Hi, guys am here today to make huge justice to this post I made about customer value optimization a few months back.
what you will learn:
In this article, you will learn the pro ways to optimize the four super-magical business tools to boost any businesses revenue by 1000%
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Let’s get to know the meaning of customer value optimization:
It is simply a strategy that allows you to optimize your sales and marketing process for higher conversions while offering your leads value so they become your customers.
It is a strategy that allows the lead, the customer, and you to all benefit at the same time.
Now you may be thinking, it sounds too good to be true. There must be a lot of work involved. There is no way to track leads that well.
But there is – here’s how it works.
Sales are like oxygen to businesses:
To maximize sales, you must implement this proven strategy in your business. The most successful businesses are built on the Customer Value Optimization strategy and have systems that align with this strategy.
Just like there are systems for efficiency, systems for finance, systems for tracking… there are systems for marketing and sales that allow businesses to attract people to their business, convert those people into leads, and maximize the sales received from those leads.
If you have the Customer Value Optimization strategy implemented in your business, you will maximize your company’s ability to acquire leads and sales, effectively, consistently.
[perfectpullquote align=”right” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]Customer Value Optimization, or CVO, is a sales and marketing strategy that fits today’s business economy perfectly.[/perfectpullquote]
When executed for a company’s online marketing, it provides a significant and long-term impact. It moves potential customers from their first interaction with your business into a long-term relationship with your company, while promoting and facilitating the growth of your business.
What then is marketing:
Marketing is any activity or processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
It also has to do with buying and selling of a product. In this sense, a product can mean goods and services. Marketing encompasses advertising, sales, and product delivery, as long as the aim is to get products sold to the final consumer.
Marketing has 4 major key elements also known as the 4Ps of marketing;
- The products
- The price
- The place
Let have a small overview of the elements:
Product: this is referred to the item or service a company/individual intends to sell to the public. When a marketer engages or interacts with a prospect, you often faced with a lot of questions like; what product you offer, how will your product benefit them, How is it unique from the competitors? and What is the relevance of the product?
Price: refers to the monetary value of the product. The price of a product is what it will cost you, as a consumer to get the product. Other questions raised during marketing are- is the product affordable? Who can buy the product?.
The place: is concerned with the distribution and location of sale of the product or services. Questions raised concerning place are- who are the target consumers of this product? Will the products be sold on a physical storefront or through virtual/online means? its one of the most important elements in marketing, because you need to find where your target audience hangs out before you can market to them else you will be wasting time.
Promotion refers to the integrated activities involved advertising and communication of the product or services to the target customer. Promotional activities include advertising, personal selling, sales promotions, public relations, direct marketing, sponsorship and guerrilla marketing. Promotion is concerned with a direct communication with customers or target customers
- Discovering Value by developing deep insights into your customers through the application
of skilled VOC capture and requirements management practices.
- Provide useful innovation by designing value for your customers by adhering to their definition of value to solve their problems.
- Communicating the value of your product to solve the problems that your customers
are trying to address through the use of clear, differentiated value messaging.
- Pricing for value to make your product easy to sell for your distribution channels, and matching or exceeding the expectations of your customers.
- Delivering value to improve customer retention by ensuring that the product meets or exceeds the communicated value after your customer has used it.
Here is the real deal:
Offer your audience a core Product-
Most businesses get nowhere by making Core Offers to cold prospects. You’ll see your Core Offer sales explode with the addition of the Lead Magnet and return path
In some cases, sales from the Core Offer will make you profitable. But it doesn’t have to. If you follow through on the CVO process, you could take everything you make from the Core Offer and reinvest it to acquire more customers.
Again, this is how you become unstoppable. You build a system in which you can spend more to acquire a customer than your competitors.
Your competitors are making a Core Offer and trying to make a living from it. You don’t need to make a dime from your Core Offer.
Remember, as Jeff Bezos says, your competitor’s margin is an opportunity. It is your opportunity to, for example, spend more on traffic acquisition, conversion rate optimization, or increase the value of your offers.
It might stun you to find out that many of the most successful businesses in the world make no profit until they reach the next two stages, and Return Path.
Here’s where things get very interesting…
Offer a Lead Magnet-
The trick here is to increase the number of customers.
The Lead Magnet is an irresistible bribe that gives a specific chunk of value to a prospect in exchange for their contact information.
Make no mistake, although no money changes hands, this is a transaction. And, it is often the first transaction you will have with a prospect.
You will need to provide tremendous value with the Lead Magnet.
The Lead Magnet is usually offered on a web page called a landing or squeeze page that is optimized to convert even cold traffic into leads.
Create A Return Path-
The last way to grow a business is to increase the number of transactions per customer.
Enter the Return Path.
The goal of the Return Path is to have frequent, strategic communication with your buyers and prospects that cause them to buy again and again.
Because you have received their contact information through the Lead Magnet, you have the ability to continue marketing.
You can offer new Lead Magnets, Tripwires, Core Offers, and Profit Maximizers because you have permission to market to them or bring them back to the Tripwire, Core Offer, or Profit Maximizer that they didn’t buy the first time around.
The Return Path is anything that brings the customer or prospect back more frequently including…
- Exit Offers
- Organic Social Media (like Twitter, Facebook, and LinkedIn)
- Loyalty Programs
- Content Marketing (Need Content Marketing training?
- Outbound Sales Calling
- Ad Retargeting.
If you reading this paragraph by now I believe your alread know:
- How todeatermine a market fit
- Choose a traphic source
- Develop Lead Magnet
- To Make a Return Path
Wihout further Ado:
Customer Value optimization: How to optimize the right way:
1.) with superiour customer services:
while good customer service is meeting custiomer’s expectation, Superiour customer services is what i described as excceding customers’s (the Buyer) expectation, especially if you can anticipate customer’s needs before they’re expressed.
This means going from satisfying your customers, to suprising and delight them. If you are able to tranform your organization to deliver that level of service, the reward multiplies interms of customers numbers, puchase value and repeat business.
2) Utilize the power of referals:
This is the smartest way to gain new customers, yet it is one of the least-used strategies in all but few industries,
A referal is a recommendation of a new customer by an existing one, opten done without the knowledge or participation of the business. Usually, it occurs when asatisfied customer is asked by a friend, colleague or famiy member to recommend a reliable ratiler, tradesmen or supplier.
3). Strategic partnership:
This is one of my favorite ways of getting job done at minimal cost. using it as a tool to get more customers for your business is a great way to work with other business for mutual benefit
best of all! it is really simple to implement.
Find a business you admire or would like to emulate and approach them for partnership.
4). Public Relations:
PR, Also known as Media relation these days, is higly effective in some industries especially when credibility is a major concern for buyers. Printed articles online features, blogs, industies profile, corperate and social responsibility.
When a company engages in promotional activities, like sending out bulk SMS to inform the public of their products, or posting billboards and hosting events, they are engaging in marketing.
When a company decides to visit a past client or return calls from customers, they are engaged in marketing.