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The goal of most businesses is to grow. While there are many growth methods, their common purpose is to acquire more customers and/or extend the lifetime value of existing customers. Ideally, over time, they spend more and refer your business to friends and family. Referrals are indeed the most cost-effective way for any business to increase their customer base.
Referral marketing is the combination of strategic marketing efforts aligned to drive referrals. Instead of waiting and hoping for a referral conversation to happen organically, a referral campaign encourages satisfied customers to recommend or refer your business. Once a strong relationship has been established and maintained with your customers, asking them to refer your company or providing an incentive will be a natural next step. Newsletters make it easy to refer because the recipient can simply pass an edition to a friend or respond to a strategically placed referral call to action within its content.
Recommendations from friends and family are still the No. 1 trusted form of advertising, according to the Global Trust in Advertising report from Nielsen, which found that 84% of respondents say that they trust recommendations from people they know. In addition, 91% of people in the U.S. would share exclusive offers and good deals with friends and family, showing the importance of offering an incentive when implementing referral marketing strategies.
Referral Success Story
There are two major challenges most attorneys of smaller or boutique law firms face. First, although new client acquisition is critical to their success, connecting with prospects in order to develop a trusting relationship and ultimately convert them into clients is a major investment of time and money. Secondly, lawyers often spend an inordinate amount of time on non billable and administrative tasks, which leaves little time to develop or execute marketing campaigns.
Jeremy C.B. Wyatt of Harrison Law
A partner of the firm, his primary marketing goal was to attend every networking event he possibly could and connect with prospective clients. Jeremy streamlined his marketing strategy by focusing primarily on engaging his audience with routine, compelling communication to reinforce his credibility and build trust. He engaged Newsletter Pro to design, print, and mail Harrison Law Group’s newsletter. Jeremy also leveraged free-standing inserts (FSIs) to highlight construction law topics and general legal advice. Both the newsletter and FSI work in tandem to reinforce credibility and keep Harrison Law top of mind.
963% ROI in Less Than 1 Year
Lifetime Value of Customer Up to 14x
One Client, $80K Case Revenue and Counting
Retention initiatives enable you to capitalize on your greatest asset: your existing customer base. Since the cost of acquiring a new customer can be five times more than retaining an existing customer, maximizing your share of their wallet makes perfect sense. By focusing on retention, you can count on increases in ROI, customer loyalty, and growth. Focus only on growth, and you’re bound to lose loyal customers at the expense of chasing new ones.
Newsletter campaigns cut through the marketing noise with consistent, credible communication that educates and entertains. and can circulate for up to four months! The longevity of printed newsletters is attributed to its unique ability to inform, educate and entertain.
Retention Success Story
A common challenge most businesses encounter is customer retention. Those not engaging in compelling communication on a regular basis with their customer base risk losing them to competitors. When we examine the veterinary clinic vertical in particular, another risk to retention is the natural progression of life – the death of a beloved pet. After losing a faithful furry (or not so furry) friend, some owners take a while to adopt a new pet into their families. Some need to grieve. Some can’t bear to think of suffering a similar loss again.
Brad Petersen, DVM of Petersen Pet Hospital
Although increasing retention was an important goal, executing it begged many questions. How could they become ‘top of mind’ with current customers, past customers, and prospects? Did it even make sense to remain in contact with past customers who no longer have a living pet? If so, how could they make messaging appeal to people with and without pets?
An average of 1,161 page visits per month can be attributed to the FlippingBook newsletter
Over 533 clients per month visit the digital newsletter repeatedly
About 40% of customers on Petersen’s email list open the FlippingBook newsletter each month
Building relationships requires constant nurturing. A nurture campaign is an automated way to keep in touch with prospects and clients throughout their journey with you.
Nurture marketing is a series of “touches” that help establish trust and credibility with your brand. Each interaction is an opportunity to educate prospects about your product or service and help keep you top of mind.
It takes an average of 10 marketing-driven touches to convert a lead into a revenue-generating customer. Once your prospect converts to a customer, post-sale nurture campaigns strengthen the relationship with regular communication in order to drive referrals and retention and ultimately maximize the lifetime value of the customer.
With so many choices of places to do business, there isn’t a ton to separate your business from the pack except you, your story, your relationships with your customers, your referral partners, and your prospects. In fact, 79% of marketing leads never convert to sales.
A newsletter campaign is an integral part of nurturing because it’s consistent, compelling communication that can be tailored to prospects, buyers, or both when coupled with our list segmentation strategies and complementary direct mail products.
Nurture Success Story
One challenge most dentists face, especially when first opening their practice, is the acquisition of new customers. Since there is usually minimal perceived differentiation in services, prospects are unaware of any reason to choose one dentist over another. Attracting new patients is often directly correlated to the dentist’s value proposition — what can a particular dentist offer that no other dentists can? Secondly, once prospects convert to new patients, an equally important challenge is that of retention. Not so much because patients are inclined to switch dentists, but because, let’s face it, people of all ages often delay or avoid dental visits.
Robin Spangler of Elkins Dental
I appreciate how the Pro’s work together to ensure success for our business. They consistently over-deliver with these amazing products. Working together all of these years, we too have become a fantastic team. As we approach our 10- year anniversary, I cannot imagine where we’d be had Newsletter Pro not been a key partner on our path to success.
60% of New Patients Represent Referrals
6% – 10% of New Patients Resulted from the New Mover Campaign
Each business is unique. Some have sales cycles with natural durations for the customer relationship. A patient receiving treatment from a physical therapist will eventually heal and cease scheduling appointments. An adolescent sees an orthodontist until their smile is absolutely perfect. However, past customers may need physical therapy again during their lifetime, and that adolescent likely has a sibling who will also require orthodontic services in the future.
These are examples of ideal candidates for a reactivation campaign. This type of nurture campaign enables you to automate prospect revival with content that differentiates your products and services from competitors. When we target closed accounts or inactive customers with reactivation campaigns, it keeps our businesses top-of-mind. This way, when they do need us, we’re front and center.
Similarly, sometimes prospects take so long to purchase, it appears they’ve decided not to purchase anything from anyone. Before you remove inactive subscribers from your lists altogether, a reactivation campaign can be an effective way to re-engage past customers or “lost” leads.
We offer a variety of direct mail solutions that enable you to send tailored communications to specific segments of your target audience. They can be used to complement your printed newsletter or in stand-alone direct mail campaigns.
Postcards continue to be an effective and economical form of direct response marketing. Adding postcards to your marketing mix will enhance your new customer acquisition strategy. In fact, 79% of customers said they would immediately act on an offer received via direct mail. Let the Pros design, print, and mail your optimized postcard campaign. By incorporating ideal imagery, a compelling offer, the benefits of your product(s) or service(s), and a strong call to action, your direct mail response rates will soar!
Free Standing Insert (FSI)
A free-standing insert (FSI) is the perfect place to present special offers or reveal a new product or service without sacrificing the integrity of your newsletter. Include a call to action to generate referrals, announce upcoming events, or feature product bundles. Your clients are more likely to remember the information they see on the FSI. Since it stands alone, it’s easy to share with friends and family. An FSI is your go-to marketing segmentation tool if you have groups of customers with similar needs and/or interests. While your entire audience receives a newsletter, specific segments may receive an FSI with marketing messages tailored to them!
Personalized birthday, anniversary, holiday, and thank-you cards
Celebrate those you value most with personalized birthday, anniversary, holiday, and thank-you cards. It’s simple to send meaningful and memorable customized cards to celebrate any occasion. We make the process easy — simply select the card design(s) you prefer, and we’ll coordinate personalization details.