Your customers are more valuable than you think.
If you’re like many organizations, you probably focus a lot more on winning new business than on retaining the business you already have.
If so, these statistics on customer retention are sure to be an eye-opener:
- A 5% increase in customer retention can increase a company’s profitability by 75%.
Bain & Company
- 80% of your company’s future revenue will come from just 20% of your existing customers.
- Attracting new customers will cost your company 5 times more than keeping an existing customer.
Lee Resource, Inc.
Aligning with the customer decision journey.
For decades, the customer decision journey was viewed as a “sales funnel” — where customers quickly narrow down the brands they’re considering until the all-important point of sale.
Today, with the explosion of product choices, digital channels and available knowledge, the customer’s decision journey is much less straightforward. It is typically shaped over a period of time by a variety of messaging touchpoints — and doesn’t end at the point of sale.
At TribalVision, the foundation of our loyalty marketing efforts is our ability to map this complex decision journey — while helping you to fine-tune and maximize the various touchpoints that influence customer decisions and loyalty over time.
The goal is to create a wow experience at every turn in the customer relationship. TribalVision will help you to map out and strengthen every current touchpoint, and suggest new ones to add to the mix. Then we look to increase your wow factor across the board through powerful, loyalty-building “after the sale” experiences.
Various retention strategies we use.
At TribalVision, we’ve developed a number of strategic methods to help our clients generate more business from their existing customers. These methods, which go above and beyond those offered by other marketing firms, include:
Decision Journey Optimization
An analysis of the customer experience at every stage of the sales cycle including: initial exposure, initial research, decision making, and post-sale communication. This initiative includes detailed charting of the existing process, in addition to targeted, real-world recommendations to optimize the customer experience and create a truly different brand journey.
Customer Outreach Calendar Build-out
After mapping out and prioritizing your various customers and touch points, we create a systematic outreach calendar for you to follow. All in one place, you can see everything that is scheduled to take place across the multiple marketing channels and approaches in play. This enables you to be proactive instead of reactive with your customer engagement — by knowing which messages need to go to which audiences, how often and when.
When it comes to the potential for winning more business, all customers are not created equal. If you’re one of three main suppliers, chances are there’s more business to be had. If you’re already getting 90% of a customer’s business, there’s not much room for growth.
Through expert database segmentation, TribalVision first helps you to prioritize your customer growth opportunities. Then we devise specific outreach and messaging strategies to go after your A-List clients, B-List, C-List and so forth. This includes customized sales decks for each client, along with a detailed calendar to prioritize your contact effort.
Customer Advisory Boards
When you empower customers not only to provide feedback, but to actually have a voice in your company, it’s a powerful factor. A successful technique we’ve used for a number of clients is the development of a customer advisory board.
TribalVision assembles a board of 5 to 10 key clients to provide feedback on your overall service, to help refine existing offerings — and even to be involved in product development. This outside-the-box solution for loyalty marketing is another example of our “in the trenches” style of engagement — and goes way beyond the typical generic online customer survey.
Customer Summit Events
Another unique retention tactic we offer is the organization of a customer summit. In this scenario, we unite your top customers in an active and collaborative discussion. Summit activities can include thought leadership discussions, in-depth discussion of your company’s offerings, and general “customer bonding” in relaxed, social settings. Our responsibilities include: identification and ranking of key customers, personalized outreach, creation of the summit agenda/content, venue selection and setup, along with post-event thank yous and follow-up.
The creation of targeted promotions to take advantage of non-peak hours or seasonal downtimes is a proven way to increase sales — especially among your loyal brand advocates. Business-building ideas that TribalVision has implemented include customized referral programs, flash deals and red envelope surprises — all designed to encourage participation from existing customers. Our role often includes identification of the most promising sub-audiences to target, along with strategies to add value to the promotion/offer.