Lead Loyalty B2B Sales Marketing
Had a call with an SME wanting to advertise in the digital publication I work with.
On the call we established;
1. they had no on-going follow-up process for enquirers who did not purchase right away, and
2. their client retention rate was strong with many clients retained a decade or more.
First discussed the need for an on-going follow-up process, as generally over time more sales are made from the enquirer's who did not purchase right away.
Next, the concept of a really good Ad offer to get new clients on-board and then gain ROI from the many years they remain a client.
He got this !
Mostly with non-digital B2B services there is more push-back with the loss leader concept, as service costs are greater than in retail, where many low cost products are available as loss leaders.
This process mimics the 40-40-20 marketing rule by Ed Meyer back in the 60’s.
The rule is an easy way for business managers to understand what elements of a promotion have the greatest effect.
A modern day update is more like 60% Target Audience, 30% Offer and 10% Creative.
Link below is to a short 3.5 min LinkedIn Learning video explaining this in simple terms.
Originally posted on LinkedIn.