Companies typically spend a disproportionate amount of time and money hunting for new customers, often forgetting about their most loyal clients and customers – the 30 percent who purchase with greater frequency and generate the most profit and publicity. Hopefully, you’re able to identify specifically who those valuable customers and clients are.
For many companies, it seems much easier to go hunting – shoot off a direct mail piece or email send only to be satisfied with a two percent response, praying that those who respond are not just bargain hunters.
We recommend reallocating your budget to nurture your best customers and use analytics to find other similar prospects to target.
Whether big or small, do something for your best customers and they’ll do your marketing for you. In other words, stop hunting and start nurturing. It’s the long-term way to increase profitability in a tough economic climate.