ACQ-RET STRATEG-BES

8/7/2019 ACQ-RET STRATEG-BES

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UNITUNIT--22CUSTOMER ACQUISITION ANDCUSTOMER ACQUISITION AND

RETENTION STRATEGIESRETENTION STRATEGIES


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FOCUS ONFOCUS ON

THETHE

CUSTOMERSCUSTOMERS


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GROWTH CUSTOMERGROWTH CUSTOMER

By definition, a growth customerBy definition, a growth customer

is one who contributes to theis one who contributes to theexpansion objectives of theexpansion objectives of the

company.company.


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WHO ARE GROWTHWHO ARE GROWTH

CUSTOMERS?CUSTOMERS? Base/existing customersBase/existing customers

New customersNew customers

Customers who, through their ownCustomers who, through their ownprogress have become larger customersprogress have become larger customers

of the companyof the company

Highly profitable customersHighly profitable customers Influential customers who will bring otherInfluential customers who will bring other

customers with them.customers with them.


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CUSTOMER RETENTION STRATEGIESCUSTOMER RETENTION STRATEGIES

Invest in the relationshipInvest in the relationship

Increase trustIncrease trust

Expand product lineExpand product line Cross sellingCross selling

Marketing partnershipsMarketing partnerships

Foster customer loyaltyFoster customer loyalty Improve communicationImprove communication


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RECAP RETENTION ACTIVITIESRECAP RETENTION ACTIVITIES

Understand important factors to keepUnderstand important factors to keep

customerscustomers

Develop good customer databaseDevelop good customer database Implement communication strategiesImplement communication strategies

specifically based on customer retentionspecifically based on customer retention

Develop a win/win mindset with customersDevelop a win/win mindset with customers

and deeply appreciate themand deeply appreciate them

Develop and implement a focused approachDevelop and implement a focused approach

to retain and grow current customersto retain and grow current customers


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REACTIVEATION STRATEGIESREACTIVEATION STRATEGIES

Have a great list of previous customersHave a great list of previous customers

Develop a communications strategy to reDevelop a communications strategy to re--

connect to themconnect to them Tell them you want them backTell them you want them back

Understand why they stopped buyingUnderstand why they stopped buying

Make it right if it was wrongMake it right if it was wrong

Remind them about your businessRemind them about your business


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NEW CUSTOMERNEW CUSTOMER

ACQUISITION STRATEGIESACQUISITION STRATEGIES

Study what was successful for you in the pastStudy what was successful for you in the past

Develop a detailed, ideal customer profileDevelop a detailed, ideal customer profile

Test new strategies as an experimentTest new strategies as an experiment

Develop a specific customer target listDevelop a specific customer target list

Look for best practices regarding newLook for best practices regarding newcustomer acquisitioncustomer acquisition


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Ways to Reduce CustomerFearsWays to Reduce CustomerFears

Money backMoney back

Favorable, convenient return policiesFavorable, convenient return policies

WarrantiesWarranties Quality statements/standardsQuality statements/standards

Sampling programs/free trialsSampling programs/free trials

Customer forumsCustomer forums

Make contact information very visibleMake contact information very visible


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HOW IS YOUR BUSINESS REALLY DOING?HOW IS YOUR BUSINESS REALLY DOING?

Sales per square footSales per square foot Total Net Sales / Sq ft of Selling Space = Sales per Sq Ft ofTotal Net Sales / Sq ft of Selling Space = Sales per Sq Ft of

Selling SpaceSelling Space

Sales per transactionSales per transaction Gross Sales / Number of Transactions = Sales per TransactionGross Sales / Number of Transactions = Sales per Transaction

Other MeasurementsOther Measurements Sales per LinearFoot of Shelf SpaceSales per LinearFoot of Shelf Space Sales by Department or Category CodeSales by Department or Category Code

Sales per EmployeeSales per Employee


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SIX WAYS TOSIX WAYS TO

INCREASEINCREASE

SALESSALES


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Six Ways to Increase SalesSix Ways to Increase Sales

1.1. Set up a sales incentive programSet up a sales incentive program

2.2. Encourage your sales staff to upEncourage your sales staff to up--sellsell

3.3. Give your customers the Inside ScoopGive your customers the Inside Scoop4.4. Tier your customersTier your customers

5.5. Set up a Customer Rewards ProgramSet up a Customer Rewards Program

6.6. Distribute free samples to customersDistribute free samples to customers


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MORE ways to increase salesMORE ways to increase sales

Use valueUse value--added strategiesadded strategies

Focus on backFocus on back--end salesend sales

Be proactive about referralsBe proactive about referrals

Know your competitionKnow your competition

Communication (AIDA method )Communication (AIDA method )Awareness/Interest/Desire/ActionAwareness/Interest/Desire/Action

PostPost--purchase followpurchase follow--upup


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Quick Tips / ChecklistQuick Tips / Checklist Identify exactly who you are going to sell toIdentify exactly who you are going to sell to

Find multiple ways to segment your customersFind multiple ways to segment your customers

into more specific groupsinto more specific groups

Segment your customer base into existing,Segment your customer base into existing,previous and newprevious and new

Get serious about customer retentionGet serious about customer retention

Develop a customer databaseDevelop a customer database keep it upkeep it up

Develop approaches to reduce customer fearsDevelop approaches to reduce customer fears

Make focus on growth an organizational priorityMake focus on growth an organizational priority

not just owner/managernot just owner/manager


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Your Business Revenue Growth GoalsYour Business Revenue Growth Goals

WorksheetWorksheet (available for download)(available for download)

List the 3 most important things you hope toList the 3 most important things you hope to

accomplish in each of the following time periodsaccomplish in each of the following time periods

regarding your revenuesregarding your revenues (90 days; this year; 3 years)(90 days; this year; 3 years)..

What are the 5 most significant revenueWhat are the 5 most significant revenueopportunities that face your company?opportunities that face your company?

What are the 5 most significant roadblocks toWhat are the 5 most significant roadblocks to

your sales success?your sales success?

List 5 key ways you and your team will have toList 5 key ways you and your team will have toevolve over the next year to position yourevolve over the next year to position your

business to grow with your customer base.business to grow with your customer base.

ACQ-RET STRATEG-BES

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