Customer Retention
Lesson 50 from: Brand Marketing Bootcamp: Build An Actionable Marketing PlanScott Lancaster
Customer Retention
Lesson 50 from: Brand Marketing Bootcamp: Build An Actionable Marketing PlanScott Lancaster
Lesson Info
50. Customer Retention
Lessons
The definition of strategy
03:39 2The 4 stages of marketing
03:16 3The difference between strategy & tactics
03:46 4The 6 laws of marketing
09:56 5Understanding Creative & Distribution
02:16 6The 4 marketing P’s and how to use them
05:08 7SWOT Matrix and how to use it
02:28 8Porter's Five Forces
04:4360/40 Law of marketing
04:04 10The marketing funnel
06:27 11Analyzing your competitors
07:14 12Deciding your target audience
06:59 13Creating your marketing objectives
11:42 14Pricing your products perfectly
08:16 15Watch this before arranging your marketing strategy
02:21 16Awareness, finalizing your awareness tactics
03:52 17Partnerships and affiliates (free tactic)
09:40 18Blog writing & SEO
07:26 19Podcasting
07:10 20Public Relations
05:58 21Giveaways
07:18 22Word of mouth
06:21 23Valuable courses
08:09 24Social media overview
05:28 25YouTube
09:36 26TikTok
03:58 27Twitter / X
04:48 30How to create better content in half the time
07:54 33Why start-ups should never use paid advertising for awareness
06:21 34Education & Consideration
01:33 35Workshops & Webinars
08:39 36Social Proof
06:55 37Effective Email Marketing
05:34 38Utilizing FAQ Sections
05:31 39Portfolio & case studies
07:39 40Leveraging product comparisons
03:26 41Tips to increase desirability
07:22 42Harnessing the power of Google reviews
05:20 43Sales & Conversion
02:28 44Psychological tricks to convert customers to buying
08:25 45Building a list of customers ready to buy
08:46 46Irresistible Offer
08:31 47Persuasive Sales Page
07:35 48Promotions & Free shipping
04:24 49Improving conversion rate (PIPE FRAMEWORK)
06:39 50Customer Retention
03:43 51Expanding your product range
07:18 52Asking for feedback & refining your product
03:37 53Loyalty programs and the subscription model
06:43 54Gifts & Surprises
05:02 55Finalizing your marketing strategy
07:40Lesson Info
Customer Retention
Ok. So now you have your awareness consideration and sales activation tactics in place. So the last step of your marketing funnel is customer retention. So these are ultimately customers who have bought from you and now you are trying to promote brand loyalty. Now you've worked so hard over the entire process to win this customer to have them consider you as a potential option, then to eventually exchange their hard earned cash for something that you can offer them. A customer that has bought from you is worth a lot more than you can ever imagine. The reason being is that customer has trusted you, that customer actually has put their hand in their pocket and given you that cash, they see you as valuable. They see the thing that you can actually offer them as valuable. They think the thing that you can sell them can make their life better in any way, no matter what type of service or product you're trying to sell. And the best thing is if you can retain your customers, this is how your ...
brand starts to grow exponentially because let's put it really, really simply customers cost a lot to acquire, if you are constantly having to spend money to acquire customers, it's not going to be the most profitable approach. Let's pretend for a moment that we're a software company and we sell our software at $20 per month. Now, let's pretend that it costs us $10 to get a new customer in regards to advertising. Ok. So just to summarize, we pay $10 to advertising and we get one customer in return that pays us $20. That's basically double the money, right? Ok, great. In this situation, it's not too bad. We're getting double our money back in the first transaction. However, with a lot of businesses, this is never the case. Most businesses will actually make a loss on their first sale in order to get their first customer. For example, Paypal, who I'm sure you've heard of a finance company that offers payment systems and lots of other good stuff. Paypal were actually paying customers $10 just to sign up and then they were paying an extra $10 for each person that they referred. So Paypal was paying $10 per customer plus $10 for each customer that that person referred before. Anyone even used the platform. So you can imagine how much money Paypal had to pay out in order to get that much reach and to pay all of those people who were being referred to the platform. However, the secret was that paypal was just playing the long game and they knew that paying $10 to bring a new customer onto the platform was going to pay off over the long run. As long as they kept that customer loyal, for example, after just two transactions, they have pretty much made that $10 back. But what I'm trying to get across is initially, they didn't have that $10 come back to them. They had to pay that to get the customer on board and they kept that customer on board because they had a great product and a great solution to a challenging problem. Now, getting new customers isn't cheap. And that's why keeping your customer happy and keeping your customers loyal is going to be far more profitable than having to get new customers all the time. Now, within this section of the course, we're going to be going through, some tactics can help to keep your customers happy and keep your customer base loyal to you over the long term just like before. Make sure you fill in your customer retention slide in your brand guidelines. So that by the end of this course, you have a fully fleshed out marketing plan, you can be confident in. And once you have your customer retention tactics in place, you'll then be able to set your 12 month schedule for your marketing plan, which I'm super excited to do with you. And that will ultimately finalize your marketing strategy. So let's get through this section of the course and I will see you in the next lesson.
Class Materials
Bonus Materials