The 5 Marketing Campaigns Every Business Owner MUST Have To Max Their Profits in 2017
When I look at most businesses I see tons of untapped potential. It’s a shame because that potential can easily be unleashed and provide cash flow for even more growth, to pay down debts or taken as extra profit.
There are 5 core campaigns every business should execute on a regular basis to make sure they are getting every dollar due them. I’ve created and run these 5 campaigns over the years for businesses of all types and sizes and every single one of them has benefitted immensely from them.
I often suggest business owners get these in and functioning before thinking about new advertising campaigns. The reason is simple, the data and insights that each of these yields helps further refine the target customer, helps everyone understand them better and provides CASH for use in new acquisition campaigns. Additionally, it makes each new client that much more profitable! (It increases Total Customer Value).
Here the campaigns:
1. Reconnecting With Those Most Likely To Give You Money
Many companies take a lackluster shot at a Reactivation Campaign with a “We want you back!” type campaign that includes a coupon or other special deal. That is better than nothing but leaves a LOT of money on the table! This type of campaign needs to get at the ROOT CAUSE of the defections and build a campaign around those showing the defectors how it’s been handled and giving them a solid reason for coming back. You can read more in-depth about how to properly execute a Reactivation Campaign here.
2. Being of Greater Service While Recapturing Lost Opportunities
This is the “cross-selling campaign” and most businesspeople think of cross-sells only at the point of sale. If you do that then GREAT, you’re ahead of the game! You certainly should cross-sell whatever makes sense. But, this is a specific campaign that offers opportunities to previous customers based on what they’ve purchased in the past. You may have offered it at point-of-sale (in-store, or online during checkout or via salesperson) but they denied it for whatever reason. Doesn’t mean they won’t see they need NOW, especially if you’ve built good will be doing a great job for them.
If you’re a service/consulting company you should do informal surveys with clients and find out what else they need. In my business, I have a very comprehensive list of all the types of marketing services nearly every business needs and we regularly reach out to past clients and ask how they’re doing in that area. It provides us with new opportunities regularly. Even if we don’t get that particular task we build a lot of goodwill by helping the business owner think through that area. This often leads to future business and referrals.
3. Referral Campaigns
This is another area many businesses make an attempt but often fall short. Their main tactic is BRIBERY, haa, and it doesn’t work well… at least not long term. It is unlikely you are going to get someone truly excited about telling others about your business. They have plenty of other things to do and many other worries. You CAN, however, get tons of referrals and get them on a regular basis when you know how.
A few keys:
- Get them to tell you WHAT they’d say if they were recommending you to a friend or colleague. This actually primes their mind and is more likely to come out at the next opportunity. (It also gives you new ideas, angles and wording you might never have considered!)
- Make it as easy as forwarding an email.
- If you have the data, show them a snapshot of your relationship… (“You first became an amazing customer of ours in 2006. Over the years, you’ve ordered 19 products from us and spent $2316.89. We’d like to THANK you for that!”) – an email a few days later requesting they forward an offer will see a much higher participation rate.
4. Continuity (or Replenishment) Campaigns
Continuity programs are all the rage right now and for good reason. They help to lock-in sales in advance, even out cash flow and keep near constant contact with high-quality customers. You might THINK your company can’t put together a continuity program but nearly every company can to some degree. It can be as simple as a higher level of support for a monthly fee to a very complex information package sent monthly.
For those campaigns who sell something consumable, it can be as simple as figuring out WHEN a person should run out and offering a discount if they make it monthly (or offer a bonus upgrade of some kind). I’ve done this with everything from vitamins (easy) all the way to business cards and brochures (not as easy).
5. Staying Top of Mind With the Almost Customer
Have you ever visited a site ONCE and then started seeing ads for it everywhere? It was almost as if the ads were STALKING you?! Don’t fear… the ads aren’t stalking you specifically… it’s simply a Retargeting Ad. When you visit a website or certain pages on a website they can place a little code on the page that is hooked up to advertisement servers. Then, when you go to OTHER sites who use those ad servers and they see the code on your computer they can serve up those ads from the site you visited previously. They are VERY effective.
They are VERY effective.
I’ve known companies who didn’t run any front-end ads (meaning those for customer acquisition) but simply retargeted everyone who came to their site through searches or as a result of mailers who did very, very well.
My team and I create and run these types of campaigns on a regular basis. If you think you’d like one or more of them set up and run or have marketing strategy questions, in general, I do 20-minute strategy sessions for qualified prospects.
You can learn more about that here.
P.S. Imagine if you had ALL of these campaigns created and running in YOUR business all at the same time. The resulting revenue from these campaigns goes straight to the bottom line. It’s all FOUND money! But, if you had to start with just one, I’d start with Reactivation Campaigns. The information and results from that one provide a lot to the other efforts.