We Have to Market to Existing Customers?!?!?! The Role of Retention Marketing
The fact that this blog title includes both question marks and explanation points is no mistake. I have heard this very statement asked as a question and I’m rather sure my response justified an exclamation point or three. Anyone who knows me knows that I am fiercely passionate about the importance of retention marketing as a KEY focus area for marketing heads. Follow my logic if you will.
Do you know who your best and brightest marketing team member is? I’ll give you a hint. They don’t physically sit with your team. It’s your CUSTOMER. Your current customer base knows more about your products and services than, I would venture to guess, most of your marketing team. They know your strengths and weaknesses. They know the accuracy of your message and whether the value prop you promised is truly delivered. They know how the product runs and how well your professional services team implemented. Whether you like it or not, they will share all of this information with prospective customers. This feedback may be in the form of a review on a website, an official reference call, or a casual conversation at an association meeting. It happens all the time and the only way you can ensure this critical team member is supporting the cause is to….. NOT forget them.
There are many opportunities to market to your existing customer base. Here are just a few:
Awareness: If you’re like most companies, you are frequently expanding through new offerings. Most likely, your current customers are heads down on your existing product. You need to keep them in the loop so they know you have not gone stale. Whether this is through a Customer Advisory Board, online videos, a webinar or a road tour, get in front of them and tell them what’s coming. And if you can, do a real beta program. Ask a few key customers with varying use cases to try the product for FREE. They get a sneak peek at the features everyone craves while you fine tune the product and your message on their actual use cases. And in the end, when they expand their contract to include those added features, everyone wins.
Unique Campaigns – Many marketers take a one-size-fits-all approach to campaigns with communication designed only for leads in the funnel. You know who else could benefit from new content such as white papers, use cases and thought leadership pieces? Those people who are already paying you for things. We call these people customers. Strike up some campaign language designed for them and they’ll respond. With the evolution of customer relationship management (CRM) systems, a number of vendors offer varying functionality at different price points. Nearly all of them enable you to create campaigns targeted at a key group of people. As you are marketing to current customers, make sure the campaign is worded as such. Tell them about new products and features with a tone that shows your awareness to their level of understanding. Share upcoming events in their area, exciting new use cases and big company news. Include them in your success. They are a part of your journey.
Check Ins – At the end of the day, every relationship needs open communication. The relationship between you and your customer is no different. Perhaps the most important way to ensure your customer is happy and marketing you is to check in and LISTEN to them. What are they experiencing? Are they finding value from your goods or services? What more could you be doing for them? Do they think you are innovative? When you can, do this in person. And if you notice, these questions are extremely similar to what a prospect would ask of them in a reference call. You should hear it too.
Make no mistake about it. Your competitors are marketing to your customers ALL the time. If you’re not paying attention to them, someone else is. Then, at the end of their contract, surprise, they’re gone. But you can help prevent this by remembering to tune in to your most valuable teammate. The best time to really plan this is now as you work on next year’s budget. Ensure you have the resources and energy to do this well. For other suggestions for next year’s planning, see our recent blog on budgeting tips for next year: www.honeybeemarketingsolutions.com/#!Smart-Tips-for-Building-a-Better-Marketing-Budget/cr91/2
(In an upcoming blog I’ll discuss the follow on to this which is how to celebrate your customer. It costs money and takes time, but when it works, it works big time.)
