Mayur Gudka

I am THE BEST Small Business Growth Consultant in North Shore, MA.

Category: Sales

Get a Customer Retention Strategy!

 

Most likely you have a customer acquisition strategy. It helps you bring new customers in. The best-in-class businesses also have a powerful customer retention strategy.

What is a Customer Retention Strategy?

In simple words, it brings your customers back to your business over and over again. So, the lifetime value of each customer can increase.

Why is this important?

The cost of customer acquisition can be expensive. Even if you can acquire your customers for cheap dollar wise, it can prove to be expensive time-wise. Having a customer retention strategy in place gets these customers to walk in without spending much of money, time or energy in marketing.

To state the obvious, working both strategies in tandem can increase your revenue trajectory exponentially.

So, how to build a Retention Strategy?

Figure out a way to keep in touch with everyone who interacts with your business either online or offline. One of the best ways to do this is by capturing their email address.

If you find your customers are apprehensive giving out their email address, offer them a incentive.

Once you have their email address, send them regular newsletter or product promotions. This will keep your business on top of their mind.

Another way to do is ask them to connect with you on social channels. This can be a bit challenging than ask them for their email address. If your customers are conducting their transactions online, then ask them to connect with you online at the end of the transaction – on the “Thank you” page. It’s called the, “strike while the iron is hot” technique. They just bought something from you. They love you. They will like your Facebook page without any hesitation.

If the customer is conducting the transaction in-person, offer them an incentive to like your Facebook page. Maybe, if they showed the cashier that they liked your page, they can get a 5% off their order. Or, maybe they can get a special gift bag that cashier keeps in the back.

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What is your Website’s Job?

It’s 2017. I used to think every small business in United States has a website. I was so wrong. According to GoDaddy, 6 out of 10 very small businesses are not online. Geez Louise! What’s going on here. Anyways, for the sake of discussion in this article, let’s assume you HAVE a website.

So, what is your website’s job? Can you answer this question? Most small businesses have trouble with it.

Let me ask you a few other questions:

  • What is your secretary’s job?
  • What is your accountant’s job?
  • What is your HR manager’s job?

These are easy questions. Business owners have no problem answering these because they have a clearly defined job function for each one of them.

Your website is really your employee. It should have a job function just like your accountant or your secretary. And it is your job to identify its function.

  • Is it to provide basic information about your business to prospective clients and customers?
  • Is it to generate leads for your business? In that case, it’d be your sales rep.
  • Do you want your website to be your customer service representative?

What do you want your website to do?

Once you clearly define it’s job function, then you can design it to fulfill that job function.

Not all websites are designed equally. A website should be designed to fulfill its job.

A website who’s job is to merely provide information and a phone number or an email address to reach the business is much simpler and much different than a website who acts as a funnel attracting only qualified leads.

If you are unclear on your website’s function or want to know whether your website is doing its job correctly or not, email me at mayurgudka@gmail.com and I’ll help you answer these questions.

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Sales: The only thing new entrepreneurs should focus on

Starting your first business? It’s so exciting.

You probably have a large to-d0 list.

May I make a suggestion? Rip that list and throw it down the drain.

There are only two things you need right now.

  1. A starter website that provides information about what your company does
  2. A sales process

You take care of the website. I’ve drafted a basic sales process for you here:

It’s a simple four step process.

  1. Identify and build a list of potential prospects
  2. Call or e mail and setup meetings with them
  3. Present your product or service
  4. Follow up for a yes or no decision

So, what is the best approach to execute each of these steps? I don’t know the answer for you.

There are myriad of ways you can accomplish each of these steps. Use the “trial and error” method to figure out what works best for you. There are books available on each of these steps with countless methods within.

The bottom line is – As a new entrepreneur, you should be focusing all your energies on selling your products or services. Nothing else.

This does one simple thing. It generates cash.

A very important thing to have when you are starting a new business.

One final tip.

Make your list of prospects as large as possible. It breeds confidence and it will show through in your sales presentations.

Good luck!

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