Business Innovation & Growth Acceleration
Business Innovation & Growth Acceleration          

      What Does Your 2017 New Client Acquisition Strategy Look Like?

Survey by Bain & Company showed that 80% of customers who describe themselves as satisfied didn’t go back to do more business with the company that initially satisfied them.

 

How successful was 2016 for you?
 

Did your sales team deliver on their targets?
 

Did your organisation meet its objectives?
 

Are you striving for better growth in 2017?

 

With 2017 well under way, it’s time to communicate your organisation’s new objectives and sales targets, so where is your focus?

 

According to industry research 44% of companies are choosing to focus their sales efforts on new customer acquisition. But considering that it costs five times as much to attract a new customer than to keep an existing one, it’s surprising that just 18% of organisations are thinking about client retention.

 

If you want to ensure 2017 is your most successful year yet, you need a customer plan that takes both client acquisition and customer retention into account. 

 

Acquiring new customers in 2017 

 

You want new clients, but just because you order your sales team into the field doesn’t guarantee you success. A lot of companies invest in marketing tactics to support their sales efforts. According to industry research, the channels used most for customer acquisition are:

 

  • Website: 89%
     
  • Email: 81%
     
  • Social media: 72%

 

But again, does this guarantee success? Just because you have a pretty website, blast out lots of emails or issue daily Tweets about your company, doesn’t automatically mean you’ll win lots of new clients. New client acquisition is reliant on investing in a more thought-out strategy.

 

AIDA is a classic marketing model that identifies cognitive stages your customers go through during the buying process. It's a purchasing funnel that moves buyers onto each stage and supports them in making their final purchase. Guiding your prospect on their buying journey, the model creates:

  • Awareness: making your brand/product/service known and creating an affiliation with it.
     
  • Interest: encouraging the buyer to research further into the benefits of your product/service.
     
  • Desire: creating an emotional connection so the buyer wants it.
     
  • Action: making the buyer do something, e.g. downloading a brochure or making a call.

 

So what will you do to ensure your success and guarantee new customer acquisition?
 

 

Investing in training 

 

 

We offer a range of training courses in the areas of marketing, sales and business management, which help you to maximise your sales and marketing performance and plug any skills gaps to ensure your meet your overall business objectives.

 

Providing a 100% satisfaction guarantee, or a full refund, our training courses are highly affordable and designed to have an immediate and positive impact on your business performance.

 

 

 

 

How to retain your existing customers

 

As we said previously, new customer acquisition is just one part of the story; you also need to think about your customer retention.

 

Despite research showing that existing customers are 50% more likely to try new products and spend 31% more when compared to new customers, it doesn’t mean you can count on their loyalty. Just because you won a customer once doesn’t make them your customer for life, it doesn’t even mean they’ll purchase from you, or engage your services the next time they need help.

 

Alarmingly, a survey by Bain & Company discovered that 80% of customers who describe themselves as satisfied didn’t go back to do more business with the company that initially satisfied them.

 

Your competitors know this, and are actively pursuing them. So what are you doing to retain their custom and encourage their long-term loyalty?

 

When creating and implementing a client retention programme, you should consider the following:

 

Do you actually know your target audience, or are you throwing out blanket statements hoping that something will resonate? In marketing, it’s referred to as ‘chucking spaghetti at the wall to see what sticks’; needless to say, it’s not an effective marketing strategy, and doesn’t deliver a great return.

 

Do you understand where you sit in the competitive landscape? If you know how you’re positioned in the market, you will have clear differentiators and a compelling competitive advantage , which helps you to stand out and retain your customers.

 

Is your product/service portfolio aligned to the market in which you operate? Do you have your own product, or are you reliant on third-parties? And have you confined yourself to just offering a product, and therefore selling on price, or can you add value in some way?

 

Finally, do you actually possess the ability and have the resource to realise your ambition and scale your business? This can be particularly tough for SMEs, but there are options available to support your strategy, such as Outsourcing.

 

 

 

Get your FREE 2017 Business & Growth Strategy self-assessment

 

For a limited period only we are offering CEO's the opportunity of a free business strategy deep dive and self-assessment. Designed by our consultants, who are fully qualified members of The Chartered Institute of Marketing (CIM), it will help you determine if your business is correctly structured and positioned to achieve sustained business growth through new customer acquisition and client retention programmes.

How We Can Help You

Comprehensive Step by Step Guidance and Support delivered by our Business Experts & Chartered Marketers

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Biz Strategy 365 Ltd marketing services are provided by highly experienced business leaders, who are also fully qualified members of The Chartered Institute of Marketing (CIM) and are therefore able to deliver top results with high professional standards.

 

 

 

Contact us now to discuss your specific requirements and a tailored quote

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