Looking for customers? It’s all about the rhythm baby

 

What is a customer worth to you? If you’re a cafe, it might be £3.99.

A restaurant, maybe £50.

If you’re a lawyer, let’s face it, it is probably a tad more.

What about me, the humble PR consultant…well, anywhere from £99 to £27,000.

You see, I don’t see customers as a one-off transaction, I see them all as long-term clients in waiting.

They vary from one-off strategy calls to help boost their PR campaign or recurring fees to work with them for a few months. It might be a blog or two, a press release, a mini-campaign or a retainer.

The costs vary hugely. That larger figure of £27,000 isn’t a finger in the air guess or dream fee. It represents the average fee over the average length of a retainer contract.

How did I get to that fee and so blinking what?

Well, my average retainer is £750/m and the average client stays with us for 3 years.

So, £750 x 12 = £9000. £9000 x 3 = £27,000.

Wow Greg, I’m REALLY happy for you I hear you say. The next round’s on you.

The point is, if I know the ‘lifetime value’ of a client is £27,000, I’m now armed with information that helps me make a decision about how much I could/should spend to snaffle that client. So if I’m aiming to win more retainers, I’m not thinking about £750, I’m thinking far BIGGER.

For smaller fees, I cut my marketing cloth accordingly but again, it is based on facts, not intuition.

The key thing is, I know what I need and I know how to get it. It is then up to me to play with my marketing strategy to ensure those leads come in at the right rate in terms of time and value and crucially, at the right cost that is acceptable to me, with the knowledge that I convert 60 percent of my qualified leads.

This is why it is all about the rhythm. It’s no good winning the odd bit of work as a fluke. You need to know your target, your conversion rate, your margin and your lifetime value. Then you can start to look at your marketing budget and how to spend it to get to that goal.

If you’d like to have a chat with me about how to do this, you’ll be pleased to know there’s no fee for that. Yes, you can have a FREE strategy call with me, I might even buy you a coffee at £2.99 or a sandwich at £3.99.

You see, I know I can invest this because I know my rhythmic acquisition of customers.

The question is, do you know yours?

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