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WHERE
TO FOCUS YOUR MARKETING: NEW PROSPECTS OR EXISTING CLIENTS
by Charlie Cook
Imagine that you ran an ad, mailed a brochure, or sent an
email ad to a new list of people who fit your target market
profile and everyone who saw it responded right away and made
a purchase.
Has
this ever happened to you?
Of
course not. The first time people hear about your products
or services is the least likely time for them to buy.
When
you go out for a night on the town, do you go to a new restaurant
you've never heard of or do you typically go to one that you
know and like? Similarly, who is the most likely to buy your
products and services, someone who doesn't know you or someone
who has experienced the high quality and the results you provide?
Clients who have bought from you before, are the most likely
to buy from you. Think about it.
If
long-term prospects and clients are your best source of revenue,
where should you focus your marketing?
I
occasionally make a sale the first time someone visits my
web site, but more often it's the people who I have been in
contact with for months, that become my best customers and
clients. Why is this?
The
longer you've had a relationship with a prospect or client,
the more they know and trust you. Once they buy or use your
products, they've experienced the quality you provide and
are even more likely to buy again. They are also more likely
to recommend you to others.
Marketing
research has shown that people are more likely to buy after
six or seven contacts. Some web businesses use this as the
basis of their marketing and provide a tutorial series you
can sign up for with one sent out each week for six weeks.
While this is an improvement on the one time spot ad, it misses
the boat. The problem with this approach is that you don't
know when your prospects will want to make a purchase. What
happens if they need help on week eight but have lost your
contact information?
What
you want to do is build long-term relationships so that whenever
a new prospect or past client has a need, they think of you
as the expert to go to or to refer someone else to. The longer
you are in contact with prospects and clients the more opportunities
you have to demonstrate how helpful you or your products are
and to earn their trust.
Depending
on what you're marketing, you may need to establish a little
or a lot of trust. If you sell major label music CDs for $17,
it may not take much work to convince people you can ship
them what they want. If you provide financial services and
want prospects to trust you with their life's earnings, it
can take longer. It may be six to seven months before your
prospects will consider even having a conversation.
Use
the following three steps to build long-term profitable relationships:
1.
Focus on your prospects' needs and wants and offer something
for free to motivate people to contact you.
2.
Contact your prospects regularly and give them tips and ideas
they can use.
3.
Couch your offers in terms of what your prospects are looking
for.
Which
is more important, new prospects or existing clients?
The
answer of course is both. To grow your business you need to
constantly grow your network of contacts, of people who know
how you can help them. At the same time, focus your efforts
on building long-term relationships so that prospects become
clients and clients become repeat clients.
Do
this and you'll have more people interested in what you offer
and more people buying your products and services.
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