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Posts Tagged ‘ Customer Retention ’

Sex Doesn’t Sell

June 28, 2010 by Tony

Your advertising message needs to be in front of as many people as possible.  But reaching out to everyone is cost prohibitive.

The art of advertising effectively is to segment the population and find out what your ideal customer looks like so you can pay just to be in front of them.  If it cost a dollar to reach out to one person, it would cost $310,000,000 to reach everyone in the United States – once.

Whatever you sell, that probably isn’t going to be effective.  Coca-Cola doesn’t reach out to people once.  (They are one of few companies that reach out to everyone, though.  You can do that when you had revenue of $31 billion in 2009.)

Once you have segmented your market, you need to spread the word.  But you might be disappointed that one of the modern “laws” of marketing is wrong: Sex doesn’t sell.

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Love Your Customers

June 16, 2010 by Tony

If you had a football stadium full of every potential customer for your product or service, what would you tell them to make them love you?

How will you keep them from tuning out after 10 words?

Don’t frame yourself based on your competition.  Don’t talk about about the products and services you offer.

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Lifetime Customer Value

April 21, 2010 by Tony

How much do you spend to bring a customer in the door?

The ideal amount will be determined by the industry you are in.  If you sell athletic shoes or beverages of any kind, you have to compete with Nike or Coca-Cola to find retail shelf space.  If you are in the construction industry, you have estimating departments for hard bids and sales to handle design-build.

If you sell widgets to a larger manufacturer you might respond to a request for proposal or seek out new customers.  If you sell online you have to make it easy for customers to find you which means pay-per-click advertising, social networking, or search engine optimization.

Inherent in any example you can think of is that there are two main costs to consider.

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