In the present day we’re going to focus on three buyer acquisition methods and three buyer retention methods.
We may even share a technique that you should use for each buyer acquisition and buyer retention!
Buyer Acquisition vs. Buyer Retention
What’s Buyer Acquisition?
Buyer acquisition is the method of changing individuals in your audience into paying prospects.
One technique to go about it’s to do it immediately by pitching them your services or products straight away. That is the normal method to doing enterprise. Whereas it might probably work, it’s fairly outdated.
One other technique to go about it’s to transform them into leads first by persuading them to present you their contact particulars and solely then convert them into paying prospects. That is the fashionable method to doing enterprise that’s significantly better suited to the digital age.
What’s Buyer Retention?
Buyer retention is the method of retaining prospects.
If your online business mannequin revolves round one-time funds, buyer retention is about getting individuals to return again and purchase from you once more.
In the meantime, if your online business mannequin revolves round subscriptions, buyer retention is about lowering churn.
What’s Extra Essential: Buyer Acquisition or Buyer Retention?
They’re each essential.
For those who don’t focus sufficient on buyer acquisition, your income will begin declining. Why?
As a result of buyer churn is inevitable. When you ought to do your finest to attenuate it, it’ll at all times be there.
That signifies that you might want to proceed buying new prospects if you wish to keep your present income.
And if you wish to develop your online business then you might want to not solely match however outpace churn with buyer acquisition.
That is the place buyer retention is available in. The longer you may retain prospects, the decrease your churn charge might be, and the less new prospects you will have to develop your online business.
For those who don’t focus sufficient on buyer retention, you can find your self in a state of affairs the place you need to proceed expending inordinate quantities of time, vitality, and cash simply to remain in the identical place.
Not solely is that not sustainable from the enterprise perspective nevertheless it will also be extraordinarily annoying and result in burnout.
We suggest focusing totally on buyer acquisition to start with as a result of if you end up simply beginning out, your precedence ought to be staying in enterprise. Use the client acquisition methods that we’re going to focus on on this article to maintain the lights on.
Then, upon getting stabilized the corporate’s funds, you must begin allocating assets to buyer retention. Be certain that to implement the client retention methods that we’re going to focus on on this article, particularly buyer retention technique #1!
Buyer Acquisition Technique #1: Working for Free
This will likely appear bizarre however one of the simplest ways to get prospects if you end up simply beginning out is to work totally free.
Alex Hormozi suggested doing that in his lecture to the College of Texas college students.
He recommends beginning a service enterprise, providing that service totally free till you’re absolutely booked, after which pitching that very same service at a price to your present prospects.
At that time, you’ll have gained some expertise, improved your service based mostly on market suggestions, and confirmed your self to your prospects.
In different phrases, you’ll be in a significantly better place to make your pitch than you’d have been had you began charging proper from the get-go.
In case your prospects are pleased with the worth that you’ve got offered thus far, they are going to in all probability be open to paying on your service.
And if they refuse your supply, you may ask them for suggestions. How will you make your service higher in order that it could be well worth the worth?
If they offer you a particular suggestion, you may implement it after which come again to them and pitch your service once more.
In the event that they nonetheless aren’t , possibly they merely aren’t a match for your online business. That’s okay. Transfer on.
In all probability, you probably have constructed a full roster of shoppers doing free work, you must have the ability to convert a couple of of them into paying prospects!
Buyer Acquisition Technique #2: Chilly E-mail
Chilly e-mail will be an effective way to get prospects.
We suggest studying “The Chilly E-mail Manifesto” by Alex Berman and following the method outlined there.
It’s a brilliant sensible ebook that covers every part you might want to know, from establishing your inbox to structuring your messages to monitoring the efficiency of your chilly e-mail campaigns.
We additionally suggest following Alex Hormozi’s recommendation from the beforehand talked about lecture on the College of Texas: decide to sending 100 chilly emails a day for 100 days straight.
For those who ship 10,000 chilly emails in three months, you’ll virtually actually get not less than a couple of paying prospects!
Buyer Acquisition Technique #3: Gross sales Funnels
As soon as you’re certain that you’ve got a product-market match, you wish to begin automating buyer acquisition. That is the place gross sales funnels are available.
Gross sales funnels are programs designed to transform guests into leads, leads into prospects, and prospects into repeat prospects.
They are often both utterly or partially automated, relying on your online business mannequin.
We imagine that one of the simplest ways to scale any enterprise is that this:
- Construct a Worth Ladder gross sales funnel
- Drive visitors to it with paid promoting
Optimizing your gross sales funnel may take some experimentation.
However as soon as every part is streamlined, scaling turns into straightforward. All you might want to do in an effort to enhance gross sales is drive extra visitors to your funnel. Easy!
Our co-founder Russell Brunson wrote a best-selling ebook referred to as “Dot Com Secrets and techniques” by which he explains every part you might want to know in an effort to develop your online business with gross sales funnels.
It’s obtainable on Amazon however you may get a duplicate immediately from us totally free. All we ask is that you just cowl the delivery!
Buyer Retention Technique #1: Enhance Your Product or Service
The only finest method to enhance buyer retention is to easily make your services or products higher.
The precise particulars will rely upon the supply in query however right here’s what you must ask your self:
- What drawback is my services or products fixing?
- What will be improved in order that it could remedy that drawback extra successfully?
Search for methods to assist the client do what they wish to do simpler, quicker, and higher.
Along with that, you wish to additionally enhance buyer expertise. How will you make it extra pleasant?
If in case you have been operating your online business for some time, then you definately in all probability have already got a fairly good thought of what will be improved.
In all probability, your prospects have been telling you what they need for the reason that starting, however you haven’t gotten round to it but.
Which means that all you might want to do now to make your services or products higher is prioritize implementing the suggestions that you’ve got acquired thus far!
Buyer Retention Technique #2: Create a Subscription Provide
If your online business revolves round one-time funds, see if you happen to can provide you with a subscription supply so as to add recurring income.
Listed below are some concepts:
- If you’re promoting companies, supply scheduled upkeep
- If you’re promoting bodily merchandise, supply scheduled deliveries
- If you’re promoting information merchandise, supply a training bundle or a group membership
You should utilize these subscription provides as upsells and cross-sells and pitch them when the client is about to pay on your core supply.
Buyer Retention Technique #3: Rejoice Buyer Wins
Individuals are shopping for your services or products as a result of they wish to remedy a particular drawback.
In different phrases, they wish to get a particular consequence.
For those who make it some extent to rejoice it when a buyer will get that consequence, the worth that your services or products supplies might be extra more likely to absolutely register of their minds.
And in the event that they perceive how priceless your services or products is, they are going to be extra more likely to proceed doing enterprise with you.
The precise particulars will rely upon the supply in query however you wish to discover a method to attract their consideration to the consequence that they received!
Bonus Buyer Acquisition and Retention Technique: Begin a Weekly E-mail E-newsletter
We suggest launching a weekly e-mail e-newsletter. Why?
As a result of it offers you an excuse to succeed in out to your e-mail subscribers each week and supply free worth.
The best technique to get began is the hyperlink roundup format. Merely share a couple of hyperlinks to attention-grabbing content material that pertains to your area of interest. It may be weblog posts, podcast episodes, movies, you title it. It’s also possible to embrace quotes from books!
Add a P.S. part to your e-newsletter and use it to advertise your services or products. That method, you’ll present worth first, then have a promotional paragraph on the very finish of every challenge. It’s a great way to remind your subscribers about your supply with out coming throughout as too salesy!
You additionally must just be sure you ship your e-newsletter on the identical day and on the identical time each week as a result of that may assist your subscribers develop a behavior of studying it.
Right here’s how Brian Dean, finest referred to as the founding father of the search engine marketing weblog Backlinko, explains it:
Having a weekly e-newsletter will help you change leads into new prospects and keep prime of thoughts with present prospects.
In different phrases: it’s each a buyer acquisition and buyer retention technique!
Be taught to Purchase Prospects With Gross sales Funnels!
Our co-founder Russell Brunson is well known as one of many world’s prime gross sales funnel consultants.
He created the Worth Ladder gross sales funnel which he then used to develop ClickFunnels from zero to $100M+ in annual income.
Since then, he has taught hundreds upon hundreds of individuals about gross sales funnels via his books, webinars, and stay occasions.
If you wish to discover ways to use gross sales funnels to develop your online business, we suggest beginning with Russell’s ebook “DotCom Secrets and techniques”.
On this ebook, he explains the Worth Ladder gross sales funnel intimately, goes over its hottest variations, and shares elementary rules and techniques that may aid you construct a gross sales funnel that converts.
“DotCom Secrets and techniques” is on the market on Amazon however you may get a free copy immediately from us. All we ask is that you just cowl the delivery!
