Loyalty & Rewards Marketing Strategies
This week’s focus of our “Reinvent Your Message, Marketing and Mindset” webinar series was none other than loyalty marketing. The webinar discussed the concepts of loyalty and rewards marketing in detail, as well as how it fits within our 12 Step Roadmap.
Loyalty Pays off Dividends
For better or worse, the concepts of loyalty and reward marketing are not groundbreaking in terms of their innovation potential. Yes, we do look at some awesome strategies that apply specifically to home services businesses, but the consumer psychology principles remain the same across the board. Loyalty to a specific service provider does pay off dividends in the long-term.
Change to Grow
Growing your business involves constantly evaluating and changing according to the current situation within your industry and in line with what your customers need right now. Unless you are prepared to undergo change, you will be left behind. You need to be open minded, absorb new and relevant information and make changes. Do more of what is working, less of what isn’t and implement what will work that you aren’t doing. If you come to a webinar like this one with your mind firmly set on not changing, you are in effect wasting your time and damaging your business. The “new normal” is nothing like how we operated in the past. What worked in the past may not be appropriate for the current situation and the sooner you realize that and adapt you will better be able to service your customers, improve your business and achieve the results you want.
The Entrepreneur Mindset
In our day and age, being an entrepreneur is not easy. You need to have the ability to adapt quickly. In order to get results, you need to make changes and that’s the bottom line. If what you are doing right now, the results you are getting right now, the business that is coming in right now, makes you happy then keep doing it. If not, change is the answer.
“You must unlearn what you have been programmed to think. That software no longer serves you well. This is a new world, a new time, a new space and it requires new thinking, now!”
You need to ask the big question of whether what you are doing is serving you well.
The businesses that can put mindset, infrastructure and practices in place now and get them implemented will be well ahead of the game. The industry is changing, the needs are changing and so must what you deliver. This doesn’t necessarily mean that all these changes have to be done at once. It can be done in layers. Evaluate and select a focus point. Work on improving and changing each aspect, one at a time.
Saving time and making more money are the driving forces for most entrepreneurs. Make use of technology and automation to free up time using our 12 Step Roadmap. Then use this newly found free time to better serve your customers and your community. Take some time out with your family. Without your family, all the business, all the money truly is meaningless. Take that free time to enjoy the little things.
How Do You As An Entrepreneur Free Up Time?
Desire, competence and capacity are the three facets that it all boils down to.
Desire refers to how badly you want it? What are you prepared to do to get it?
Competence refers to your ability to get it done. Do you have the knowledge and skill to get it done? Capacity refers to whether or not you can get it done without cracking up? Do you have the clarity of mind and confidence to handle the process?
It is time to be strategic and intentional about your thinking. Whatever you do must be a means to reach your goals. Thankfully for you, here at CI Web Group we give you everything you need to succeed.
Customers – Current, Past, New and Future
Current and past customers, new customers and future customers are all of equal importance. While many business owners focus on new business acquisition, the past and current customers are of equal value. They require an adequate amount of your attention and service. According to stats, your current customers are those that you should be selling more to. They have already experienced your service and products and are most likely to support you going forward. Focus on that. Include new services that will help you maintain current customers, such as AC maintenance and communicate those offers with email or SMS remarketing. Your current customers need to know you care or they will move on to another provider who does.
The younger generations are more in tune with technology and using this to create wealth early on in age. Your customers are getting younger and younger. People are buying houses younger and requiring your heating and AC services at a younger age. You need to change your strategy to focus on this fact.
Most people have no idea what is involved in your HVAC system or what is included in a maintenance plan and they don’t really care as long as it is functioning as they require. This is vital to how you approach marketing your services and providing these services to homeowners.
When the time comes for you to eventually sell your business and retire, ARR is an extremely important factor. Buyers are interested in annual return revenue and less interested in how many once off sales your business has achieved over the years.
Transparency, Honesty and Magnetism
When you are transparent with your customers, the prices you charge may not be the most important thing. Honesty, integrity and transparency may well be enough to convince customers to go with you off the bat. This attitude towards customers shows care, consideration and genuine respect for them.
You need to provide your customers with the services they need right now in order to be an option when it comes time to select a service provider. Present your customers with relevant content on your website and social media platforms, information that will urge them to make the call, click the link, make contact.
Make your customer or potential customer feel important to you and your business. Personal service, even when they don’t buy from you, is vital. It is these very raving companies and their word of mouth referral that will boost your leads and sales. You need to know who these customers are that are sharing your business and make them feel special. Send a birthday card, flowers, chocolates, whatever you can. Do this and your customers won’t leave. Customers want to feel special and important. Take care of your current customers, reactivate old customers, attract new customers and dive into the younger client base pool. Your customer base is your castle. If your customer isn’t raving about you, you need to figure out how to get them to before another company does that.
Have a growth mindset and make the most of a situation where others may not be. Be innovative and find ways to connect with your customers. Now is the time to monopolize and build your castle. Be different and unique. Do something that everybody else isn’t. Stand out and be the option that customers choose.
Show appreciation, develop that relationship and maintain your raving customers. Appreciation is a marketing plan in its own sense. Put yourself in the customer’s shoes and evaluate how you would want to be marketed to. Personalize your correspondence and make your customer feel special. These personal touches are what stay in the minds of the customers whereas forcing your company down their throats may have the opposite effects.
When a service provider does even the smallest hints of appreciation or special treatment for a customer within the community, this is something that will be remembered. These are the things that the customers will share about your company. Appreciation will win over self-promotion every time hands down. Pay attention to your customers and show you care in any way you can. Reach out and you will be well-received. Your customers are spending thousands of dollars with you, the small value ways you show appreciation will mean the world to your customers, future customers and past customers. You will not be forgotten. Stay at the top of the mind and you will be an option.
Identify what you are doing that is working and keep doing more of that. Evaluate what isn’t working and do less of that. What are you not doing that you should be doing? Start doing it now. By doing this you will retain and maintain customers and attract new clients. Spend your money and time on things that work and help your business grow. Where you focus your energy is what you will get back. Be careful of where your energy is directed. Do what it takes to leave your competitors in the dust.
Applying Reason Doesn’t Make it Right
The younger generation doesn’t function in the way the older generation does. Following procedures and policies doesn’t necessarily work for this generation. As long as what they do gets the work done in a way that provides a path to grow, it is time to adjust and adapt to what is working right now. While your company procedures and processes have always worked in the past, the new generation functions in the “new normal”. Be open-minded and your business will grow and expand. You need to also remember that your clients will also be in the same mindset and you need to adapt and change. Applying a reason to doing something or a reason for a process may not make it right. At the end of the day you may be stunting the growth of your company just to be “right”.
Blending old school marketing with new age technology is vital to growth. It is time to execute faster leverage tools and technology. Make use of technological advancements to market your business in ways that you never dreamed of. As with old school marketing, reaching out to your customers is key. The difference lies in how this is achieved. Making use of automated, personalized methods is the way to go right now.
Current technological systems are able to tie into your CRM system and provide the specialized, personalized attention to your customers. The ability to send out personalized cards and messages to your entire client base at the click of a button is reality. Imagine how much time is freed up for you to better service your clients? Your customers want to feel amazing and if you have the ability to do that for them, they will not leave you as a service provider. There are so many ways to reach out to your customers on a personal level while still imprinting your company name in their minds. They will keep coming back because you appreciate them and show you care. If you don’t step up and show appreciation in any way, somebody else will and that business will be lost.
It is time to blend old school hospitality with new technology. Re-engage, recognize and refer. Are you ready?