Newsletter
7 Reasons to Update your Database
- Stop wasting money on mailing, printing costs and stationery mailing to an out of date list
- Your organisation appears unprofessional mailing to people who no longer exist
- Maximise the $’s you spend on marketing by ensuring that your database is targeted to the people who want your product or service
- Telemarketing campaigns will have greatly improved success with an up to date database
- A database will lose accuracy by a minimum of 15% each year. (so if it’s 3 years since your database has been checked it’s likely to be only 50% accurate)
- Phone to check accuracy of details and at the same time ask a few simple questions to ensure they still fit your target market. At the same time you could advise them of any new products or services you now offer, ask for referrals etc.
- While calling ask for an email address – it’s a far more cost effective form of communication. Ask how they would prefer to receive your information. Either by Fax, Email or Post.
CUSTOMER FEEDBACK SURVEYS
DO YOU KNOW WHAT YOUR CUSTOMERS THINK OF YOUR BUSINESS AND YOUR SERVICE?
Most businesses think they do but when they take the time to ask they nearly always find out they were wrong.
A CUSTOMER FEEDBACK SURVEY WILL :
• GIVE YOU THE OPPORTUNITY TO LET CUSTOMERS KNOW THAT YOU CARE ABOUT THEM – IT'S GREAT PR. (in fact 68% of lost business is due to perceived indifference)
• UNCOVER STRENGTHS AND WEAKNESSES - allows you to capitalise on the strengths and fix the weaknesses
• ALLOW YOU TO CROSS SELL AND UP-SELL – how many products or services do you offer that your customers may not be aware of?
• ALLOW YOU TO ASK FOR REFERRALS (offering an incentive for giving referrals, perhaps a discount voucher on their next purchase, will create loyalty, increase sales and lower your marketing costs)
• UPDATE YOUR DATABASE – has the major decision maker moved on? You could be marketing to the wrong person. Make all your marketing count.
AND WHAT ABOUT THE CUSTOMERS THAT YOU HAVEN'T HEARD FROM FOR SOME TIME?
Have they defected to the competition? Did something go wrong? How would you know? Ask them! Just imagine if you won back even just 10%.
Newsletter Archive
THE HIGH COST OF LOSING CUSTOMERS
WHY DO CUSTOMERS QUIT ???
68% Due to perceived indifference
14% Due to dissatisfaction with product
9% Are attracted to the competition
5% Formed other interests
3% Moved away
1% Died
For every one customer complaint 25 are silent.
Of the 25, the majority will defect to the competition.
Unhappy customers tell 8 - 16 others
70% of customers will be back if a complaint is resolved and 95% will return if the resolution is immediate.
It costs seven times more to win a new client than to keep one you already have. 68% of lost business is due to perceived indifference so maintaining regular, meaningful contact with clients is not only good sense, it's the lifeblood of your business.
CUSTOMER SERVICE
Establishments that dedicate themselves to working hard to give their customers superior service produce better financial results. These establishments grow their businesses rapidly (even though they often charge more for their products and services) and are more profitable than those who appear to work as hard as possible to give their customers as little as possible.
In short, establishments that emphasise customer service make more money and keep customers longer than those that don't.
These establishments also have lower marketing costs, fewer upset and complaining customers and more repeat business. Good service also has internal rewards; employee turnover and absenteeism are lower and morale and job satisfaction higher.
Good service means creating a memorable experience for every customer. It means meeting and exceeding expectations and satisfying needs. A customer who experiences all that - will be your customer again and again.
Researchers consistently confirm that it costs seven times more to attract a new customer than it does to keep one. However, at any given time as many as one customer in four is dissatisfied enough to take their business elsewhere - and most won't tell you why. It is rare to deal with customers who are able to tell you what they want - most expect you to know and are disappointed when you don't.
Customer expectations of services establishments are clear: look good, be responsive, be reassuring through courtesy and competence, be empathetic and most of all be reliable.
CASE STUDY - FINANCIAL SERVICES
Recently Marketing Skill conducted a survey on behalf of one of our clients.
We contacted 1050 companies by telephone with a brief but topical survey and completed 630 surveys.
Statistics and feedback were complied into a report and all 1050 companies, whether they had responded or not, were then contacted to organise an appointment for a consultant to bring the report and explain the results. (The consultant also had that companies response with them to help them understand each individuals needs and expectations).
This gave our client 352 appointments. 352 opportunities to be face to face with qualified prospects. They were qualified because we had established from their survey responses that they fitted our clients target market. Of course it was a very soft approach, but still a foot in the door. A further 249 companies were open to receiving a telephone call from the company. Once again this is an opportunity to either begin a relationship or enhance an existing one.
CASE STUDY - BUTCHERS SHOP
A butcher estimated out that a good regular client spent approx $5,000 per year.
He decided to do some marketing.
He called 100 residents within a certain radius of his shop and conducted a survey to determine their needs, buying habits etc.
At the end of the survey, those who qualified as potential clients (those who ate meat!!) were offered a $60 meat tray as a reward for completing the survey.
He had 60 qualified responses and 30 came into to pick up their meat tray. He made the meat tray look very attractive with, of course, quality meat and naturally invited the recipients to return regularly.
All 30 did - he's looked after them and he now has 30 new clients that he didn't have before, spending on average $5,000 per year. That's $150,000 worth of new business at a cost of lets say $25 for the meat trays = $750.00 plus the telemarketing costs (approx $900 - $1,000). A very inexpensive yet effective way of gaining new and loyal clients.
