#1 Great Brands dedicate a large majority of their ‘marketing dollars’ on increasing customer loyalty versus on acquiring (advertising/marketing) new customers.
Why is this? Well, we all know that it takes 5 to 7 times more time, money and effort to acquire a new client than it does to keep one. So in using this leading practice, your marketing dollars go farther to keep your current customers loyal, AND to provide more opportunities for your raving customers to refer others (free advertising!) What are your existing customer touchpoints and how can you enhance them to create a ‘wow’ brand experience? So the question becomes, “What is our Brand DNA?” When you define this with key players on your team, it can then come alive within your business through behaviors, systems, and your leadership.
BRAND ACTION CHALLENGE: Take a look at your yearly spending on marketing and advertising. Then inventory what you spend toward customer retention efforts. You may be surprised. Begin thinking about ways (we encourage you to involve your employees) you can create more customer ‘touch-points’ and/or ways to enhance how your current touch points are reflective of your unique Brand DNA. Incorporate one or two newly enhanced behaviors that positively affect your customers and are congruent with your brand.
Let us know what you decide to implement and what outcomes you experience. Remember to put some metrics in place and measure!
