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Last year - 2008, early in the year, I bought a new hybrid SUV (not shown) from a Japanese auto maker. It was when gas prices were at a peak. Fuel efficient vehicles, like the Prius (pictured) and similar, were in high demand. I got a little bit off the price. The financing was not as good as if I'd gotten a gas guzzler - such as a truck. In fact, I traded a huge guzzler and took a beating on that end of it. That part may have not worked so well for the dealer either. It sat on their lot for over 60 days.The other day I received another personalized email from the parent company. One of many offers to buy a vehicle. This one offered me a great interest rate plus cash back on a "new" 2008 - the same model as the one I have, which by late in the year they couldn't move. Frankly... I was peeved. And amazed. I was peeved because it was a better deal of course. But more so because as personal as the email seemed, it showed they ignored what they actually knew about me. It was a total waste of their email marketing loyalty program which quite possibly did more harm than good - that's the part that sort of amazed me. The company has reputation for quality and customer service. I assumed if they had that right, their customer marketing would be done intelligently as well.
Not so much. They offered me the same exact vehicle I already owned, which was one year older now, at a better price & lower interest rate. Now, there was no way they were going to take my current in trade for a new one of the same year - they already had too many and I would be upside down in the deal. No reason I would need to trade, either.Sure, it's possible I wanted two of the same car, but unlikely. Their offer simply came off as being out of touch and impersonal. All their offers over the last year said "come get another car". This last one really set me off. Sadly for them there was no need for such a thing to occur. With modern email marketing services they should have multiple lists and much better granularity about my status, current vehicles, how long I'd owned them & more. They would roll me from list to list over time, sending offers appropriate for my situation as a customer. Had they thought, instead, about suggesting upgrades from a dealer?... say... a trailer hitch or a complete luggage rack? Maybe something else related to a driving vacation during last summer or this coming one? What about other options I didn't take originally? Apparently not.Are you hurting your business with a one size fits all mail list? Join the 21st century. Use multiple lists. Don't treat prospects the same as customers. Don't treat small customers the same as big ones. Tailor your messages. One service which gives you that kind of flexibility and one we use is Aweber. True, you have to feed and care for each list. You have to think a little harder. It takes a little more work, time and money (maybe). Not as much as finding new customers.Let's Grow!
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A friend asked me the other day how the notion of Grow! by building relationships with people - whom we call Results Drivers - actually helped a business needing to grow it's profits in this economy.
It's a reasonable question. If I am talking about using technology tools such as blogs, Linkedin, YouTube or Twitter to connect with people the word "profit" doesn't necessarily get mentioned in every discussion. Point taken. Profit is at least one step removed, but far from forgotten. In the early portions of Grow! - The eCourse, our discussion is about Results Drivers, some of whom are customers. I cite the proven idea that getting more sales from an existing customer is easier and cheaper than getting a new customer. So, closer connections with existing customers equals sales achieved at lower cost which equals higher profits. That's assuming you make a profit on sales to begin with. If you are not making a profit on each sale to begin with there can only be two reasons: 1) your product or service with overhead costs are more than you are selling for - which is a totally different topic and one for which selling more doesn't help. You can't really make "it" up (a loss) on volume. or 2) your volume of sales (revenue) has not yet surpassed your total expense. That is: you aren't breaking even yet as shown above in the diagram. That is the case where increasing sales to existing customers and getting new customers will grow the business AND lead you to profitability. It can often do it very quickly.The idea of Grow! is to put tools into place which can improve all kinds of key business or orgaizational metrics by a keen focus in one area: The people - Results Drivers - who have to biggest impact on your results. Let's Grow!
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Excerpt from Chapter 1 of Grow! - The eCourse...
"There is a secret to addressing growth. One which, if you know it and use it, will keep you focused on the right activities. It will lead to thinking that drives the results you want. The secret is actually pretty simple. But first another question...who drives the results you want for any given metric? They do. Who are they? “They” - your audience - are Customers. Constituents. Community. Students. Vendors. Owners. Employees. Faculty. Board. Shareholders. Or someone else.
One thing is certain.
They are someone. People.
So here is the secret: To grow, you have to build relationships with people. You probably knew that. You may have been doing it for years and may be very good at it. However, have you noticed something? The times are changing. Always have been, yet the rate of change is increasing. You will be glad to know, there are really only 3 things between you and all the growth you can handle." In Grow - the eCourse, we'll walk through the tools to address the things in your way and fuel a growth engine. It's free. So check it out.
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