3 Custom Audiences EVERY Business Should Have
You have a handful of customers that buy from you no matter what you sell, when you sell, or how you sell it.
Like clockwork, every time you make something available, they buy it.
No questions asked.
All you have to do to boost your revenue is click ‘send’, and these customers flock to the buy button.
Now, imagine you had a way to clone these customers?
Think about the kind of unstoppable business you could build.
That’s why I want to show you a way you can literally duplicate your best buyers.
And not just the customers, but the money they pay you.
It’s like right clicking, copying, and pasting their payments. Over and over again.
How can you do this?
Let me show you…
How To Clone Your Customers In 3 Simple Steps
According to Harvard Business Review it can cost 5 times more to acquire a new customer than retaining an existing customer.
But it doesn’t end there.
Increasing customer retention by just 5% can have a major impact on your profits, in fact it could boost them from 25%-95%. The success rate of selling to a customer you already have is 60%-70%, whilst the success rate of selling to a new customer is a mere 5%-20%.
It’s not hard to see that if you’re looking to boost your bottom line, there are customers you already have that are willing to purchase from you again.
These customers can be put together in what most marketers call ‘custom audiences’. In fact, custom audiences are so powerful, Ad networks like Facebook and Google lean heavily on these to offer advertisers ways to speak to potential leads and customers.
That’s where remarketing and retargeting come in.
Remarketing consists of a number of tactics that allow you to engage with a potential customer after initial contact. Retargeting is one of those tactics, usually in which cookies and display ads are used to re-engage with both current and new users.
Remarketing or retargeting custom audiences basically offers you a smart, cost effective way to mine your internal lead and customer data to find ways to boost your bottom line.
But not all audiences were born equal. There are actually some that just convert better than others.
With that in mind, here are three custom audiences you should be using to grow your business:
Custom Audience #1: Highest Spending Customers
This is a no brainer.
These are pretty much customers who love what you do.
They’re drinking the cool aide, they’re fans, and more often than not if you target them with timely, relevant and valuable offers you’ll see a boost in revenue.
You can start to tailor some really smart campaigns around them too. Call them VIP’s or make them feel special, either way recognizing that they’re important to your business can yield some great results.
When I worked at The Agora Group and we had a more exclusive product or event (read: high ticket item), creating a custom audience of our high spenders and offering it to them in a way that made them feel like a VIP almost always yielded an avalanche of sales.
You could remarket to them internally via email, SMS, or push notifications, or you could retarget them through a 3rd party ad platform like Google, Facebook, Twitter, LinkedIn and so on.
Custom Audience #2: Multiple Purchase Customers
Remember those stats I mentioned earlier?
Once customers start buying from you, they’re more likely to purchase from you again (and if you do it right: again and again and again).
In fact, the terms “cross selling” and “up selling” were born because this isn’t some abstract sales notion, it’s a marketing truth.
Simply put, a percentage of people who have bought from you before are likely to buy from you again.
Think about your favorite restaurant, or that brand of shoes you love – I’m willing to bet you’re more than likely looking to eat there again, or get another pair?
The same thing applies to your business.
Imagine how powerful it is to know that if you generated 100 leads, 10% of them convert on average to whatever it is you upsell them, and then a further 10% converted into a higher ticket item. That means that for every 100 leads you generate, you’re creating 11 sales off the back of that.
But you need to be targeting them properly in the first place.
If you know someone has bought multiple things from you, they’re more than likely to buy from you again. Just sell them more of what they bought from you in the first place! Imagine offering a specific webinar tailored just for them, or even a weekend-only fire-sale?
You can also get quite smart with who to target, but that’s where great CRM’s come in. These are things that can be automated for you based on your requirements, and custom audiences (IE lists) can be generated in seconds.
Custom Audience #3: Customers Who Purchased In The Last 30 Days
Have you ever noticed when you’re on the lookout for something, say a new cell phone, it feels like all of a sudden every cell phone ad just pops out at you?
Better yet, once you’ve purchased the cellphone you’re more likely to buy stuff for the phone, like screen protectors, phone covers and so on.
It’s been described a few different ways over the years, but essentially it’s because you’re “hot to buy”. At that point in time you’re more likely to be ‘offer aware’, and even buy things for your new phone.
So surely it makes sense to upsell the cellphone cover to the person whose just bought the phone? You know a percentage of them will convert.
That’s what makes this audience so powerful.
It’s like they’re in a ‘buying frenzy, and you specifically have their attention. Better yet, they’ve just purchased from you, so your company / product is top of mind.
If you keep your subsequent offers powerful, relevant and timely, closing the sale becomes a matter of when not if.
The 3 Custom Audiences Your Business Should Create Immediately
There is no silver bullet in marketing.
But there are strategies, techniques and systems you can employ for ‘quick wins’, and pretty soon, enough of these wins equate to sizable business being done.
Custom audiences are exactly that, they help you supersize your business by cloning your best customers.
And you don’t need some fancy marketing degree, impossibly expensive marketing tool suite, or overpriced agency to make this happen either.
All you need are these three custom audiences:
- Your highest spending customers
- Customers who've bought multiple times from you
- Anyone who has purchased from you in the last 30 days
Simply remarket & retarget to these three custom audiences and your business will start growing in next to no time!
Until next time, here’s to a killer custom audience cash flow.