How Much Do You Value Your Customers?
The common argument:
Why should we budget money on marketing? We haven’t been able to track our branding efforts, therefore they aren’t as important as [insert your favorite justification here].
The reality:
The marketing and advertising industry sees this argument ALL THE TIME! It’s especially true in small to medium size organizations, primarily because their marketing budgets are smaller and more prone to dispute.
But don’t let the face value of marketing costs outweigh the real benefit of investing in your customers and investing in your company’s future. Because that’s what you’re doing by developing marketing initiatives. You are Investing.
The real question should be:
WHAT IS THE VALUE OF MY CUSTOMER?
The value of a customer is different for every business. No one can answer this question better than you. But this is the real question that all businesses should ask when they weigh their marketing priorities. Will what you do today bring in new customers tomorrow? Will the money you spend on branding, marketing, mobile and social media pay for itself by building stronger bonds with your current customers? Because really, that’s the key to any business initiative.
Building stronger bonds increases the likelihood that your customers and potential customers will remain loyal to your brand. Building a foundation of trust and loyalty is the only way to do business today. Do it and your customers will stick with you. Don’t do it and you’ll find yourself scavenging for customers in a dark alley, wondering why no one will buy from you. I know that most industry analysts say that consumers are more fickle now than they were 10, 20 or even 30 years ago – that there’s not the same brand loyalty. But I disagree. If your company is genuine and you have your customers’ best interests in mind, they’ll know it. And when they do, they’ll reward you through loyalty.
So the morale of the story is: Don’t underestimate the value of your customers. Sometimes as business owners and employees (who run on budgets), we get caught up in the numbers and not the impact our decisions have on our customers. This can hurt you in the long run. Don’t sacrifice your marketing to save a buck. That buck could lead to hundreds or thousands from just one customer. Make the right decisions in your communication initiatives that foster healthy relationships with your customers. Customers know when you’re making an effort and they’ll pay you back with a lifetime of loyalty.
