Forming strong customer bonds - Part 3
Posted 11-30-2008 at 04:11 PM by awesometbn
Tags customer bonds, kotler, long-term, structural ties
Adding structural ties
Let's cut through any long winded description and tell you the main idea here is to go beyond getting your customers to be loyal. The marketer's goal should be to increase the consumer's proclivity to repurchase your company's brand. You do that by creating structural ties with your customers. Here are three suggestions.
1.) Create long-term contracts. Get your customers thinking about annual renewals, or better yet multi-year renewals. This becomes a more profitable situation than purchasing one time only. You want something more than brief contact. Keep them using your product or service over many months and years.
2.) Charge a lower price to consumers who buy larger supplies. Maybe a bad example, but let's say you run a website selling a whole variety of ebooks. Average price is $9 each. Ask your customers to agree to regular delivery of an ebook each month, for only $4 each. Look at what you just did, you increased sales from a single $9 purchase into an ongoing series of $4 per month ($9 once vs $48 a year). Lots of variations to dream up, but the main concept is that you lower the product or service price for consumers who buy bigger quantities.
3.) Turn the product into a long-term service. You know what your customers need, and once they buy your product you can continue to sell them associated services that compliment your product. The example I think of is selling domain names. Sure your customers can buy names from you, but wouldn't it be great if they stayed with you to spend more money on SSL certificates, hosting plans, email, whois privacy, and anything else you feel is relevant? Use your creativity to figure out how you can turn your regular product sales into long-term service sales.
With that we come to a conclusion in this miniseries about forming strong customer bonds. But that is not the final word. Let us know your comments and feedback. I hope you enjoyed this brief series. In the future look for more blog entries that may possibly help you to earn money online. Thank you for listening.
Let's cut through any long winded description and tell you the main idea here is to go beyond getting your customers to be loyal. The marketer's goal should be to increase the consumer's proclivity to repurchase your company's brand. You do that by creating structural ties with your customers. Here are three suggestions.
1.) Create long-term contracts. Get your customers thinking about annual renewals, or better yet multi-year renewals. This becomes a more profitable situation than purchasing one time only. You want something more than brief contact. Keep them using your product or service over many months and years.
2.) Charge a lower price to consumers who buy larger supplies. Maybe a bad example, but let's say you run a website selling a whole variety of ebooks. Average price is $9 each. Ask your customers to agree to regular delivery of an ebook each month, for only $4 each. Look at what you just did, you increased sales from a single $9 purchase into an ongoing series of $4 per month ($9 once vs $48 a year). Lots of variations to dream up, but the main concept is that you lower the product or service price for consumers who buy bigger quantities.
3.) Turn the product into a long-term service. You know what your customers need, and once they buy your product you can continue to sell them associated services that compliment your product. The example I think of is selling domain names. Sure your customers can buy names from you, but wouldn't it be great if they stayed with you to spend more money on SSL certificates, hosting plans, email, whois privacy, and anything else you feel is relevant? Use your creativity to figure out how you can turn your regular product sales into long-term service sales.
With that we come to a conclusion in this miniseries about forming strong customer bonds. But that is not the final word. Let us know your comments and feedback. I hope you enjoyed this brief series. In the future look for more blog entries that may possibly help you to earn money online. Thank you for listening.
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