O the infamous introductory offers; benefits for new customers and the aggressive drive for acquisition, our eyes are solely focused on the untapped farmland of new customers.
Eyes faced forward without the notion of looking back at the seas of satisfied (or dissatisfied) customers who have already fell victim to your marketing and promotional messaging, this is the successful model used by an overwhelming majority of businesses and pressed on heavily from the C-suite.
New is the only barometer for growth right??
As Joseph Jaffe brilliantly communicated in Flip the Funnel, why spend high sums on new customer acquisition when some of your biggest potential evangelists are sitting in your AS400 and CRM software, waiting to be engaged?
These consumers saw value in your product and service, trusted your messaging, and parted ways with their ever shrinking dollar to buy your wares. Once they have entered your store and purchased your widget, you pass them off like a bad one night stand…..never looking back.
While particular industries feel that the new consumer is the ONLY consumer (one time and seldom purchase categories, please stand up), some of your most engaged consumers are sitting silent on the backlines, completely satisfied with their purchase and your product.
Why not speak to them, thank them for their loyalty to your brand and look to reengage and create a community of completely satisfied customers. If these people all spoke up and shared to their community the benefits of your product and how wonderfully your product satisfied their needs, you would be on board right?? Why not create that environment?
Why we don’t care about existing consumers…
Attracting new customers is fun…and the thrill of the kill is more engaging them dipping your toes in the water of a previously visited lake. The thirst for newness and untouched farmland seduces us into creating a tunnel vision approach on the unknowing prey.
The thrill of obtaining a new customer or a new lead is a high that many marketers consider to be euphoric. It makes you feel like you just slaughtered the unknowing bison. You pillaged the weak town and took all of their assets. You are the king of the jungle….
All of the effort you put into finding and capturing that new consumer, could have went into rekindling the old flame of your previous customers and created an army of “I will do anything for you” consumers willing to spread your message at the drop of a hat. The acquisition cost you are saving from now just focusing on the new prey, can be used to incent your existing customers to reach out to the new customers. The multiplier effect from this practice makes your quest for the new fruit, feel like a bad pick up line.
Treat your existing customers like new customers
Loyalty and rewards are the new currency. Incent your consumers to do something they have already agreed to do (trust you and purchase from you) and the ROI speaks for itself. Why climb the mountain on foot, if you have a ATV right next to you? O because the thrill of climbing the mountain makes the victory lap that much more exciting….
Do you know what I think is more exciting…. Loyal customers willing to pay FULL PRICE for your wares… profit margin and low acquisition cost… that is exciting.