Many businesses are still reluctant to give value first without expecting immediate returns, or as Gary Vee would put it — Jab, Jab, Jab, Right Hook.
Won’t giving free stuff mean that sales would not increase and ROI would be stagnant?
Perhaps you’re not seeing the big picture.
And you’re not to blame.
Most marketing gurus would say to follow the funnel and you’ll be raining in sales.
You’d learn about Creating Awareness at the Top of the Funnel (TOFU), Nurturing the Relationship at the Middle of the Funnel (MOFU) and Conversion at the Bottom of the Funnel (BOFU).
You’d also probably know about what to do at each of the stages of the funnel:
- Send value-packed weekly newsletter
- Offer lead magnets like free tools and resources
- Run email courses & challenges
- Hold live webinars
- Use self-segmentation emails based on preference and interest
- Send case studies and customer stories
- Continue providing free resources
- Retarget or remind customers with emails and ads
- Create time and urgency based offers
- Get the free trial users onboard
All these TOFU, MOFU and BOFU tactics are great and most definitely helpful. We at Shock Media Studio apply them in our marketing strategy for various clients.
However, too much focus has been put on acquisition rather than retention.
Marketers tend to use this funnel as a one-way ticket when in fact, this strategy does play a role in retaining customers.
This is what the typical Marketing Funnel looks like:
As you can see it goes one way from top to bottom. Sometimes you may see an arrow from the bottom of the funnel back to the top to represent the retention loop.
Most marketers, however, would just ignore it.
And that’s where things can go wrong.
Retaining existing customers have become more important and powerful as compared to only getting new sales. If you keep giving your customers cause to continue needing your product or service, you’d gain their trust and loyalty which would mean them recommending to other people.
This would mean you getting indirect sales without much or any effort from you.
Who wouldn’t like that?
HOLISTIC MARKETING APPROACH
A better view of a marketing strategy is to think of it as a cycle.
This would account for the retention of customers as well as a constant increase in ROI as you utilise each part of the cycle and not leave off at the conversion stage.
1. Start with getting leads
This is where your ads, website, chatbot, landing page and any other offline marketing strategy come into play. You may test with both hard sell and soft sell methods to see how the engagement is like.
The general rule is that you need to start with the audience in mind.
What are their problems? How can your product or service solve their problems?
Meet your audience where they are and connect with them by providing value into their lives. Let them know that you are able to help them.
When they feel that you might be able to help them and want to know more, they would click the link and fill up the form and hey, you’ve just got their email address!
2. Build Trust with An Email Sequence
If you think you’re going to get sales just like that *snap fingers*, then you would be let down just like that *snap fingers*.
In marketing, Patience must be your best friend.
Once you have potential customers on the list, you’d need to send out a series of emails to build interest. This is where you can provide free tools such as ebooks, video series or webinars that may be part of your offerings. These are what marketers call Lead Magnets.
The purpose of sending them informative and somewhat personal emails is to help them trust you. They would want to try out what you have to offer before they decide to invest in your product or service.
Just like in any relationship, trust needs to be built over time before proceeding to the next big step. This is no different.
3. Conversion Is Great, Retention Is Better
So your potential customer finally clicked on the link to the sales page and has become your customer.
You continue sending them emails.
No, not about another product or to boast how great your business is.
Remember, you still need to add value to their lives even though they already have your product or service.
You need to keep your customers engaged to make them keep needing it.
This would mean sending emails about how to maintain the product, or if it’s a measurable service, how customers have gained from it. Soon, you can even upsell your service.
The opportunities are endless!
And so the cycle repeats itself.
By this stage, it’s likely that your customer would willingly recommend your product or service to their social circle. If you want to, you can also create a referral campaign just for your existing customers.
They get value, you get new customers, everyone’s a winner!
Maximize Your Marketing Strategy
Have you got the big picture in your head already?
Now you know what you need to do to not just increase sales but to build trust and retain customers.
Remember, it’s all about adding value.
Free resources don’t mean you lose time and effort; it means you gain your customer’s trust and loyalty in the long run.
We understand that it’s such a huge responsibility and that there are many things you need to do.
That’s why we’re here to help!
We’ll look at your business in a holistic view and find ways to optimize your marketing strategy.
Schedule a free consultation with us now: