Do customers and prospects have a compelling reason to engage with the business?
‘Engagement’, from both an HR and a marketing perspective, are the holy grail of strategy implementation.
- Engaged employees reflect an HR strategy that actively seeks-out the best people for available jobs – rewards them well, and challenges them sufficiently to keep a high level of production throughout their planned career with the company.
In the same way, engaged customers reflect a marketing strategy that actively seeks out high value prospects, converts them, and keeps converting them – to deliver maximum lifetime revenue.
Charities, political parties, and healthcare institutions all rely on engagement with their brand – through countless small-dollar donations. These donations are given by people who’ve entered the donation on-ramp, and who are later nurtured-along until they are ready to provide higher and higher donations (even if in their estates).
The ‘reason to engage’ is the start of maximizing customer lifetime revenue.
The big banks are masters at it: they patiently graduate small-dollar depositors up the lifetime revenue ladder. By moving from chequing/saving accounts, to credit cards, car loans, mortgages, helocs, resps, rrsp’s, tfsa’s, personal investment counsel, insurance, and finally, trust services – it is easy to see the contours of the strategy.
Other companies can leverage this strategy – they can communicate segment-specific reasons to engage, by offering aligned and valuable services to their prospects and customers.
These services can include items as diverse as company-specific offerings, ancillary insurance products, specialty advisory support, taxation services, retail discounts, or hybrids, like safety/roadside assistance. As prospects and customers engage with these valuable services, they pre-qualify themselves for new products and services.
- Take a look at how the process works by clicking here.
The number – and quality – of on-ramps to engagement can have a profound effect on the company’s sustainability.
By segmenting their clients, and identifying routes to additional engagement (eg: credit union chequing account holders may be presented with a variety of paths to deeper engagement, including savings accounts, mortgages, credit cards, investments), engagement grows deeper, and revenue grows along with it.
Looking to build engagement? Our Stratum Five team can help.