I’ve always liked variety. I think that’s why I always enjoyed the Marketing Agency life. Even if you’re focused on one particular client, there was always so much other stuff going on. Different ways of doing things, different approaches that were relevant to another client but not yours. Always an opportunity to learn.
Client’s different needs
And so I’m finding now. I have a variety of clients. Some need help to launch the product or business and so need me to do the market research and help them find their audience. Others have a business, but need help to solidify who they need to target, and how they find them.
Understanding customer data
For those established businesses, it can be an interesting journey. One of the key tasks I have when I start the market research is to deep dive into a customer’s data. Understand who their customers are, try and pin point them, so we can find look-a-likes and create a plan that brings those people in.
The worth of existing customers
It’s a process that often the business hasn’t or doesn’t have the time to do and what it reveals can be insightful. A recent client, it turned out had a great sign up rate to trial of their product, but what was not strong was their conversion to sale. Similarly the repurchase rate wasn’t good. Having done some maths, I worked out that if we increased conversion by 1% and increased the number of transactions by 1, income could be doubled.
Change of focus
And so that’s what we’re doing. Changing focus, away from the segmentation and finding prospects and instead focussing on customers. We’re putting together simple customer email journeys to Welcome customers, encourage conversion, and then encourage repeat purchase. We may even throw in a refer a friend! It’s a turnaround, but it’s exciting and I can’t wait to see the results!