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How Do you Spend Your Three Peas In A Marketing Budget Pod?

So many people are focusing their marketing budget on getting new customers, but did you know it costs on average three times as much to get one new client as it does to nurture the same amount of work from an existing client?

Put it this way, if your annual marketing budget looked like three peas in a pod:

peas 1stOne pod would be spent on new customer acquisition

Two pods would be spent educating and nurturing existing clients by:

  1. Encouraging existing clients to come back more often
  2. Encouraging existing clients to spend more when they are with you and build long term relationships

But how do you do this?

Encouraging existing customers to come back more often:

It’s fundamentally about relationship building. Aim to work with your customers to visit you more frequently because they enjoy the experience, or they understand the full breadth of services you offer and buy more from you because that is what they need.

For example, the hairdresser who advises you to come back every 4 weeks instead of every 6; the accountant who encourages you to come back more than once a year for annual accounts by offering tax advice; the garden centre who add on a coffee shop so you visit more often for an enjoyable experience.

Look at how you can increase the frequency of customer visits through add on services, loyalty card schemes, etc. But more importantly how you can cross sell all of your services by understanding their requirements and advising them on the best solutions.

There will always be a selection of customers who do not realise the full range you offer. Use your newsletters, your team and your marketing tools to make sure they are aware of the full array of services you can offer them and grow to understand your customers and their requirements; then it should come naturally.

Encouraging existing customers to spend more when they are with you:

This is all about upselling by building long term, mutually beneficial relationships which demonstrate your understanding of your customers’ needs. How many times have you been in the queue at a shop and ended up purchasing that extra little something on display at the tills. Their objective is to increase the average customer spend whilst delighting you with their products.

We, at Intergage, do this in a truly customer friendly manner: We pride ourselves on taking our clients through The Marketing Journey. This means we can give them honest advice on which areas they need support in.

It helps us to build a long term working environment which is a win-win for both parties as the customer gets the full service and advice that they need, whilst we have a select group of happy, fulfilled clients who constantly recommend us.

Taking our clients through this journey allows us to respond to their changing needs. We also find that our best clients are those that we do more than one thing for: it allows us to get under the skin of their business and really make their marketing perform.

Start looking at the expert advice and customer journey you could offer to increase the average spend of your customers and also give them the best possible, all-round service. This could also come from offering added value services or a full beginning-to-end solution to their challenges; helping make their lives easier.

Targeting new customers

This is a whole blog subject in itself. But we usually split the new client targeting into two types of marketing:

  1. Brand awareness building through methods such as PR, social media, sponsorship etc
  2. Direct targeted marketing through methods such as direct mail, LinkedIn, events and exhibitions etc.

But that’s not it…

We also believe in referrals: Your existing clients can also be your biggest source of new clients through their referrals. There are 3 very simple ways to increase your referrals:

  1. Ask for them
  2. Make it easy for them to refer
  3. Say thank you

This is a whistle stop tour in planning your marketing budgets and campaigns, if you would like to know more: Come along to one of our training courses or speak to Emma James directly about our support services to take you through The Marketing Journey…

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