Diffactory customer journey marketing
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The document discusses how focusing on customer retention through a systematic customer journey mapping process can boost profits by 25-95% compared to solely focusing on new customer acquisition. It notes that most companies do not strategically invest in retaining customers after the initial sale. The solution proposed is to create a customer journey map, align marketing efforts to build value at each stage of the customer journey, execute the retention marketing plan, and continuously monitor and refine the process on a monthly basis. Retention efforts can reduce costs while increasing customer lifetime value, profits, loyalty and referrals.
Diffactory customer journey marketing
- 1. Customer Journey Marketing: Boosting Profit 25-95% Through Customer Retention © 2017 DIFFACTORY,LLC ALL RIGHTS RESERVED
- 2. © 2017 DIFFACTORY,LLC ALL RIGHTS RESERVED Introduction Entrepreneur and digital marketing pioneer Co-founder and CMO of a global franchise system Nationally recognized marketer and speaker Launched Virgin Mobile in the US KEVIN OLDHAM CEO
- 3. © 2017 DIFFACTORY,LLC ALL RIGHTS RESERVED An Expensive Problem
- 4. © 2017 DIFFACTORY,LLC ALL RIGHTS RESERVED We’ve been sold a half truth…
- 5. © 2017 DIFFACTORY,LLC ALL RIGHTS RESERVED ..and the marketing funnel is dead.
- 6. © 2017 DIFFACTORY,LLC ALL RIGHTS RESERVED WHY?
- 7. © 2017 DIFFACTORY,LLC ALL RIGHTS RESERVED RETENTION IS IGNORED Most companies invest heavily in earning new customers and they don’t invest in retaining them methodically.
- 8. © 2017 DIFFACTORY,LLC ALL RIGHTS RESERVED
- 9. © 2017 DIFFACTORY,LLC ALL RIGHTS RESERVED WHY RETENTION IS IGNORED • No one owns the function • It isn’t systematic or automated • Companies don’t understand the journeys their customers are on • Focus on acquisition • Lack of awareness about the problem and opportunity
- 10. © 2017 DIFFACTORY,LLC ALL RIGHTS RESERVED THE DATA
- 11. © 2017 DIFFACTORY,LLC ALL RIGHTS RESERVED https://hbr.org/2014/10/the-value-of-keeping-the-right-customers
- 12. © 2017 DIFFACTORY,LLC ALL RIGHTS RESERVEDhttp://www.bain.com/Images/BB_Prescription_cutting_costs.pdf
- 13. © 2017 DIFFACTORY,LLC ALL RIGHTS RESERVED
- 14. © 2017 DIFFACTORY,LLC ALL RIGHTS RESERVED
- 15. © 2017 DIFFACTORY,LLC ALL RIGHTS RESERVED ENOUGH WITH THE DATA…
- 16. © 2017 DIFFACTORY,LLC ALL RIGHTS RESERVED The Real Value of Retention For Businesses REDUCE • Marketing costs • Operating costs • Sales costs • Risk INCREASE • Profits • Customer LTV • Loyalty • Efficiency
- 17. © 2017 DIFFACTORY,LLC ALL RIGHTS RESERVED Happy Customers • Drive referrals that are more likely to do business with you (word of mouth > any marketing) • Reduce or eliminate sales costs • Make your service/product more fun to deliver • Help shape your company’s purpose
- 18. © 2017 DIFFACTORY,LLC ALL RIGHTS RESERVED THE SOLUTION
- 19. © 2017 DIFFACTORY,LLC ALL RIGHTS RESERVED Customer-Journey Map User State Journey (including tasks) Channels ContentPersona The Next Generation of Content Strategy: Building a Performance Driven Model Information Development World 2015 Workshop Kevin Nichols and Paula Land Step 1. Create Customer Journey Map
- 20. © 2017 DIFFACTORY,LLC ALL RIGHTS RESERVED Step 2: Align Marketing to Build Value in Journey • Determine what can be automated • For manual processes document and execute • Look at the facts • But don’t stick your head in the sand
- 21. © 2017 DIFFACTORY,LLC ALL RIGHTS RESERVED
- 22. © 2017 DIFFACTORY,LLC ALL RIGHTS RESERVED
- 23. © 2017 DIFFACTORY,LLC ALL RIGHTS RESERVED Step 3: Execute
- 24. © 2017 DIFFACTORY,LLC ALL RIGHTS RESERVED Monitor Weekly and Tune Monthly. The Journey Never Ends
- 25. Customer Journey Marketing: Boosting Profit 25-95% Through Customer Retention © 2017 DIFFACTORY,LLC ALL RIGHTS RESERVED