Posts Tagged ‘Customer share’

Email Newsletter FAQ’s Answered

Thursday, July 2nd, 2009

An email newsletter is a great tool to add to your marketing arsenal. If you’re new to this, here are some answers to the most common questions about getting started.

Why send an email newsletter?

Easy answer here:  email is the most cost-effective marketing medium with the highest Return On Investment .  And if you’re trying to grow your customer share — and you should be — it’s a great way to market to your existing clientele.

What should I put in an email newsletter?

Think about what you would want to read in a trade magazine about your business. Is it article after article that tries to sell you something?  Probably not. Instead, give your readers how-to information, tips, advice and success stories without the sales pitch. Build a relationship as a helpful expert and they’ll become interested in doing more business with you.

How often should I send an email newsletter?

Strike the right balance and deliver your newsletter often enough so you’re not forgotten by your subscribers, but not so often that you wear out your welcome in their in-box.  A monthly newsletter is typical, but every other month — or every other week — is also fine. Whatever you choose, be consistent in your delivery.

When should I send an email  newsletter?

Consider how most of us handle our email. Monday brings a flood of waiting messages. Friday is a getaway day for many people — the day we like to get away from email that can sit unread until Monday. That leaves Tuesday through Thursday, and late morning on any of these days is the best time to avoid the email rush hours.

Where do I get email addresses from?

It’s NOT a good idea to buy a list, for two reasons: first, it’s expensive, and second, you can run afoul of laws that require you to have a business relationship with recipients or get their prior permission to send emails. Better to build your list from existing clients and anyone who you contact. Create a sign-up page on your web site (here’s where you can find the code you need to create a web sign-up form) and link to it from every other page. You can also add a link to this page in your email signature, so every email you send includes a sign-up offer.  Be proactive and make calls to your clients or customers and ask permission to sign them up.

If you have more questions or want some expert assistance, there are plenty of companies that offer email newsletter design, content creation and delivery services. Whether you do it yourself  or get some help, consider using an email newsletter to market your expertise and grow your business.

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Focus On Increasing “Wallet Share”

Tuesday, March 31st, 2009

At BusinessVoice, we preach about the importance of building customer share: increasing revenue by strengthening your relationships with existing customers, and making them fully aware of all the ways you can serve them. New customers are great, but they’re hard to find, and they don’t come cheap.

Just as more people are taking better care of their cars to get more miles out of them, you can “get more” out of your customers by caring for them; by providing for their needs; by marketing more to them. And that’s not  just a “tough times” philosophy. It’s the key to long-lasting, win/win business relationships in any economy.

Here are a few thoughts from Seth Godin on customer share or, as he calls it, wallet share:

The first mistake marketers make is that they want more. More customers, more noise, more ads, more shelf space, more customers, more customers, more customers…

Almost all of their actions are driven by the search for more customers.

The reason this is a mistake is simple: it’s expensive. Attracting a new customer costs far more than keeping an old one happy. Not only that, but an old customer is far more likely to bring you new people via word of mouth than someone who isn’t even a customer yet.

Which is why share of wallet makes so much more sense than share of market. How much does each of your existing customers buy from you? Do they count on you for all the things they buy in this market, or just some? Does Toyota sell me every car my family drives? Does Chubb get to insure every single thing I own? Usually not. Because marketers are so focused on “more”  they forget to take great care of what they’ve got.

Hugh Macleod, gifted cartoonist and profane marketing blogger, is now making his living selling limited edition art work based on his cartoons. He’s a brilliant marketer, of course, so he’s not focused on more. He’s focused on share of wallet; on selling his dedicated fans a remarkable souvenir that they can keep and display.

So, what’s the problem? Share of wall. Unlike records or shoes, it’s hard to buy a lot of art. Pretty soon, you’ve got no place left to put it, do you? Share of wallet turns into share of wall and you can’t grow any more.

That’s why you need to be realistic about how much share of wallet you can honestly expect, and why Job One is delighting existing customers so much that they can’t help but tell their friends. Preferably friends with very big houses.

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