Everyone knows the saying, “It’s cheaper to keep a customer than it is to acquire a new one.” It’s a saying that you’ve probably heard over and over in business and for good reason – it’s true. Crazy true. Insanely true.
Are your customers in your marketing mix?
What you may not know is how critical customers are to your existing sales funnel. There’s a few reasons why customers are so important in your marketing mix:
- Cost to acquire. Whether your demand is generated through your website, trade shows, cold calls, or some other form of marketing, the cost to acquire a new customer is rarely cheap. It is much less expensive to sell to a customer you’ve already sold to once than to generate new interest from new prospects.
- Referral marketing. We’re talking about the world of Yelp, Twitter, Facebook, and Foursquare (is that still a thing?). The happier your customers are, the more they will tell their friends and colleagues about your business. Continuing to nurture your customers is critical to the referral process.
- Upselling opportunities. Your current customers should never be “sold and done.” Constantly look for opportunities to upsell and cross-sell your current customers. There may be additional products or upgrades to existing products that could add value for your clients. Use customer nurtures and newsletters to communicate these offers to them.
So, great – good information to know, right? But how do you put it into action?
First, make sure your CRM data is clean. It’s not enough for your sales team to enter the information for their prospects into the system during the sale. Your customer service team should own the data after the sale and continue to update contacts and their information during the customer lifecycle.
Second, utilize your marketing automation platform to continue to nurture and communicate with your customers post-sale. Outside of just blasting newsletters, you can create a customer-specific nurture and lead scoring profile to help you stay on top of the engagement your clients are having with your customers.
The takeaway? Customers are a critical piece of the sales funnel. Don’t ignore them.