May 1, 2015

How do I market to a family business with a strong patriarchal figure?

May 1, 2015

How do I market to a family business with a strong patriarchal figure?

Stump the Strategist

Watch below as we answer:

Q: I work with family businesses trying to keep their wealth together for generations to come. How do I market to them when usually 'Dad' is the one making all the decisions?

  • Featured strategists are: 

    Adam Long - General Manager, Step Change Marketing

    Andrew Durack – Head of Copy and Insights, Step Change Marketing

    John Hagerty – Managing Director, Be Business  

  • About Stump The Strategist:

    • Questions from the floor, answered live in nine minutes
    • It's opinion, not advice
    • Step Change charges clients for advice, Stump The Strategist is free

A:

  • Many marketers begin with targeting new clients, but the easiest way to make a sale is through your existing client base. As a rule of thumb: If it costs $7 to acquire a new customer, it only costs $1 to get an existing customer to repurchase

  • Try using a Net Promoter Score to assess what your clients are saying about you. Ask them how likely they are to recommend you to someone else, on a scale of one to ten. If they give you a nine or ten, give them an incentive to talk about you, like a bottle of wine for them and a friend. If they give you a six or less they are probably already talking about you, but not in a good way. Make sure you call them immediately to fix the problem

  • Targeting the patriarch may not be your first point of call, or the best strategy. Instead, try targeting the key influencer or second in line and build a relationship through them. They often know what needs to happen and might be more open to outside help

  • Start working with people who see the need for change. Organisations like the Family Business Association specifically target family owned businesses

  • Put a positive spin on what you're doing – you're keeping families together. Create an auto-responder email campaign with videos that portray this. Frequency of contact will ensure they remember you and talk about you

Get more Stump The Strategist HERE

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