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Archives
Are you looking to make a sale or create a customer?
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We measure most of our success in marketing by our return on investment (ROI). If a tactic generates revenue in relation to what we invest in it, we call it a success. Unfortunately, I think this mindset boxes us in and keeps us from realizing our own potential. If your goal is just to make a sale, then you can easily call any marketing tactic that generates revenue a success. But shouldn’t we be looking for something more?
A sale is merely a transaction. It doesn’t necessarily create a consumer for life. A loyal customer believes in your brand and sticks with you for the long haul.
Transform the customer relationship experience.
Technology has changed many aspects of our lives for the better. I can remember a time when people had to take a day off work when a cable repair rep was scheduled to make a house call because their arrival time frame could be anywhere between an hour and all day.
Today, we can book appointments online at times that are convenient for us, and chatbots take our information for us. While this change is mostly for the better, technology can move us yet another step away from engaging with customers.
More than ever, the power of the Internet means consumers choose who they want to buy from. Gone are the days when you bought something subpar or inexact because it was the only thing you could find in the store. With shoppers wielding that kind of power, it’s important for marketers to think about who’s in the driver’s seat. Online competition and innovation by startups have taken the power away from businesses and put it into the hands of individuals. That’s why creating loyalty - not just a sale -- is more important than ever.
Source your revenue. Don’t generate it.
Marketing’s role of churning out revenue streams is dated. Modern marketers should think in terms of sources, not end games. Creating loyal customers requires a shift in current thinking that will reshape your entire process before, during and after a sale. To me, front loading efforts towards a purchasing decision is short-sighted. Don’t aim for making a sale. Aim to thrill. Once you shift your focus, the entire process will transition into thinking for the future, not just for today.
Remember when answering this question that the true source of revenue comes from creating customer value.
Focusing on your customer experience from the ground up increases the likelihood that people will come back. If you want a good ROI, spend as much time and money on improving the customer experience as you would on conversion.