It’s amazing how 1 month has flown by…I realized this as my team followed up with me on the May newsletter.
In my April Newsletter, I shared what I learnt from my mentors…and I got some amazing feedback. Thank you to all of you who replied and shared their thoughts.
We are already in the 5th month of this year. Can you believe it?!
The year is just flying by, which means all is going well ?
They say if time is flying for you, then things are good and you are enjoying life. It’s only when times are tough that you feel every minute of every hour of every day!
I am sure you agree! We have all had such days…
Today I want to share with you one secret about the success of our business.
I was having a meal at Salero (my favourite Spanish restaurant in Dubai) with a client and now a dear friend over tapas and sangrias when she was sharing stories of her coaching clients and the average lifetime value (LTV) of each of her client for her business.
Suddenly it dawned on me that the average lifetime value of Above Digital clients has crossed more than a million dirhams as most of our clients have been with us for 5+ years.
I was amazed and startled.
Then suddenly I felt this gush of happiness, excitement, joy and gratitude for my clients who trust us with their business, and for my team who put their heart and soul in serving them ?
One of the things I learnt from my mentors when I was new in business was that the current client is more important to a business than a new client.
Ramez Helou, my sales coach, said Namita, it is easy to upsell and cross-sell and make more from current clients, as long as its a fair addition to your services and benefits them.
He made me do the math on how long it takes me to sign up a client.
I understood then that it takes almost 1 to 3 months for a new prospect to sign up for a 3-month trial project for digital marketing services at Above Digital.
Based on how our campaigns produce results for them, the next option is to sign up with us for a year, or part ways – as we can show real magic with our campaigns for long term accounts only.
So I made it rule for myself and my team that a 100% priority will always be given to our current clients and their current campaigns.
I understood earlier on that if our current clients are happy with our services and their business is growing, they will never cancel the project with us and thus our cash flow will be happy and so will be the growth of the company.
At the end of the day, stability is so important in business just as it is in relationships!
Another thing I learnt from my mentor Brian Kurtz when I attended his conference at Stanford was the concept of Overdelivery. (I do have a lot of mentors! :))
He made sure all the attendees got 100x the value of what we invested to attend that conference.
Each attendee received materials and swipe files of some amazing work done by all the speakers which we could take back with us and there were so many folders that I had to buy a separate bag and also pay for the excess baggage to bring this pot of gold back to Dubai with me! 🙂
Recently he has released a book called Overdeliver and I highly recommend you to read this book. I have started reading it and am loving it. I think every business owner must read this book.
I shared this concept with my team and ensured they understood this as well.
One of the ways we over delivered to our current clients recently was by implementing a Lead Tracking Sheet.
We generate 100’s of leads for our clients and each lead is quite expensive for them with ad spend and our fees combined.
We wanted to ensure that the client or their managers handling lead follow-up for sales and bookings are not missing out on any of these valuable and expensive leads.
Our clients love it.
And my team loves this upgrade more because now they know full details about each lead and based on how the leads are converting or not they can further optimize the campaigns and thus give better ROI on ad spend on various platforms.
We did this completely free of charge but the value that this sheet provides to them is priceless 🙂
This was done for all our clients after a successful pilot with our oldest and loyal account Cool Aroma Spa.
I have followed both these pieces of advice religiously and ensured my team understands this as well.
I also share this with all our clients and show them the importance of retaining and nurturing their current clients by giving exceptional service and overdelivering more than their expectations.
Sometimes it’s just the little things that will make a huge difference in an overall experience a customer gets from your business.
The best way to increase the lifetime value of a customer for your business is:
1. Exceptional service &
2. Over-delivery
and this will then give you LOYAL HAPPY CLIENTS who are proud to be with you.
These raving fans will not only buy more from you but also send you referrals 🙂
Digital Marketing tip for you!
If you are not doing EMAIL MARKETING for your business its time to seriously consider that, as its the best and the most inexpensive way to retain and nurture clients.
Email is the best way to get on top of mind recall for your current clients and potential clients.
Again, be ethical. Build your own list instead of spamming bought lists (I will probably write about it in the coming months on how to do this).
Here’s an example of the power of email:
If you see your current inbox, count the messages you get from Facebook and LinkedIn and other social media platforms.
They send you an email when someone likes, clicks or tags you on photos. And as you see this email, you open it, click to see who has tagged you…and bam, 30 minutes are lost browsing on FB/ Insta news feed.
How many promotional Ads did you see in this process!?
Do you see the power of email now?
I truly believe that till today Email is the most powerful sales tool and a very important pillar of Digital Marketing.
If you’re looking to try out email marketing and don’t know where to start, Quick Email Marketing software is easy to use and has ready-made templates for creating beautiful professional email designs.
If you need any help to get set up there, send me an email reply and I will get you sorted.
Any email marketing software you are comfortable is good as long as you are sending regular and timely emails.
Consistency is key here.
Most of our business comes through email as well by the way.
Trust me, it’s powerful. Use it.
And again its the most inexpensive form of digital marketing 🙂
P.S.
I was moving houses this month plus my family was in town so I could not do much reading as I usually do, however, I have started listening to one more book titled 12 Rules for Life by Jordan B Peterson and I am enjoying it as well 🙂
I have to hear it with attention though as it is full of some amazing nuggets of living a fulfilling life. A quest we are all on for!