Social Media Marketing World Talk
I wanted to share a couple highlights from what I'll be sharing during my presentation today.
1). VIP Program
Retain your best customers by treating them like VIPs!
RFM Segmentation is helpful here, as well as in-general.
Recency: How much time elapsed since a customer’s last activity or transaction with the brand.
Frequency: How often a customer transacted or interacted with the brand during a particular period of time.
Monetary: How much a customer has spent with the brand during a particular period of time.
RFM segments have clever and funny names to help you remember them. Here are a few of the many:
Outside/in-addition to RFM Segmentation: There are 2 primary approaches to take when deciding who your VIP customers are.
Big Spenders: customers who have spent over X amount of money over Y amount of time.
Frequent Purchasers: customers who have purchased X number of products over Y amount of time.
It is important to include a time restriction when defining a VIP segment.
Otherwise, you may capture inactive customers or customers who have simply been purchasing from you for a while (who aren't necessarily VIPs).
Outside using discounts, you could leverage the following for VIPs:
Exclusive access (private FB group)
Exclusive content (high-quality info/insight)
Dibs on new releases
Priority customer support
Surprise gifts
Personalized thank you cards