Congratulations! At this stage you have successfully acquired and converted a brand-new customer. In an ideal world they are blissfully enjoying your product and singing your high praises to friends on social media and beyond. What next, you ask? It’s time to begin up-selling and cross-selling.
The natural transition for any brand following a customer purchase is to analyze what additional products the customer could benefit from. The advantage of doing so is two-fold. By introducing additional products, you increase the chances of your new customer becoming a repeat customer and spending more money with your company – WIN! But additionally, cross-selling also strengthens your customer relationship and improves the overall experience.
When done right, cross-selling utilizes customer data to promote new products and services based on your customer’s previous buying habits, goals and interaction with your brand. Like the convert stage of the customer journey, the key to successful cross-selling and up-selling is to understand your customer’s needs. While they may already be a customer of your brand, it is now the goal to win them over to a multitude of additional products – a task which can require extensive customer knowledge.
OSG Campaign Composer allows you to send targeted, one-to-one marketing messages aimed at cross-selling and up-selling. Using customer specific data, you are able to segment your audience and direct product-oriented messages to each sector. By aligning the campaign across channels and interactions, you consistently engage your customer and promote new products from your brand.
An important note for this stage: maintain an ongoing record of the products your customer already uses. One sure fire way to diminish your chances of cross-selling – and potentially lose a customer – is to try to sell your customer something they already use. Not only will this not result in a sale, but from the customer perspective it appears that you do not care enough to get to know them on a personal level – ruining what was most likely a positive experience up until that point.
No matter the industry, cross-selling and up-selling present a unique opportunity to elevate the customer relationship and grow the value of new and existing customers.
From the Welcome Message to the WinBack Program, lifecycle marketing is a way of communicating with customers that adapts to their changing needs. Why is it so effective?
- Because lifecycle marketing acknowledges that customers aren’t static – they evolve.
You could say acquiring a new customer is step one of 100 steps, but it would be more accurate to say that it’s step one of an unknown number of steps. Customers’ needs change; what worked for them in January might be wearing thin by September. Keep in touch. Communication that’s tailored, creative and proactive–whether it’s done through surveys, milestone programs or referral solutions programs–has a positive influence on retention rate.
- Because it’s much easier to convert a lost customer than to win a new one.
It may seem counterintuitive that a “lost” customer would be more likely to return to the fold than a new customer would be to sign up, but the numbers don’t lie. Marketing Metrics show that probability of selling to a new prospect is 5-20 percent while the probability of selling to an existing customer is 60-70 percent. And consider it from customer’s perspective. Say the cost to renew a subscription to your favorite magazine increases. Even if you love the content, there’s a good chance you’ll pass. It’s not a rejection of the product; it’s a hold out on the price.
Imagine how much more cost-effective it would be for the magazine to send you a discount offer to renew rather than devise a completely new strategy to get the attention of a prospective customer.
- Because it’s more than just an invoice.
Would you want to hear from someone only when they’re asking for money?
OSG offers an array of lifecycle marketing solutions. Get in on them.
By Guest Author, Ashley Sherrow, OSG Manager of Production Graphics
Did you know that a dynamic message on an invoice or statement is a designated area that allows you connect directly with your audience? It’s your monthly opportunity to relay a specific message to your customer. And since research tells us that invoices are opened 97 percent of the time, you are virtually guaranteed of having your message read.
Using a little bit of creativity you can create a message that is eye-catching, colorful and informative. The OSG data-driven application, Campaign Composer, gives you full transpromotional marketing capabilities that compliment your statement or invoice package.
So what do you need to do?
First you’ll want to compose your message.
- You can do this using design programs such as InDesign or Illustrator. Designing your message in one of these programs makes the design process easy. Also, since these are the same programs we use in the OSG Creative Studio, should you need help, we can guide you through either of these programs to help you get the message you need created.
- Tip: If you are designing multiple messages within an area, it is a good idea to separate the messages with a thin line between each message, or a border around each message.
- This space provides a great opportunity to cross-sell and up-sell your services or even your customer’s services. Not sure what to feature? Think about deals, sales, promotions or even important messages you want to share with your customers.
Next, as long as you’re designing a bill or invoice, why not create a whole invoice package? You can coordinate by utilizing other OSG communications tools such as Envelope Messaging, Additional Message Page and OSG Inserts.
You’ll want to be sure you’re designing your message to its full potential. To ensure this, here are some things to pay attention to:
- Is the message sized correctly so that it will fit into the message space on the bill?
- How will your message look on the invoice/statement? Make sure your messages blend in with the colors and style of your invoice/statement.
- Have you used imagery and colors to your advantage?
- Choose bright colored images and text that will stand out and grab your audience’s attention.
- Remember, less is more – you don’t need to plaster the message area with tons information. Short and sweet. Then direct the customer to a website for them to gather more information.
National Sleep Awareness Week is March 2-9 2017
Today is the start of National Sleep Awareness Week. Believe it or not a public awareness campaign needed to be created to educate people about the importance of sleep because too many of us don’t get enough sleep. Yes, we all “know” we should be getting a good night’s sleep but how many of us actually do? For some of us the reason we don’t is because we drank too much coffee during the day, for others it’s because we lay in bed worrying about things, for others it’s because a child was sick and needed taking care of and for others it’s because they were binge-watching our favorite shows.
But, the amount of sleep we get a night really does have an effect on how we’ll behave the following day. As adults, the average number of hours we should be sleeping on a daily basis is 7-9 hours, according to the National Sleep Foundation.
So what happens if you don’t get as much sleep as you should? According to WebMD, not getting enough sleep on a regular basis can reduce your attention and concentration, affect your decision-making abilities and your reaction times, potentially causing you to be in an accident. Further, not getting enough sleep can cause you to be at risk for serious medical conditions. And, not getting enough sleep can affect your memory. Obviously none of these are going to make you very productive at work and in the end, you could even be hurting yourself and your team.
This year National Sleep Awareness Week is March 2-9. And in two weekends we’re resetting our clocks. The National Sleep Foundation says that it’s also a great time to reset our sleep habits as well. Their website provides some good tips to follow to maintain a good sleep regimen, including:
- Go to sleep and wake up at the same time every day, including weekends.
- Only use your bedroom for sleep. This will help you strengthen the association between your bed and sleep.
- Select a relaxing bedtime ritual, like a warm bath or listening to calming music.
- Create a sleep environment that is quiet, dark and cool with a comfortable mattress and comfortable pillows.
- Exercise regularly but avoid vigorous workouts close to bedtime.
- If you can’t sleep, go into another room and do something relaxing until you feel tired.
By getting enough sleep we can each become more valuable, dependable and well-rested team members.
Do you have a referral program in place for your current customers to refer friends and colleagues to your business? Studies have shown that referrals are extremely important to the success of a business. Take a look at these statistics and then see if maybe you want to set aside some time to create one or revitalize the one you have in place.
- According to The New York Times, 65% of new business comes from referrals.
- Nielsen reports that people are four times more likely to buy when referred by a friend and that 92 percent of people trust a referral from a friend.
- A customer who is referred by another customer has a 16% higher lifetime value, according to a study by the University of Pennsylvania’s Wharton School of Business.
If you think about it, it makes perfect sense. Satisfied customers make the best advocates for your company. And since they know both your company and their friends/colleagues, they can actually target the right people for the right product/service. So not only can they act as your brand ambassadors, they can do the initial audience segmenting for you too. They’ve had a good experience with your company and products. Now encourage them to tell their friends, family and colleagues about your company and the great service you provide. Not only will they bring in new customers, increasing your revenue stream, you will also make your current customers happy when you reward them for their efforts. That’s important too. They’re helping you out so you should do something for them. It doesn’t have to be cash back but consider a discount or credit to an invoice or statement.
Think you’re too small a company to be able to implement such a plan? The OSG Creative Studio is available to help you every step of the way. Contact them directly or talk to your Account Manager.
Think about implementing a Referral Program. You and your customers will be glad you did.
Do you have a company newsletter? It’s a great way to stay in touch with your customers and build brand loyalty.
Think in this day of Tweets and Posts that newsletters are no longer relevant? In a recent report issued by Quartz Insights, 60 percent of over 1,300 global executives, indicated that they read an email newsletter as one of their daily news sources. They also indicated that they get their news twice as often from email than from video.
The study went on to report that if they read work-related content that they felt was valuable, 88 percent said they would share it via email.
So, what are you waiting for? Not only is a company newsletter a great way to stay in touch with your customers on a regular basis, research shows that the content will be read and, if deemed valuable, shared.
What should the goals of your newsletter be?
- Educate Your Target Audience. As a valuable source of information for your customers, your company newsletter can update them on the latest happenings within your company, answer frequently asked questions, include store hours and contact information or further explain a service plan.
- Establish Recognition. Establishing your brand is powerful. The regular delivery of your newsletter will help your customers develop a strong sense of your brand. Your newsletter is a simple and effective marketing tool that is perfect for spreading information directly to your audience. Use it to announce a new product, promotional discounts or just send season’s greetings.
- Increase Web Traffic. Your newsletter is the perfect vehicle to drive traffic to your website. With the proper use of content and links within your newsletter, customers can quickly and easily access your website which helps further establish your brand. A company newsletter is also a subtle reminder to those customers who may have lost touch with your business.
- Communicate More Effectively. Developing reliable and timely communication with your customers is important for your business to thrive. Although you have plenty of marketing tools at your disposal, only a newsletter gives you the adequate space you need to speak directly to all of your customers. This compelling form of communication will become something your customers will look forward to receiving.
Does your company produce a newsletter? Is it print, electronic or both?
It’s Super Bowl Week and the big game is just a few days away. Regardless of whether your team is playing in Houston or not this weekend, we can all learn some important business lessons from how the teams prepare for the big day.
First of all, it’s all about preparation. The players won’t walk on to the field without extensive and thorough planning and preparation. Learn from them. If you’ve got a big presentation coming up, you too need to plan and prepare. Know what you’re going to say and do but also be prepared for the unexpected.
Which brings us to lesson number two. Always have a contingency plan in place. The Falcons don’t know what tricks the Patriots may have up their sleeves, but you’d better believe they’ve run through scenario after scenario and have prepared different game plans depending on what comes at them. So too, you should not just have your prepared answers in place. From your slide presentation not being loaded onto the laptop to the exhibit not making it to the tradeshow hall, have a backup plan in place.
Finally, to quote Ron Jaworski, NFL analyst and former American football quarterback, “Positive thinking is the key to success in business, education, pro football, anything that you can mention. I go out there thinking that I’m going to complete every pass.” Believe in yourself, your teammates and your abilities and you’ll succeed.