts you make just prior to their renewal?

3. Determine the method of contact. There are a couple of considerations here. First, what is the method of contact that has the greatest chance of attracting their attention? Next, what method is the most cost-effective?

And third, what method of contact would provide the greatest likelihood of them responding? Are postcards the best? What about letters, newsletters, or emails? What if you were to send an SMS or Video, or make telephone calls or in-person visits?

Each of these methods of contact has inherent costs and response-predictors, and should be weighed very carefully before cranking out any new contact campaign.

4. Determine the purpose of the contact. Why are you contacting them? Is it to thank them for buying from you? Is it to make them an offer on new merchandise or other services they may have a need for? Is it to ask for referrals?

Remember, you should know each of your customers and what their dominant buying motives are. You should know what they’ve purchased in the past and what they’re likely to respond to in the future.

No sense wasting your time trying to sell someone something they have no need for, don’t want or can’t use.

5. Determine the offer you’ll make them. The offer you’ll make depends a lot on who you’re contacting and why you’re contacting them.

If you have a new product or service, or have another product or service that your customer might be interested in, you’ll want to make your offer such that it will be difficult for them to refuse.

Now, that doesn’t always mean that your prices will be lower than anyone else’s. It could very well mean that this product or service will do more to help them solve or prevent a particular problem or situation better than any other alternative.

6. Determine how you’ll reduce or eliminate any risk on the part of the customer. Whenever any product or service is sold or purchased, someone is being asked to assume part of the risk. Either the customer or the business owner.

It stands to reason, that if your customer is asked to bear the bulk of the risk, that that could have a negative impact on the chances of making a sale.

On the other hand, if you, the business owner, are taking the lion’s share of the risk, your chances of making a sale can be greatly enhanced. Determine what works out the best for the kind of product or service you’re offering.

7. Determine what (if any) backend products or services you can offer once a purchase is made. You should always have a backend product.

If what you sell is a one-time purchase and you don’t have anything else you can sell your customers, then arrange with other companies who have products that are complementary, but are non-competing with yours.

Then build a joint-venture arrangement with them to offer their products to your customers, and you can split the profits.

There are many other things you can do to make the selling of additional products or services to your customers more effective.

And they’re not difficult.

It just takes a little planning… a little thought… and a little creativity.

Then, more than anything, it takes action.

You’ve got to act on the plans you create.

Your Past Customers — A Hidden, Forgotten And Untapped Source Of Profits!

These are your past customers… those who have done business with you in the past, but are no longer considered “active.” That is, they haven’t purchased from you recently.

Something happened. They’ve quit coming back. Maybe they’ve outgrown their need for your products or services.

Maybe they’ve gone to another competitor. Maybe they moved out of your marketing area. Whatever the reason, they’re no longer doing business with you.

Remember, these former customers at one time liked and trusted you enough to purchase from you. It may have been a certain sale or offer that you ran.

It may be that they did business with you because you were conveniently located to them.

Or it may be that they were referred to you by a friend, a family member, a neighbor or a relative.

Whatever the case, they, at one time, did indeed, buy from you.

Now, just because they haven’t purchased from you again recently, doesn’t mean all is lost.

One of the biggest mistakes businesses make is that they fail to keep in touch with this group of customers.

If you’ve run your business properly, they’ll remember the way you did things, how you treated them, and the quality of products and services you sold them.

And it won’t take much to get them back to do business with you again.

But what if you didn’t do things the best way?

Perhaps they had a bad experience with your business or a certain person that worked for you.

Listen, it happens to the best of us.

Many times an apology or simple explanation of the circumstances, and what you’ve done to correct the situation can do nothing but help re-solidify an old relationship.

You can use the same planning and contacting sequence that is listed above when determining how best to contact this group of customers.

Whatever you do, don’t let this valuable resource fall through the cracks.

If these customers left your business to go with a competitor, it won’t be long before they have some type of negative experience with that competitor, believe me.

It’s just so rare that you find… in any type of business, industry or profession… a business that's on top of all things, all the time.

And most often, you’ll find that nearly every business is product-oriented, and not customer-focused.

Once you “get your act together,” and begin delivering more than the benefits that the products or services you sell provide, you’ll find that this group of customers can turn out to be a real profit center for you.

Knowing Who Your Potential Customers and/ or Prospects Are Can Make All The Difference In The World…

As a business owner — Here’s one of the most critical questions you can ask yourself…

"Do you know who your best prospects are? I mean, REALLY know?"

• Do you know who they are?

• Where they are?

• How to contact them?

• What kinds of wants or needs they have?

• What kinds of offers they respond to?

• What would prompt them to buy from you?

• What kinds of buying habits they have?

• And who they hang around with?

If you don’t know the answers to these critical questions… you’re basically just shooting in the dark. The more clearly you can focus-in on a tight target market, the more success you’ll have.

Think about it for a minute. What is the difference between a Suspect… just a name, and a Prospect… someone who may be in the market for your product or service, and has the financial capacity to buy? The answer, of course, is all the difference in the world.

Why would you want to spend any time, effort or money trying to convince people who have no need, no want, no capacity to buy… to buy from you?

The real truth is, if you’re trying to sell to everyone, you’re really selling to no one. But when you focus on a tightly identified niche, you can more effectively address the needs of that market and make offers that they are predisposed to take advantage of.

It’s the old, “Rifle vs. Shotgun” approach. If you can single out a certain market segment who is more likely to buy from you, you’re way better off directing your ads and marketing efforts to them than you are the general public.

An Action Plan For Success

Now, here’s what you can do. Once you’ve set up your database of your existing customers, take a good, analytical look at them.

• Determine what their buying habits are...

• See where they live or work...

• Look at what types of products or services they buy...

• What their repeat purchase patterns are...

• What types of ads they respond to...

• Look at all the information that may be pertinent to your business...

• Does their age, family characteristics, type of home they live in or cars they drive have anything to do with how or what they buy from you?...

• And how about the kind of work they do, or the profession they work in?

Once you’ve carefully analyzed your existing customers and categorized them into like groups according to buying patterns, habits or interests, then look in your marketplace for other, lookalike audiences, groups of people, or businesses.

The sources for locating these groups are numerous, and can range from compiled lists to directories to list brokers, and a ton of online resources.

Now that you’ve identified who your best prospects are, use the same steps outlined above for following up with your existing customers, to contact them.

Follow up. Stay with it. Don’t let this slip. And always be testing different offers, different guarantees, and different headlines.

Be on the lookout for anything that increases your response rate. And be open to using and testing different methods of contacting them.

This group of contacts has the potential of driving your business right through the roof, if you approach them properly.

Your clients… your customers… current and existing… past… and potential… are the greatest assets you have in your business.

You’ve got to treat them with love and respect. You’ve got to let them know that you care about them… both as customers and as people.

And you’ve got to constantly keep in touch with them, always offering them a “better deal,” (which doesn’t always mean “lower price,” by the way), a better value, increased ways to further enhance the advantage, benefit, use or enjoyment they get from using your products and services, and from doing business with you.

Follow up with them. Don’t harass or bug them.

Develop a plan… an easy-to-administer, automated system for systematically and continuously following up by leveraging the technology of the Internet...

...always offering your help, expertise, and the value you bring to your relationship with them beyond what the actual products or services you sell offer.

If you do these things, you’ll be putting into motion…

The Most Profitable, Yet Most Overlooked Marketing Strategy IN-THE-HISTORY-OF-BUSINESS!

And when you do?...

You just might be surprised at how effortlessly it starts raining customers and cash-flow — maybe even faster than you ever thought possible?

Yours in success!

Scott Krech

Attention: Service-based business owners...

Open To A Hands-Free, Automatic Way to Qualify Inbound Leads, Follow-up with Those Leads (especially after-hours) &...

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that FUEL CASH-FLOW & GROW REVENUE?...

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