The Evolution of New Business Engagement

The Evolution of New Business Engagement

Over the past five plus years, I have watched how new business has rapidly accelerated, evolved and emerged. The days for Ad Agencies and people thinking a phone call, targeted direct mailer or hoping and praying a great video reel or compelling research report will drive more sales, improve revenues, win new business and attract more clients are gone.

With live streaming, digital marketing, mobile marketing, social media, etc.- there is so much opportunity to exploit and grow your business if you actively adjust, adopt and use all these exciting new tools and platforms. The Ad Agencies and Marketers that are still trying to grow their businesses with just telephone, direct mail, print/press and TV are doomed.

I have consistently promoted a media – agnostic approach to identifying and generating actionable prospects and target segments since my earliest days in Internet Marketing. I truly believe, that today’s most successful Hunters and Growth Companies are obsessed with the information and data that transforms their businesses. They understand their current client/customer base and know how to acquire others just like them.

They also have a relentless focus on delivering real value as well as amazing customer experiences. Importantly, they do this by developing retention strategies and programs as well as cross-sell and up-sell opportunities that grown their most valuable customers and clients.

The single most important conversation I have had within Ad Agencies and Fortune 500 companies over the past couple of decades has boiled down too:

  1. How do I get more business?
  2. How do I increase my revenues?
  3. How do I improve my work and performance?
  4. How do I get more leads?
  5. What’s the most effective way to get more referrals, raise my profile, network, expand relationships with my current clients?
  6. How can I drive repeat purchases and incremental sales?
  7. How can I identify target segments in each new market that are most likely to behave profitably?

TODAY’S BEST APPROACH TO WIN NEW BUSINESS

I personally believe to achieve a higher close or success rate in 2018 and beyond, you must leverage analytical platforms to drive your relevancy and build long-term results. Loyalty and long-term relationships are best built today via sustainable results, great strategic planning, continuous improvement and always increasing profitability.

Importantly, for all campaigns or programs to succeed you need to set business metrics for acquisition, retention near-term and long-term. All of which must be constantly reviewed, updated and adhered to.

I also found it useful to test non-traditional media/platforms, experiment with different strategies, trial different incentives/offers, test different continuity approaches. And, always use Analytics for best outcomes, acquisition modeling and segmentation.

Additionally, in today’s market, you must build a database and manage it effectively from day one. You must also develop CRM tools to manage relationships e.g. track campaigns, contact management, response histories, purchase histories and all other relevant stats and research during the campaign.

ACTIVATION & RETENTION

There is so much noise, competition, communities, websites, etc. all battling for attention and engagement today that I have found over the years that the companies, agencies or entrepreneurs that instantly build trust, respect and integrity gain the most ideal clients and relationships quickest. Importantly, their repeat business customers spend 6 times more than new customers and represent a disproportionately larger share of revenues (46% vs. 12%). And, low and no cost marketing is highly effective at attracting and retaining customers (viral marketing, PR, other offline media)

Some of the strategies and tools that are required to test and learn from today include:

  • Establishing the perfect contact sequence to build trust, loyalty and respect
  • Leverage relationship marketing tools/programs like: Activation Mailing, Welcome Mailings, Renewal Mailings/Packages, etc.
  • Develop new programs to: enhance the perceived value of the products/services offered, increase client/customer involvement and interaction with the brand and try to always boost renewal rates.

TODAY’S BEST APPROACH

With the accelerating pace of marketing, sales and innovation today, I truly believe that the focus on success today must be to:

  1. Learn the business, trends and industry in depth and width
  2. Ensure they know the brand and your customers and clients intimately
  3. Build customer relationships leveraging integrated 360 degree communications. (online and offline)
  4. Use and develop marketing programs and media strategies that optimize reach and impact of the budget.
  5. Test and always measure
  6. Learn and consistently improve.
  7. Create Credibility quickly
  8. Change Consumer Behavior
  9. Create a seamless and integrated sales cycle. Always look to create a seamless sales angle that leads potential clients and customers from awareness to interest. (i.e. web enrollment, 800 number or a transactional relationship)

Bottom-line: if you are looking to improve your ‘batting average’ and have greater engagement this year you MUST, build actionable, valuable, long-lasting customer relationships that transcend any individual program. Information is at consumers’ fingertips like never before, empowering them to see and hear only the information they want and filtering out the information they do not want.

Always implement the appropriate measures so that the key learning’s of your programs/campaigns allows you to fully leverage and secure sustainable and incrementally profitable subscriptions/clients.

To do this requires data integrity and validity of results, which a closed loop engagement or relationship management ensures by allowing continuous improvements and incremental results to identify the key triggers that customers respond to as we take them through the cycle illustrated from acquisition to brand loyalty to retention to evangelism.

Finally, a media-agnostic orientation today is more important than anytime in history. It’s today’s customers that have the power, not the marketer (although they have the information).

So remember, you need to understand who your best customers are as well as your ‘bad ones’ in order to create relevant, meaningful communication. I wish you continued success with your business and new business efforts the balance of the year.

 

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About Geoff De Weaver:

 Super strategist who directs Fortune 500 clients to define their vision, create a strategy, and harness their internal innovation to grow their business or reinvent their products. Expert at building and transforming brands, businesses, and digital and physical customer experiences at scale.

History of success developing and executing cross-channel global marketing campaigns to drive brand positioning, equity, and awareness while increasing engagement and sales.

Innovative entrepreneur, author, speaker, and advertising executive with vast expertise driving business growth, reinventing brands, and implementing global marketing campaigns.

I get results! Visit me athttps://www.linkedin.com/in/geoffdeweaver/ 

OR: http://geoffdeweaver.com/ 

OR: Hit me up on Twitter at: https://twitter.com/geoff_deweaver


 

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