Are you harvesting the right clients?
Today I wanted to share part of a lecture I gave a few weeks ago for my marketing students. I think it helpful to reframe and apply to your business.
When it comes to marketing strategy, you and how to attract clients, it good to look at 3 things:
Demand harvesting
Demand generation
Loyalty building
Demand generation is information-based. For example, introducing a new product to clients and building up a desire for it. Demand generation efforts focus on the message and educating potential clients so that they process the information and create a need.
A good example is Apple creating demand for the smart watch during a time when tech wearables weren’t a thing.
On the flip side, demand harvesting is geared toward being in front of the right customers (those wanting the product or service you are selling) at the right time (when they are ready to buy). Demand harvesting focuses on targeting the right customers and less education, it’s more about assuring clients that their demand will be satisfied by the offer.
Loyalty building is directed at past and present clients and is composed largely of potential clients (the exception being past clients who have decided never to purchase from a business again). The most effective method for building loyalty among past or current clients is to give them superior products and/or services and exceed their expectations. If their first purchase experience meets or exceeds expectations, they are likely to return. In addition, strategic digital marketing actions can increase the likelihood of a return purchase, so those opportunities should not be ignored.
Demand harvesting and loyalty building can work hand in hand to help a lot of business thrive and increase their sales. I have one client who does a great job of building loyality through sending thoughtful thank you cards and gifts to their referral partners on a regular basis. Most of their work comes from referrals so this is an excellent marketing move.
I have another client who has success in demand harvesting, for many years she has run a successful interior design business. In the last few years, she’s realized that she could teach and educate her peers on running an interior design business as well. Because she’s in touch with other associates teaching interior design and business management, she’s able to harvest potential clients much easier than a business coach with no interior design knowledge and relationships from years of networking and being involved in the interior design community.
What are you focused on? Are you ready to focus on loyalty building and demand harvesting marketing? Don’t know where to start? I’d love to help - you don't have to figure this out all on your own - having challenges and want some help - let’s talk!