So much of marketing content focuses on converting customers (and, obviously, with good reason!). But there’s an equally important thing that doesn’t get talked about as much: once you’ve completed the very hard job of converting a customer, how do you actually maximize this customer’s value to your business?
This can happen both at the time of conversion and by getting customers to make a repeat purchase, we refer to this as profit maximizers which are implemented by return paths.
Imagine that you’re selling a carpet cleaning service. You offer a great price on the carpet cleaning, ensuring a good conversion rate on your leads. Your margins on your main product are likely fixed, and can only get so good before you begin to see lower conversions. But what if you could add extra aspects to the purchase, to increase your margins?
Think about what a person looking for a carpet cleaning may be interested in — curtain cleaning, air duct cleaning, pet odor removal, mattress cleaning, and a variety of other services. In many cases, these are very easy upsells, because the customer is actively looking for your solution. You will already be in their home — what’s easier than also taking care of some other cleaning?
This is exactly what we mean by profit maximizers. Whatever your kind of business, product or service, your average customer likely needs more than one specific thing at a time. Many times, customers actually aren’t industry experts (like you are), and are actively looking for someone to show them affiliated products or even a comprehensive solution that will fit their needs: something that “just works”. For your part, you can do this strategically, by thinking about the types of things that can be included that are not only helpful, but help your margins.
A converted customer is a believer in your business, at least for a time. If you’ve done your part and delivered a product that meets or exceeds expectations, your customer will be left with a good impression of your company.
How often do you communicate with your existing customers to remind them of the value you deliver? Keep in mind that converting an existing customer is significantly easier than converting a brand new lead. And yet, too many companies spend almost all their energy on converting new leads while ignoring this crucial customer segment.
You can stay in touch with existing customers with with return paths like:
- Ad remarketing
- On-site user engagement, such as pop ups
- Segmented, Automated emails
The key here is to be systematic and consistent. Each customer’s return path should be customized to their unique profile and needs. For example: how long has it been since they made a purchase, the specific type(s) of item they are interested in, what they left in their shopping cart but didn’t buy, and any other information you may have.
Because this is too much information to track, return path marketing doesn’t really happen in a manual fashion, but rather by utilizing systems that generate these communications at the right time, with the right information, while you are freed up to focus on other tasks.
In our experience, customers who have a robust marketing plan for profit maximizers and customer return paths tend to see an incredible ROI for their marketing dollars.
To start thinking more critically about these systems for your business, reach out to us today!