This is the third in a series of posts from Jay Abraham, one of the world’s leading business and marketing gurus. As Founder and CEO of Abraham Group, Inc., Jay has spent his entire career solving problems and fixing businesses. He has significantly increased the bottom lines of over 10,000 clients in more than 400 industries worldwide.
All of the content in this Paving the Way To Your Success series is brought to you exclusively by AccountantsWorld, as part of our ongoing mission to help you maximize the value and relevance of your accounting firm.
In this post, Jay guides you through how to implement your strategic objectives to get new customers. Click here to read the full series so far.
Once you know what you want to achieve and say to your customers, then you are ready to expand the ways in which you get them. You can now start to implement your Strategic Objectives and start to look for ways to get new customers at the tactical level.
● Targeting best buyers and building loyalty
● Stacked marketing
● The most effective form of marketing
● CONSISTENCY and repetition is the real key to success in getting new business
Illustration #1 – Targeting The Best Buyers
Who is the best buyer of your product or service? Take 5 minutes to create the profile of your most ideal buyer. Feel free to use bullet form.
For Example: They are successful, have the money to buy if they want your product or if they need it. They want or need to buy what you are selling. Geographical location and size of company (number of employees/turnover). Size of sale/repeat-sale potential. Drive a Ford car. Own their own home… and so on.
The “Dream 100” Customer Concept
Fact: The fastest way to build your firm is to target the _____________(1) customers. Every market or niche has a smaller number of best / ideal buyers versus all buyers. The best buyers buy faster when other best buyers buy. . . . Best buyers help you gain faster social acceptance. You must create a superior access vehicle to get to the best buyers.
For example, if you were a hairdresser, you would want famous people as your clients. People like movie stars, respected business and community leaders, etc.
If you sold to accounting firms, you’d want the top 4 firms as your clients, etc.
Customer Life Value
This is how much the customer is worth to your business over their purchasing lifetime. RESTAURANT: $50 per sale x 10 visits per year per customer = $500 total value. Once you know how much they are worth to your business, (their lifetime value) you may want to spend more money getting market share and new customers, and make better offers to attract them in the first place.
Illustration #2 – Lifetime Value Of Your Customer
What is the total life value of your best customers? (Average sale value x number of visits per year x number of years as customer.)
Hertz Conquest Strategy: Hertz knows that the average corporate customer is worth $15,000 over their lifetime. At just a $60 per day average rental this is a lot of business. They go the extra mile to keep their customers happy. Gold Card members don’t queue, car is ready, warm in winter and cool in summer. Drop the keys at the office and that’s it.
What are you doing to breed unstoppable customer loyalty and repeat business?
How To Keep Your Customers For Life
Main Philosophy: Treat all your customers as if they were your only customer. Research has shown that the main reason why customers leave is because of perceived indifference (lack of caring). Ways to treat your only customer.
· Take a real interest in their _____________(2).
· Take a real interest in their _____________(3).
· Give them memorable special treatment and make special treatment _______________(4). (Build in standard procedures for special customer treatment.)
· Little things mean a _______(5): Send cards, write letters, special greetings, free information, birthday cards, Christmas cards – personalized etc.
Illustration #3 – Making Your Customers Feel Special
Write down 3 to 5 things you can do today to make your customers feel special!
Some Ideas: Send Birthday Cards, Thank You Notes,
Articles Of Interest, “Customers Only” Days, Special Offers, Free Products, Free Refreshments In Store, Seminars
For Clients, Christmas Gifts, etc….
Maximizing The Lifetime Value Of Your Customers
It costs _______(6) times more to sell to a new customer than to sell to an _____________ ______________(6a). 30% of your customers will buy more products or services if offered at the point of sale. You should develop a ________________(7) for introducing other products or services at the point of sale.
Example: A paint shop asking if the customer has a drop sheet and tray when purchasing paint. McDonalds asking, “Would you like a coke with that?” Restaurant asking “Would you like some dessert?” etc.
Illustration #4 – “Add on Sales”
Take 5 minutes to write down additional products you could sell as “ADD-ONS” at point of sale. *Make this a standard procedure at the point of sale.
Maximizing Your Customer Value
Condition your customers to buy from you regularly. Build systems, policies and procedures to constantly sell more products or services to current clients. Look at the value of the customer to figure out what you might spend to get more customers. (If you knew a customer was worth $2,000 over 2 years could you offer $200 worth of FREE products to get them on board?)
Þ Actively work with current clients to get _________________(8).
Þ Make it easy for them – sit with them while they go through their reorder.
Þ Can you get them to _________ ____ ____________(9) to their friends or associates?
Þ Give them a _____________(10) for helping you find new customers. (Free product or services, dinner.)
Þ Remember to treat ________________(11) special so that they too become customers for life!
Illustration #5 – Maximizing Your Customer Value
What is a customer worth to you over 10 years, 20 years? ______________________________
Write down three additional products or services you could offer your current clients. (Can you plan quarterly?)
Piggyback and “Fusion” Marketing
Find other companies who can sell your product or service to their customers. Airlines, car rentals and hotels are all working together. What alliances could you form? Possibilities are . . . A supermarket and a petrol station. Shoe store and clothing store. Accountants and Lawyers. Doctors and Dentists. They could all be promoting each other.
Next time, we’ll get deeper into Piggyback and Fusion Marketing!