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February 15, 2017 by steve robinson Leave a Comment

Deep Dive Into Grow And Give

Show Notes

This is the final episode in our Deep Dive podcast series, which explored the 5 customer journey states. Previous episodes examined See, Think and Do.This episode is all about the importance of personalized content for the end phase of the buying journey: Grow and Give.  We will discuss the goals, appropriate content, targeting methods, and measurement for the current customers that comprise the Grow and Give states.

Overview of Previous States (04:55 – 07:42)

  • Find a high-level overview of all 5 journey states in Episode 16
    • A Deep Dive Into See State (Episode 23) – the audience is qualified, but not thinking about purchasing your product/service or changing vendors.
    • A Deep Dive Into Think State (Episode 27) –  the audience is qualified AND thinking about purchasing or changing vendors, BUT has no timeline or commitment to do so
    • A Deep Dive Into Do State (Episode 31) – the audience is qualified AND has a commitment to themselves or someone else to purchase within a specific period of time
    • Grow – the happy and loyal customer
    • Give – the happy and loyal customer who believes in your product or service so much they would refer a friend or family member
  • Read Steve’s blog, “See – Think – Do: A Framework for Understanding Your Prospect’s State of Being” as a reference.

The Importance of Targeting Grow and Give (07:45 – 12:00)

The first rule of many businesses is to retain current customers and build a loyal following. Yet, many companies focus solely on customer acquisition rather than customer retention — even though it can cost 7 times more to acquire new customers.  Oftentimes, companies stop nurturing their newly acquired customer after the sale. This is a huge mistake because the probability of selling to a current customer is higher than a new prospect. Plus, it’s cheaper.

The Goals For Grow and Give  (12:05 – 14:40)

  • Goals For Grow
    • Reinforce the brand and its key message and create “stickiness”
    • Increase revenue through upsells and cross-selling
  • Goals For Give
    • Give customers the tools and messaging to spread the word of our products/services by using language in alignment with our brand, and motivate them to do so.Charity Break – Set Up For Students  (20:45 – 21:40)

Appropriate Content For Current Customers (14:45 – 26:15)

  • The purpose of content for Grow:
    • Reinforce the brand’s personality and core values so that customers remember why they love our products or services. Examples include:
      • Mailchimp email newsletter
      • Zoho product suite blog post: Our Product Strategy: How Zoho Services Fit Together
      • Sony PR: Six things you didn’t know you could do with PlayStation VR.
  • The purpose of content for Give:
    • Reinforce the brand’s personality and core values so that customers know how to talk about us and use the correct verbiage. Examples include:
      • Mailchimp email newsletter because it demonstrates product features while reinforcing that core brand philosophy
      • Nimble regularly asks its users to leave reviews on sites like G2Crowd
  • Content and call to actions can differ between the Grow and Give states.

Charity Break – Books For Africa  (26:30 – 27:20)

Targeting Methods for Current Customers (27:25 – 39:10)

  • Email Marketing
  • Direct Mail
  • Mobile Messaging (SMS)
  • CRM to target social media advertising (Facebook, Twitter)
  • CRM to target web/mobile display advertising (AdRoll)
  • Targeting current customers varies depending on the sales model.
    • Direct – easy because existing databases can be leveraged
    • Distributor – more complicated, but offer rebates, coupons and discount codes work well.  Warranty registrations are another good targeting method.
  • When determining if a customer is in the Grow or Give state, we can detect these signals in our marketing automation and via retargeting based on the content they engage with on a website or social media.

Measuring Success (39:15 – 44:00)

  • Grow
    • Attributable revenue from marketing activities
    • Churn rate
  • Give
    • Referrals
    • Reviews

Summary (44:05 – 45:45)

  • Current customers fall into one of two states – Grow or Give
    • Grow are those customers that have purchased your product and would choose to do so again
    • Give are those customers who have purchased your product and love your product so much they tell others about it
  • The content we create to support our current customers should:
    • Reinforce brand personality and core value proposition
    • Make the ask clear and obvious
    • Create a sense of urgency, if possible
    • Reinforce the purchasing rationale so they can justify the emotional decision they made to themselves and others
  • Targeting methods will be the same for both Grow and Give and are largely database driven
    • Ability to use your database depends on if you sell directly.
  • Measurement
    • Grow
      • Attributable revenue from marketing activities
      • Churn rate
    • Give
      • Referrals
      • Reviews
      • Social advocacy

We hope you want to join us on our journey. Find us on IterativeMarketing.net, the hub for the methodology and community. Email us at [email protected], follow us on twitter at @iter8ive or join The Iterative Marketing Community LinkedIn group.

The Iterative Marketing Podcast is a production of Brilliant Metrics, a consultancy helping brands and agencies rid the world of marketing waste.

Producer: Heather Ohlman
Transcription: Emily Bechtel
Music: SeaStock Audio

Onward and upward!

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