Marketing after the sale?
Sep 7th, 2008 by markbullock
The cost of acquisition of a new client can be very high, both in $$ and your resources and yet the typical practice/firm puts out 80% of it’s marketing effort towards acquiring new clients and only 20% on existing clients. Marketers in the know – know you should reverse these percentages. The fact of the matter is you’ve already made the investment to reach your existing clients, develop a trusted relationship with them, and proven your value to them. – But – do they know how else and in what other ways you can serve them going forward?
It’s crystal clear in this market place the value of branding yourself as a specialist. But that doesn’t mean you can’t capitalize on more general or other specialist opportunities with existing clients as those opportunities arise. And frankly – why not create those opportunities in the first place?
Here’s a couple of quick samples:
1. Some folks are uncomfortable referring others, or you may be uncomfortable asking for them. So how can you always follow the marketing thumb rule of always ask for referrals? Here’s the secret – Don’t ask for a referral – ask for an “introduction”. After confirming your client is happy, simply ask if they know anyone they would be willing to introduce you to. Make sure you are willing to give away an initial meeting to advise or council. This is a much softer sell, and far less threatening request than asking for your customers to essentially “sell” you to their friends & associates.
2. Add every client to your ongoing follow-up system. IE. your email/snail mail newsletter, your seminar or event invitation schedule, your promotional invitation schedule, copies of any and all press you receive, etc., basically any and every chance to stay in touch. Also, don’t forget to invite them to any fund raiser / charity events you sponsor, golf outings, trade show’s they may enjoy, etc.
3. Lastly, consider developing a small & affordable, value driven, maintenance/update program. This could be a yearly Will review, or a bi-annual financial planning review, anything you can turn into a retainer and/or recurring revenue that keeps you top of mind and creates ongoing value for your existing client base.
The above are just a handful of ideas. Fact of the matter is, it’s no secret that expanding the lifetime value of an existing client, and farming regular high value referrals is not only a huge boon to your bottom line, but much more cost effective and productive that constantly chasing after new clients through traditional advertising means.
For another effective habit on getting referrals watch this video:
Referral Marketing - Planting Seeds
Mark Bullock Partner/PMA Practice Marketing Advisors www.mbullock.com
