It happens. Marketing is the first thing to hit the back burner when things get busy. We fulfill marking obligations out of habit instead of intention and it all sort of gets mundane. All the while wondering, “Is the effort is even worth the results?”
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Here’s the thing. Your results won’t be that great if your marketing efforts aren’t.
So how do you reboot your strategy? Know your customer and make a plan that revolves around them. Simple right?
1. Determine the value of a lifetime customer.
This will be unique to you. Your customer value will naturally be higher if you’re selling memberships, plans, or have a re occurring service. But that doesn’t mean retail or high ticket items don’t have value over time.
Look at the history of your past customers or clients. How long do they stay with you on average? What is the average return rate? How many of your customers refer new customers on average?
This may take some work to figure out, but it’s so worth knowing when you start to dabble in paid advertising, the practice of spending money to make even more money.
For example, the lifetime value of your customer should be the most important variable when considering paid ads. It’s basically a barometer of how successful your ad is performing.
If your initial spend or “buy-in” is at minimum what one customer is worth, you are losing money on the front end. BUT if you get just one customer, you’re already ahead because they have their whole lifecycle ahead of them. Get two customers for the cost of one, and you my friend, have a good ad.
2. Build a plan around your audience.
If you can’t convert one person on your warm email list, that angle is not going to work with cold traffic ads. People vote with their wallets.
This is important to know because if you have an email list, you literally have the opportunity to try out your new ideas before you ever spend a penny on paid ads. If your list bites, chances are better that a cold audience will at least nibble.
But paid advertising is just one piece of the puzzle. It gets a lot of hype and we see alot of business owners obsess over the analytics.
The thing is, some people spend too much time trying to get new customers that the lifetime value of their current customers actually starts to drop.
If you’re going to obsess or hustle and over anything, make a customer service. Lifetime value goes up when customers are happy! Try to find ways to connect and go beyond the transactional relationship with your customers.
When your customers connect with you on a personal level, you become the differentiator. You become the reason people want to do business. Our stories and our vibe and our why are what makes our businesses different. If you can be authentic and real (not perfect), you can finally stand out in a way that draws the best kind of customers.
