This article is part of a 12-week course designed for entrepreneurs who are about to go through a product launch. The course goes through creating a content and social media strategy aimed at predicting and increasing product launch success. If you haven’t already, we recommend starting from the first week and advancing forwards.
We’ve done all of the busy work needed to create a successful launch. On top of that, we’ve been able to position ourselves as a business who knows what they’re talking about, due to the amount of valuable information we have on our site, guest posts, press releases, and social media.
But is this enough? While we will continue to get a steady stream of new customers, what will we do about our existing ones?
So many companies lose sight of existing customers because all they want to focus on is acquiring new ones. This could end up as a costly mistake.
Instead, we’ve already set up the blueprint for acquiring new customers through our content strategy and social media channels. Now it’s time to cater to existing customers who will support you for a lifetime.
Each business model will have a different way of catering to their customers. For example, if you had a client/service based business, you wouldn’t want to send them coupons… Especially if these clients pay you good money to provide them with a service. Instead, flying them out (if necessary), taking them to dinner, and perhaps talking about a service they need (after doing deep research) would be more effective, and less insulting than coupons.
But what if you sell small trinkets? Do you know the lifetime value cost of your customer? There’s a reason why a big company like Walmart can afford to spend more for customer acquisition and retention than a small mom-and-pop shop. They understand the concept of CLV (customer lifetime value).
If you have even a rough estimate of this metric, it’ll be much easier to give away products, coupons, or other services while staying profitable.
Every single business is different. It’s up to you to figure out how you want to continue to deliver value to the customer. Some companies may have amazing content that they can give away. Others will have coupons for their own products (usually disposable ones). And others may give away other products, or send samples.
A great example of a company giving away value to customers is Dr. Scholl’s. They’ve set up a booth that will map out your foot and tell you pressure points as well as your arch. Instead of giving away something of physical value, they gave away knowledge. I always wanted to know how high my arch was, and I was able to find out, for free. They have special gel inserts right at the booth, and after they map out your foot, they tell you which insert is best for you.
The point is, they provide you with information, then convert you into a customer, without you needing to move an inch. (Dr. Scholl’s Foot Mapping)
This is what you should do as well. Be creative, provide value to your customers, and keep converting.
A company after a product launch is a lot like a bottle of beer. At first, it has a lot of fizz, but let it stand for too long, and eventually it’ll turn flat. We don’t want to turn flat.
Here’s to your success,