Acquiring customers by incentivising response through customer-centric direct marketing
Prospects need a reason to respond WITHOUT the pressure to buy.
Hot prospects - ready to go - will of course make contact requesting information to meet their specific needs.However the bulk (warm and cold prospects) will do nothing.
Building long-term relationships requires a more customer-centric approach. That is, investing in your prospective customers life time value.
The key ingredient is to START relationships from your prospects point of view.
Offering free trials, 30 day cool-off periods etc can sound like a trap in sceptical savvy prospects mind, so offering something without a catch, related to the brand value proposition, but possibly more customer focused will often get the better response.
We call this ‘Not now, Maybe later™’ Direct Marketing techniques.
Of all the promotion channel options Direct Marketing can be used to build response very cost effectively. For example; Brands can choose to incentivise only certain segments i.e. prospects that match gold customers profile.
Alternatively create cost effective incentives for all.
Grow and Retain existing customers with ‘Not now, Maybe later™’ too.
Building loyalty between a brand and customer requires a commitment to provide consistent reinforcement to the customer that they have made the ‘right decision’ to ‘buy’ your product/service in the first place.
Most importantly the product itself needs to keep delivering its promise, however overtime customers can take this for granted.
It is at this moment that they are open to competitors offers.‘Not now, Maybe later™’ technique can be deployed in many instances. For low transaction high involvement relationships rewards can be provided in significantly more cost effective ways and with limited project management. Contact MindWorks for examples
Alternatively brands looking to GROW their revenue from existing customers, via cross-sell or up-sell opportunities, can use ‘Not now, Maybe later™’ techniques to help identify warm prospects and guide them to buy.
This Communication Strategy rewards the customer without building up an expectation that the customer has really done anything special to deserve the reward - other than being interested. Demonstrating true and deep relationship characteristics.
It is at this moment that they are open to competitors offers.‘Not now, Maybe later™’ technique can be deployed in many instances. For low transaction high involvement relationships rewards can be provided in significantly more cost effective ways and with limited project management. Contact MindWorks for examples
Alternatively brands looking to GROW their revenue from existing customers, via cross-sell or up-sell opportunities, can use ‘Not now, Maybe later™’ techniques to help identify warm prospects and guide them to buy.
This Communication Strategy rewards the customer without building up an expectation that the customer has really done anything special to deserve the reward - other than being interested. Demonstrating true and deep relationship characteristics.
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