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teresa boardman
December 2, 2008 at 6:18 am
This is something I have been thinking about lately. Much of my marketing expense is generated by keeping in touch with past clients. Most of them don’t move more than once a decade. If I deployed those marketing dollars to attract new business wouldn’t I be better off?
Missy Caulk
December 2, 2008 at 6:37 am
Teresa, I spend very little money on my past clients. A phone call here and there, a newsletter once a month, (electronic) Thanksgiving cards and birthday cards. A quick email here or there.
The last 4 years I have had less and less transactions from my past clients and sphere because in MI folks aren’t moving unless they have to. So in order to continue to grow I had to spend more on getting new clients.
Lisa Sanderson
December 2, 2008 at 9:48 am
I am sure every area is different w/rates of turnover, etc, but keeping in touch with past clients is important regardless. Referrals from them are of course welcomed and having all those walking billboards out in the world can’t hurt! With today’s technology it does not have to be expensive to do that.
Elaine Reese
December 2, 2008 at 1:39 pm
When I got into this business, my first two transactions were a result of clients I met at open houses. Both of those couples have since resulted in the sale of 7 homes. That’s 14 homes for a couple hours of sitting at an open house.
So their “lifetime value” is pretty important to me!
Missy Caulk
December 2, 2008 at 3:59 pm
Elaine, now your beating me at repeats again. LOL You OSU folks just don’t give up.
Lisa, no it doesn’t cost a thing to pick up the phone or send a email. They really appreciate hearing too. Eventually the market will change and we will be glad we kept in touch.
Elaine Reese
December 2, 2008 at 5:16 pm
LOL, Missy. Actually they weren’t repeats. The extra homes were kids, grandparents, and referral to friends. Still, it represents the lifetime value of a client.
Mack
December 3, 2008 at 6:42 am
Missy it seems that every time you post an article you generate more work for me to do. Thanks for helping us remember the things that make us successful.
Brian Brady
December 3, 2008 at 10:36 am
@Teresa Boardman
I think marketing to past clients is a must; your message might be wrong, though. If the life cycle is such that those people will only use you once a decade, than your message might be altered to generate referral business.
You do such a wonderful job at community building that this should be a natural for you. I think the challenge for you might be conditioning old clients to become referral machines (I know you don’t like to appear pushy).
You might consider a monthly contest for your past clients along the lines of the v-pumpkin (a great idea). Offer a gift card to a nice dinner.
You’ve built up an army, Teresa. Now you just need a battle plan and a call to action.
PS: You could talk to those folks about investing.
@Missy
I can’t think of a more coveted resource than a happy past client. This article demonstrates the value a practitioner can derive from them. The economic value of a happy client, properly nourished, supercedes any lead from the internet.
Mark Storolis
December 3, 2008 at 11:10 am
It costs 1/6th as much to market to previous clients for referral business, as it does to acquire a new/novel client – Ralph Roberts, Ron Zemke, and a variety of analysts all cite this figure.
It’s pretty common sense to market to those who already love you. Referral business is the soul of all good business.
Missy Caulk
December 3, 2008 at 1:48 pm
Brian, I do both. I need both. Can’t limit myself is how to do business. My stat’s up until a few years ago was typically 85 of 15 new. It is not 75/25 with 75% being new leads. It will even out I believe once buyers start to move up or down in MI.
Mark, you are correct, it does cost more in hard money to get new clients than to maintain and care for past clients.