A 5% increase in customer retention translates to as little as a 25% increase in profit. Think about how much you are losing not marketing! So, how can we keep and maintain a good relationship and build trust with our existing customers? In this #TechandTacticsTuesday episode, we’ve invited back the sought-after marketing strategist, Royce King, to answer these and other questions that we often get about marketing and branding.
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In August of last year, Royce was also on our show, where she talked about different marketing strategies. We encourage you to listen to it as well. In this episode, Royce will speak on four marketing steps: attract, nurture, sell, and retain. There are a lot of companies that stop communicating with their customers after their first deal. They fail to maintain a good relationship and build trust. They focus too much on acquisitions and forget to nurture and retain their old or existing clients. Listen to this episode to find out the right solution and marketing strategy to retain investors and increase your profits! Plus, Royce has an amazing offer exclusively for you! Don’t miss it!
Key Points From This Episode:
- What’s the difference between branding and marketing?
- A brand is designed to express your brand in the market. It is shown in the company’s logo, colors, feel, and look.
- Small brands need to focus more on marketing activities.
- Marketing is the process of promoting your brand to promote sales.
- Don’t spend all of your money on branding.
- Royce dives deep into marketing steps: attract, nurture, sell, and retain.
- Royce talks about enhancing your “curb appeal” in terms of marketing.
- People need to catch whatever valuable offer you’re making on your website within three or seven seconds.
- Marketing is an exercise in memorization. People have to remember you.
- Don’t get so focused on acquisitions that you forget to nurture your existing customers or clients and build a good relationship with them.
- You’re never going to sell someone unless they trust you.
- It’s more expensive to acquire new customers than to retain the old ones.
- Royce talks about multiple touchpoints before making a sale.
- She names some of the most important metrics to track on the marketing side.
- What CRM platform does she recommend?
“People say, ‘I don’t have money to market my business.’ Of course, you do. Look at what you’re losing not marketing.” [00:15:20]
“What is it about that nurture that we fail at and have to continue to seek other customers? It is more expensive to acquire new customers than it is to retain old.” [00:18:50]“Do you know that there have been studies that show just a 5% increase in customer retention translates to as little as a 25% increase in profits? And some people have shown as much as a 95% increase in profits.” [00:00:00]
Links Mentioned in Today’s Episode:
Email Royce King
About Royce King
As an entrepreneur, Royce Gomez-King has worked with more than 250 entrepreneurs, owned and managed 35 properties, and has created marketing copy for professionals who want to become influencers. She has published a highly sought-after marketing book, Scale Up Your Profits! found on Amazon. Her passion for marketing and real estate has collided and she’s worked with real estate professionals around the US and UK to create effective marketing content.
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