by Donovan Dillon Contributor
Posted on October 09, 2012 19:37 PM
It is common among small businesses to look at marketing as an "event" (or a series of "events") they must engage in order to get things sold or acquire new customers. And while in part that is true, at MODsocket, we view marketing at a more basic level when trying to help you build your business. The approach varies, but often it's best to start with your current customers.
It costs several times as much to get a completely new customer, who knows nothing about your brand, than it costs to keep a current customer or to leverage a current customer to acquire a new one. Moreover, we endorse efforts to turn current customers into living marketing vehicles to help you get new customers. Sure, we've all heard of customer loyalty programs or retention programs. They are critical and when properly executed, they work like gangbusters. Our advice is to seek ways to leverage these loyal customers by encouraging and incentivizing them to become your very own "brand disciples."
As an example: What is it worth to you if a current customer brings a friend to your business? Now put that into financial terms. What would it have cost you to get that same customer sans the friend's help? A lot more for sure. By taking a portion of the money you would've normally spent to get that new customer, and split it between the current customer and the new one, you not only experience reduced customer acquisition cost, you do something nice for your current customer and also reward the new one. And this reward can take many forms depending on your business.
That's just one example -- and while not exactly "getting new customers from thin air" -- it is instructive of the MODsocket approach and a very effective way to grow your business.
So, let's get started marketing smart! Schedule your consultation today and let us work with you one-on-one to develop your very own customer growth program -- one that can save you money and build "brand disciples" while helping you add new customers!