I have written recently on the importance of focusing marketing efforts not only on customer acquisition, but on customer retention as well. The comments below were forwarded to me by one of my Xerox representatives, Tami Kolb. The comments are from one of the speakers at a Xerox "Thought Leadership Workshop".
Understanding the emotions behind purchasing behavior is critical to any business, whether in the B2B or B2C space. Once you understand emotional influences, you can then create highly relevant, meaningful messages, graphic presentations and promotions that will draw customers to your brand and capture their lifetime value.
Capturing lifetime value is one of the most important goals of any marketing program.
Research shows that it typically costs $20 on average to gain a new customer and only $4 to retain a customer.
Regardless whether you work in the B2B or B2C space, you must understand the emotions associated with purchasing decisions for your products or services. You must understand those emotions in order to connect with customers, draw them to your brand and build personal value and equity that lasts a lifetime.
Capturing customers' lifetime value is essential to staying competitive and profitable in today's highly competitive and clutter markets.
What's interesting is that the comments apply across all business types but in this particular case very tangible for me. We are in the process of taking delivery of a couple of new Xerox digital presses. We have had Xerox in the printshop for many years, but a comparison analysis is always done in a purchase or lease of this size. But during the whole decision making process, I could "feel" my loyalty to Xerox. The competitors were going to have to beat Xerox. It wasn't even a level playing field because of the loyalty and bond I felt with Xerox from the beginning. And the bond isn't necessarily with a machine of course, it's the people. I have a relationship with the Xerox rep, Tami Kolb; the local distributor, Scott Williams; and the service technicians have been phenomenal.
Combine the relationships with a track record of performance; they have captured lifetime value.
Advantage Printing is a commercial print & marketing services provider serving small and mid-sized businesses, nonprofits and churches.
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