Posted on 04-Apr-2019

Lead Loyalty B2B Sales Marketing

Some Business Owners Do Get It

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.

Cheers

https://lnkd.in/ft-STv6

Originally posted on LinkedIn.
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