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