What Is The Customer Monetization Plus Method?
The Customer Monetization Plus Method . . .
helps generate untapped revenue from your customers by having us communicate with them for you, behind the scenes. This customer nurturing establishes consistent communication that immediately differentiates your business from all other commercial correspondence they receive.
This becomes a reliable a method of generating additional business, repeat business, reviving dormant customer relationships and even creating revenue on demand.
4 Primary Business Growth Challenges And How We Overcome Them
1. Most Businesses Rely Too Heavily Upon Paid Advertising
2. Most Businesses Don’t See Customer Communication As A Revenue Driver
3. They Don’t Correlate Online Reviews To Revenue
4. They Don’t Generate Revenue From Social Media And Content Marketing
How The Customer Monetization Plus Method Can Help Your Business
The Customer Monetization Plus Method accomplishes 9 things:
1. Reactivate Dormant Customer Relationships
Reactivating dormant customers is like finding hidden profits in your business.
We implement a proven email (and optional SMS) campaign that reawakens your dormant customer relationships and gets them doing business with you again. Many will thank you for reaching out and reconnecting with them.
2. Bring Back Existing Customers More Frequently
An important part of the Customer Revivification Core Method is communicating a mix of information, education, insight, inspiration, and entertainment consistently throughout each week and over the course of each month. This helps engage customers, keep your business “top of mind” and helps bring existing customers back more frequently.
There’s a direct correlation between the frequency and consistency of your communication and the frequency of repeat customer visits.
3. More Business From Existing Customers
Customer Only Offers
To entice existing customers to come back, you’ll need to make “exclusive offers” that are only available to existing customers. These offers can provide quick cash infusions, particularly when combined with customer segmentation. This one-two punch really targets your offers to only those customers that truly want or need them. You’ll often find that this produces higher margins and increases customer long term value.
Customer History Segmentation
The Customer Monetization Plus Method segments customers based upon their responsiveness and billing history. This provides the intelligence necessary to present them with service offerings tailored to their wants, need and preferences. We gather this intelligence, analyze it and report it to you transparently, inside your dashboard. Together, our team works with yours to create fresh offers that, based upon their prior history, are more likely to resonate with them and lead them booking an appointment or purchasing a product.
You can’t do this with one-time customers, which is why their Customer Long Term Value (LTV) is so low.
4. Customer Communication – Nurturing The Relationship
Now you need to reach out.
That’s where our Customer Monetization Plus Method comes in. The behind-the-scenes communication nurtures your customer relationships.
This provides a channel, you control, to deliver offers and incentives to them, throughout each week and each month.
It creates opportunities to bring them into your business again.
Because the Customer Monetization Plus Method communication utilizes “intelligent automation”, we’re able to segment these customers by applying “tags” based upon their actions.
5. Increase Referrals
One of the elements of Customer LTV (Lifetime Value) is the number of customers your existing customers refer over the course of your relationship.
A restaurant for example, can offer VIP tables that include premium seating and off-menu items for customers that bring their friends. You could offer special invitations for your customers to present to their friends and reward them with special gifts like a bottle of wine.
Practitioners and professionals can offer free consultations and special invitations to services created for “special patients and clients” only. Free introductory services are also great incentives for existing patients and clients to refer people in their circles.
Frequent communication with the customers on your SMS and email list should include suggestions and incentives for them to refer business and introduce people in their circles to you.
Local Influencer Referrals
Social platforms have become channels for local influencers. Many of them have hundreds or thousands of followers. These local celebrities can recommend your business to people in your town. They have the power to get your calendar booked or products sold in a matter of days, hours and sometimes, minutes. Very few salons are tapping into this opportunity.
You can send special invitations for “existing customers” only. Free introductory services are also great incentives for existing customers to refer people in their circles.
6. Increase and Improve Your Online Reviews
The recency and frequency of online reviews plays an important role in local business organic ranking. Google places a lot of weight on reviews when deciding which businesses to place at the top of organic and Google Business Profile rankings.
The Importance of Review Generation
Generating reviews on a regular basis has become an important marketing component. The Customer Revivification Method includes review requests as part of your managed customer communication and as a result, we can track the effectiveness of these efforts and impact upon your star rating.
7. Increasing Customer Long Term Value (LTV)
The Customer Monetization Plus Method helps increase the average number of orders, visits or sales per customer, the number of people they refer and the average amount they spend. The greater your net margin, the more valuable your business becomes.
8. Reducing Dependency Upon Paid Advertising
Advertising is becoming increasingly more expensive. Relying on it to acquire a new customer makes it difficult to increase your net margin. According to American Express, it’s 6 to 7 times more expensive to acquire a new customer than it is to keep an existing one.
The Customer Monetization Plus Method helps offset these costs by increasing the contribution each customer makes to your business by coming in more frequently, referring others and by spending more when they come in.
9. Adding or Expanding eCommerce
Launching a new service or targeting a new demographic, online or offline, is much easier to do when you have a database of customers you’re communicating with. You get to introduce your products and services to them directly. This provides an opportunity to test the waters and reduce your risks.
If you don’t yet sell online, don’t worry the Customer Monetization Method makes it very easy to add eCommerce to your business).
The Customer Monetization Method includes:
Existing Customer Campaigns
Dormant Customer Reactivation
Short-Term Follow Up
Long-Term Follow Up
Customers On Demand
The Customer Monetization Plus Method adds:
Review Marketing and Management
Review Response DFY