Did you know that the majority of business profits will be spent for the sole purpose of acquiring new clients? In fact, the majority of companies focus only on customer acquisition rather than customer retention. What’s the problem with this you ask? It turns out it is much harder to convert a client on an initial sale than it is to convert an existing or previous client. On average the probability of selling to an existing client is 60-70 percent, whereas the probability of selling to a new client is 5-20 percent! So, if you are spending the majority of your time and money on customer acquisition alone you run the risk of losing a substantial amount of income.
The Importance Of Retention
Just how substantial are we talking? Roughly 80 percent of your company’s profits will come from a mere 20 percent of your loyal clients! Clearly it pays to create a lasting relationship with our clients. But how do we do that? One of the most frequent mistakes we make as a business is by coming on too strong and too fast. Have you ever found yourself with a commission breath? It happens more often than you would think we get so focused on making a sale, any sale, that we actually scare off our potential leads. One of the key points I cover in my online coaching course is to know when to stop talking. When the product or service is good it speaks for itself and you don’t NEED to force it down anyone’s throat. Take Apple for example, have you ever seen them force a sale?
Are You Pushing Clients Away?
The reality is that the less time we spend trying to force a sale the more people have a chance to see everything it can do and how it can help them. This frees us up to focus on nurturing our potential and current clients. Which is where the biggest potential exists for income. This is a critical part of every business model you need to know who you are looking for, where to look, how to start up a conversation, how to make the initial conversion, how to nurture that relationship, and finally how to maintain it! In my online coaching program, I specialize in teaching companies to date their clients, and in this series of blogs I am going to show you just how easy it can be. The first step is meeting your target client.
Hitting The Sweet Spot
Hopefully, you know a little bit about your ideal client and where to find them. Social media platforms are hands down the best way to make a lasting impression on your target demographic. It is a great way to introduce yourself to multiple individuals within your target while also giving existing clients a place to interact and get to know you too. That’s right, two for the price of one! When creating and choosing a social media platform to use you want to keep your target demographic in mind at all times! This will help make sure you are hitting the sweet spots to ensure higher conversion rates. Not to mention it will help you build a cohesive brand that others can easily recognize. One of the benefits of creating the perfect branding for your company is it helps tie everything you do back to your business and its values.
Social media is the perfect way to start up a conversation with a client’s potential or otherwise. It provides a more relaxed setting in which you are letting your consumers slowly get to know you. Most companies make the mistake of not telling their own personal stories. When you open up about your story, yes you are creating some level of vulnerability, but you are also establishing a connection for your audience to do the same. There is a sense of reciprocity that comes from making yourself vulnerable to others, they instinctively want to do the same. Thus, creating an ideal opportunity for you to find out how you can best help your clients. In my coaching course, I advise my clients to list their target clients’ pain points. When you know what they are struggling with you can show them just how perfect your service is for them.
Let me make something perfectly clear. Social media is more than just Facebook, Instagram, Linkedin, etc. It also includes your own website and any blogging sites you may submit your work towards. For those of you who are unaware of the power blogging can have for your business it is one of the best ways to promote a product and generate new leads. One of the best parts of blogging is that it is little to no cost with a far higher conversion rate than that of traditional marketing and ads. There is a reason companies everywhere have been adding a blog to their websites. They work! Not to mention they are great for keeping your existing clients engaged in your business. People love content and anything they can get for free, especially when it is something that can help with one of their key pain points!
Build Up Trust
Regardless of which social media option or options you choose to help expand and interact with your clients, it is important to be consistent! People are more likely to work with someone who is dependable. That means you have to keep showing up. A great tool I suggest for my coaching clients is to create their content ahead of time and preload it into an automatic calendar that can post for them. You will also want to link all of your content together. By this, I mean in your social media posts lead them back to your blogs and in your blogs lead them back to your social media. Whenever you have any interaction with your audience ALWAYS gives them an additional way to do more with you. The goal is to gradually build and strengthen your relationship with them.
Slow & Steady
Now, this does not mean that there will not be several individuals out there who are ready to commit to you right away. Just like dating in the real world, everyone is at a different phase in their journey these individuals only make up about 5% of your new clients. That is why our goal is to commit to the long hall and this way we are able to convert even the most elusive of clients. At the end of the day, it is all about building a level of trust. People are 90% more likely to purchase from a company or product they trust. With over 3.2 billion active users on social media and growing the opportunities are abundant. Out of the current 3.2 billion users, 76% of buyers are ready to start up a conversation with companies and 84% of C-level executives use social media to make purchases.
Know Where to Invest
With a 100% higher lead-to-close rate than that of outbound marketing, it is clear to see why 51% of businesses using social media are more likely to reach their quotas. Are you ready to see what social media can do to increase your business? Then you are going to want to make sure you are putting your best foot forward. I offer an online coaching service to help ensure you are doing just that. It doesn’t matter how good you are at what you do if no one knows who you are or how to find you. I specialize in helping health and wellness businesses expand their reach and become global influencers.
Are You Ready To Be An Influencer?
There are tons of ways to increase your exposure online and on the air. Don’t believe me? Be sure to subscribe to my next article that will break down even more ways to extend your reach. If you are a health and wellness expert looking for help to become the next major influencer in your field, I would love to hear from you. I offer an online course that can help you do just that. For more information, book a one-on-one consultation call with me. If you are the best at what you do and no one knows you exist, how many people can you help?