by Donna J Davis | Apr 29, 2024 | Customer Service, Marketing
Two main activities help increase your revenue:
- Getting new customers and
- Keeping those customers happy so they stay with you and buy more.
Did you know that 44% of businesses aren’t calculating how many customers stay with them over a period of time (known as customer retention rates)? And Customer Gauge’s December 2023 article says those businesses are “missing a huge opportunity.”
Business owners, managers, or your accounting team study many numbers. Revenues, gross profit, the direct cost to get those sales, your overhead expenses, and your net profit are a few financial markers.
You probably understand the importance of your financial reports. But don’t be a part of those 44% of businesses that neglect to track customer retention percentages.
If you aren’t a numbers person, this may seem like A LOT of data. Aren’t your financials enough to give you a good representation of your business? Yes, and no.
Your financials tell you the results of your activities, but knowing stats about your customers’ loyalty gives you a deeper picture of what’s happening.
Consider these facts reported by HubSpot:
- Customer acquisition is expensive. It can cost up to five times more than keeping your existing customers happy.
- The chance of selling to a new customer is between 5% and 20%.
- That percentage jumps to 60-70% for existing customers.
- “Customer-centric companies are 60% more profitable than companies that aren’t.”
- When introducing a new product (or service), 50% of current customers are more likely to try it, and 31% are “more likely to spend more on their average order value.”
Businesses that focus solely on acquiring more and more customers often struggle.
A focused effort to keep current customers happy can result in more revenues and profits for your business.
If you don’t already know your customer loyalty numbers, you need three numbers.
- The number of your customers at the Start (S) of a given period. Let’s say you want to measure your customer retention for this (or last) year’s first quarter. Your starting point is January 1.
- The number of NEW (N) customers you added during this period.
- The number of customers at the End (E) of the given period. In this case, that’s the number of customers as of March 31st.
Here’s the formula with numbers as examples:
(E-N) divided by S times 100 = Your Customer Retention Rate Percentage
So if you started with 110 customers (S), added 15 new customers (N), and ended with 90 customers (E), your formula looks like this:
90 (E) -15 (N) = 75 divided by 110 (S) = .68 x 100 = 68%
You subtract your new customers because you want to know how many of your CURRENT customers stay with you. So, take your ending number, subtract your new customers, and divide that by your starting number.
Another example: (E-N)/S x 100 = Customer Retention Rate
You started with 190 (S) customers. You added 30 (N) new customers. You ended with 200 (E) customers.
200 (E) – 30 (N) = 170 divided by 190 (S) = .89 x 100 = 89%
If that made your eyes roll because you already have so many responsibilities to juggle, I can help. Book a Zoom call with me. I’ll share a spreadsheet with you so you can plug in your numbers. I’ll learn more about your business and customers, and you’ll leave knowing more information.
If nothing else, leave knowing this…
Your current customers can have a significant impact on your revenues and your bottom line. They can be a vital source of ongoing income. Tap into easier sales with simple strategies.
I’ll discuss what to do with this information in future posts.
by Donna J Davis | Dec 2, 2023 | Marketing
Knowing and addressing your customer’s intent is critical to successful marketing for your business. First, let’s clarify customer intent.
Whenever anyone goes to Google to search for a solution to a problem, they enter a phrase or question. That signals their intent. In marketing, intent is someone’s purpose when asking a search engine a question.
Keywords are the clue
That phrase or question will contain certain words (keywords) that Google analyzes, and within seconds, a list of “results” pops up to help answer that question. You want to be on that list!
Let’s say you own a pet supply or supplement business. You understand many factors that can affect and improve a dog’s health.
We also have Maggie, who is concerned about her two-year-old Cocker Spaniel.
When Maggie types into Google, “Why is my dog so lethargic?” you want your website to be one of the top options in Google’s search results. Maggie sees your company on Google and clicks to learn how you could solve her pet’s problem.
You must understand what your customers need at different stages in their buyer’s journey to do that.
What is the Buyer’s Journey?
Online searchers fall into one of four categories (or intents):
- Research. At this beginning stage, users want to find information about a problem, a product, or a service. In our example, Maggie was at the research stage. She didn’t know why her doggie had no energy.
- Compare. Once users understand possible solutions to their problems, they move into this stage to compare different brands or products. Maggie learned that something her dog ate (or has been eating for several weeks) may be a factor. She starts looking at different brands of healthier dog food.
- Buy. A user has decided to buy a particular product or service at this stage. They may need even more information to reassure them that you have the solution but they are ready to spend money.
- Succeed. After buying, the buyer wants to get the most value from their purchase. For Maggie, serving suggestions or other supplements are options you could offer to help her care for her fur baby.
This business should have an email series to help with the Succeed intent. Stay connected with your buyers by emailing them additional information, tips, or resources they can use.
A second email can include info on the company and its quality standards. Connect with new customers and make sure they know how to contact your company if they have any questions. Help your customers know you care and you’re there for them.
You want information on your website that addresses all four customer intent stages.
Where to address these intents…
What parts of your website address each intent? Watch for my next post. I’ll give you more information on what pages should address these buyer intents. In future posts, I’ll go into more detail on these specific buyer intents. Until then, please check out the post on keywords here.
by Donna J Davis | Nov 6, 2023 | Communication, Marketing
This week, on the singing competition show “The Voice,” coaches shared valuable advice with the contestants about the value of connecting with others and storytelling. And you can use these two specific pieces of advice in your business, too!
At this stage in The Voice competition, contestants are competing in the Battle Rounds. They are paired with one other contestant to showcase their talent. Coaches then had to make difficult decisions about who they felt deserved to continue in the competition.
Good but missing a key element
Contestant A was a young teenager with a lovely voice. Even though she performed very well, she sang with her eyes closed during most of the performance.
Contestant B was in another pairing. She had a velvety tone to her voice and technically sang perfectly. But the emotions of the lyrics were lacking in her performance.
What did the coaches say?
Singing with eyes closed during most of her performance blocked Contestant A’s ability to connect to the audience.
Many singers briefly close their eyes to deeply feel the music. However, in this case, not looking at the audience during her song broke the full impact of her performance. Her competitor won this round of the competition.
Contestant B heard recommendations to really feel the lyrics and express emotion throughout the song. Some of the best artists in the industry are great storytellers. Singing with emotion helps those listening feel every nuance of the lyrics.
A story’s pain, heartbreak, or joy is more deeply conveyed when you can hear and feel the emotion in the artist’s voice.
Contestant B’s competitor did a much better job of singing with emotion…and won that round.
How does this apply to your business?
So, how does this apply to your business?
I’m sure you don’t go through your day with your eyes closed.
And you don’t speak in monotone to your customers.
But you are competing with others in your field.
Did you know that Google gets 8.5 BILLION searches every day? So, how do you stand out and “win” more customers?
Like in the singing competition,connecting with others and storytelling are two essential skills. Be vulnerable. Share your reason for doing what you do.
When writing blogs, emails, or video scripts, you want the customer or potential customer to resonate with you. You want them to feel “They get me!”
Today, you must develop “know, like, and trust” factors with customers. You can do that by providing genuine value and by being authentic. That is rare today, and customers connect with the businesses that show they understand them.
Imagine looking eye-to-eye and listening to someone. You feel a connection to them, right?
Create that in your marketing materials. Listen to the needs of your audience and provide the solution to help them.
Draw your audience in
Next, imagine how you feel when a friend tells you about a hilarious encounter while on vacation. It pulls you in and makes you feel like you were there, right?
Everyone leans in when they hear a good story.
Instead of rattling off all the facts of what your product or service can do for customers…tell a story. Share what happened to an actual customer.
Tell about someone experiencing a specific problem and how your product or service solved it. We all have pain and struggles. It’s encouraging when we hear how someone found a solution.
Connecting to others and storytelling were two priceless words of wisdom for “The Voice” contestants. Businesses should never forget the importance of these two concepts as well.
And if you love hearing an artist excel at storytelling when singing, check out contestant Alexa Wildish on “The Voice” – a four-chair turn for any Voice fans.
by Donna J Davis | Sep 24, 2023 | Marketing
Keywords are the words and phrases that you type into search engines when you are searching for answers. Using three or more words in a search phrase is known as long-tail keywords.
An example is the word “rings” vs a more specific long-tail keyword phrase “women’s white gold rings.” Long-tail keywords refine the search and give more targeted results.
Benefits of long-tail keywords
As an online marketer, here are some benefits of using long-tail keywords.
1. Better targeting. Long-tail keywords allow you to narrow your target market. In the white gold ring example, that keyword phrase would appeal to potential buyers looking for that higher quality jewelry. Searchers looking for something under $25 would not be in that specific target market.
2. Higher conversion rates. By using more specific long-tail keywords, you attract searchers who are closer to making a buying decision. Someone searching for “best women’s white gold rings under $1000” is either in the process of comparing pieces of jewelry or wants to buy one.
3. Less online competition. Google gets billions of searches every day and long-tail keywords help you lower your competition. For example, general keywords like “rings” encompass all types of rings for all types of people, and all price ranges. Finding even more specific long-tail keywords keeps lowering that competitive field for you.
4. Improved SEO. Using long-tail keywords helps readers find you because Google loves high-quality, relevant content. When you use specific keyword phrases naturally in your content, you’re providing valuable information to users. This can boost your search engine rankings over time.
Always remember your searcher’s intent
In writing any content online, always remember what your potential audience is searching for. There are four stages of searcher intent.
* RESEARCH
* COMPARE
* BUY
* SUCCEED
Anticipate your searcher’s intent and make sure that your online content addresses that intent. If they are researching your product or service, give them enough information on the benefits they would receive.
If they are comparing your product to another competitor’s product, address that. They will search and find your competitors, so be upfront and show them how and why your product is better.
If they are ready to buy, make sure they know how to order and where you are located. So many local businesses, do not include their address and phone number clearly at the top of web pages. Don’t omit that critical information.
For current customers, make sure that it’s easy for them to contact you. Have your phone number and hours, chat availability, or email address clearly posted so they can reach you if they have a problem or a question.
Choose long-tail keywords and then deliver
When searchers find you, make sure you deliver on the phrase they were looking for. Give them enough information so they know how you can help them. Once you’ve attracted your ideal customer, take good care of them in all stages.
by Donna J Davis | Sep 10, 2023 | Marketing
Ready to add some impressive content for your website, blog, or social media post. What about keywords? What difference will mastering keywords make for your online success?
Think of keywords as your secret sauce of the digital world. Keywords are the words and phrases that everyday folks type into search engines like Google when they’re looking for answers, products, or information. So, picking the right keywords is like putting up a sign that says, “Hey, this content is what you’re looking for!”
Why the right keywords matter
Choosing the right keywords has many benefits. Here are a few of the results you’ll start seeing when you master this skill.
Get seen on Google: You want your audience to be able to find you online. Sprinkling the right keywords in your content boosts your visibility on Google. Your online pages are more likely to pop up in search results with strong keywords. That’s like having a neon sign outside your shop that says, “Come on in!” More visibility means more potential readers or customers.
Speak your audience’s language: When you get your potential reader’s attention, you want them to feel that you “get” them. When you choose the right keywords, you’re using the same words and phrases your prospects use. It’s like having a conversation instead of giving a lecture. People are more likely to engage and stay on your site longer when you speak their language.
Stand out online
Stay ahead of the competition: Competition is everywhere. Mastering keywords gives you an edge. You want to find long-tail keywords (more than two words) that tell visitors exactly what you do or who you are. By using these longer keyword phrases, you aren’t just broadcasting your message, you focus on what you do best. You stand out. That’s what you want to happen online.
Quality over quantity: Your online goal should be to attract your ideal target market. You want to serve the people you can help the most. Keywords help you do that. You can filter out those who are genuinely interested in what you have to say or offer. It’s like having a VIP section at your event for your ideal audience.
Keywords provide flow and consistency
Make your content flow: Keywords act like breadcrumbs, guiding you through your content. They help organize your thoughts and keep your readers on the right path. Having a consistent flow on your website keeps readers interested. Keywords connect your content and blog posts so readers have a logical road map on your site.
Consistency on all platforms: Using the same keywords across all your digital platforms helps build a strong brand identity. It’s like having a recognizable logo. People should instantly know it’s you, whether they’re on your website, blog, or social media.
Mastering keywords takes time
Keep improving: Picking keywords isn’t a one-and-done deal. Each page you create online should have a distinctive keyword phrase. You can track how well various keywords are doing through various tools. Then adjust your strategy accordingly. If some keywords attract more visitors, focus more on that topic and use variations of what’s working.
Keywords are like the compass that helps you navigate the digital world. Spend some time finding the words that describe exactly how you can help your market.
Mastering keywords is your secret weapon to reach the right people, make your content stand out and get more leads and sales.
by Donna J Davis | Sep 3, 2023 | Marketing
You have options in selecting your Call to Action or CTA, but what it must do is motivate the reader to take action. The goal is to get the reader to give you their contact information in exchange for something valuable. Read the previous post about the importance of a CTA.
An offer to sign up for a newsletter is a common CTA. You may have a button to register for a webinar or to watch a video. It might be to receive a discount code, or to get a 15-minute free consultation.
Get creative with your copy. Instead of “Click here,” you can write, “Get the #1 tip to stay organized.” Or “Get the top 5 headlines for health blogs.”
Does your content create curiosity?
Tease the reader to get them to click. Your website content before your CTA button must generate interest. Ask a question the reader may be thinking. Add an entriguing subheadline. Share a short snippet of the information they will receive.
The content creates enough curiosity. Then the CTA button does its job and motivates the reader to take action to get that information.
After the reader gets your report, video, webinar, or checklist, are they excited when they read/watch it? Or could they have gotten that from a simple Google search?
Your lead generation pieces must all flow together. (Lead generation is a number of short pieces of content that offer something of value for the reader’s contact info.)
What are you offering that’s different, simpler, helps people in a certain field or stage of life? Do you provide clear step-by-step instructions on a process?
Everyone today is bombarded with offers to sign-up for this or that, or 100 different possibilities. What makes YOUR offer attractive to a reader?
Focus on one aspect of the bigger problem
Focus on the problem your reader is facing. They have a bigger challenge, but dig deeper. What’s one specific solution you can offer in that more significant issue?
Any significant problem usually has many minor issues. Find one point that you can clearly solve for the reader. Break down the bigger issue and help them with one part of that.
That gives the reader a solution they can use. It’s specific, and it solves one piece of their problem.
When you do this part well, that builds trust and loyalty. The reader knows you helped them with one problem. The next question is, “What else can you help me with?”
Provide value, more value, and more value.
Your CTA and the report or video you provide can be the start of building a solid customer relationship.
