The goal isn’t to attain as many new customers as possible. It’s to attain each customer and make them happy and want to stick with you.
Recently Max sent me this article by Marketo: “They’re telling brands: Don’t just sell me your products. Know me. Know my needs. Show me how much I’m valued by giving me experiences that are authentic and about me.” We work in such a fast paced world. We go-go-go and sometimes we just need to stop to consider if our actions are lost or if they have customer centric motive.
As you already know, buyers today are well researched and picky about the companies they choose to work with or buy from. It’s no longer enough to just attract and convert, you’ve got to be there with them through the entire journey. The longer a customer stays with you, the more valuable they are to every part of your business or organization. Customer lifetime value has a way of being measured quantitatively instead of qualitatively. There is a balance and it comes down to your way of thinking.
“Rather than thinking about how you can acquire a lot of customers and how cheaply you can do so,” one marketing guide observes, “CLV helps you think about how to optimize your acquisition spending for maximum value rather than minimum cost.”
Like I said before, the goal isn’t to stack up on the quantity of customers but rather better the customers you already have so that they become better customers to you. They will spread value by feeling valued, understand?
Stealing from this insightful article by HBR, try answering this question: “Our customers become much more valuable when…”
Our first thoughts jump to obvious answers like when “they buy more stuff” or “they come back to us.”
The key is to dig deeper. Our customers become much more valuable when…
• they give us good ideas
• they evangelize for us on social media
• they reduce our costs
• they collaborate with us
• they try our new products
• they introduce us to their customers
• they share their data with us
This is where you can make changes for your organization. The details. Driving engagement to gain new customers is your starting point.
We’ve been working on bettering our offerings to clients based on our experiences. For example, we noticed that many clients don’t know what to do with their videos once we create them. This issue may cause a client to be unhappy because of their video’s ineffectiveness. We decided to expand to offer social media management. This is a learning curb for us as well because we have never offered this before. We’ve had to create SOPs to send out to clients regarding set up, convince of our marketing knowledge, fight through tech hurtles all with a customer focused mindset.
Next on the horizon we plan to reach out more often asking personal questions about how our relationship is going, if there is anything we can do to improve or any ways we can do better. All with a YOU focus. By YOU focus, I mean focus on the client. Their needs aka ‘Your needs’— focusing on understanding everything about the most important part of your organization.