Why Customer Retention Should be a Higher Priority than Customer Acquisition

In-Location Marketing vs. External Advertising

Most marketing budgets center around getting a company’s message out to the masses. TV commercials, print ads, billboards, sponsorships, direct mail, are all forms of external advertising that are commonly used to attract new customers to businesses. But once you bring someone in, what are you doing to get them to come back?

Companies that have to advertise all of the time in order to stay in business are likely not doing enough to keep their customers happy.

Many business owners focus most of their efforts on attracting new customers in order to make more money. But you don’t only need new customers! If your goal this year was to grow your revenues by 10%, would you care if that increase came from new business, or increasing the average spend from your current customers? Of course not! More revenue is more revenue.

Money earned from new customer vs. existing

They look the same, don’t they? Because they are! An added dollar earned from an existing customer is just as good as a dollar form a new one. But it’s proven to earn that extra dollar from an existing customer than to get it from a new one.

“Research shows that it can cost up to 30 times as much to get a new customer as it does to keep an existing one. It pays to stay very close to your customers, so you know their exact needs, today and tomorrow. Your aim is to be irreplaceable as their supplier.”
Mike Johnston, The Chartered Institute of Marketing

An Inexpensive Solution

It’s Relevant TV has come up with an easy way to increase customer retention (getting customers to come back more often). Each custom TV network IRTV creates is unique to each business that displays it. Short-form TV programs grab the attention of visitors while the integrated real-time social media and promotional tools help get the business’ message across.

If you own or manage a business and have a TV, It’s Relevant TV offers a free consultation. You can explore various types of programming with an expert and start to craft something that will do much more for your business.

For more information check out It’s Relevant TV’s official site: http://www.itsrelevant.com or call their U.S. Headquarters at: (203) 588-1689

 

 

TV Advertising: Traditional Isn’t Cutting It Anymore

The Main Goals of TV Advertising

Branding has long been the First, Middle and Last reason to advertise on Television. If potential customers don’t know about you, why would they buy your products or use your services? Brand awareness creates trust, generates leads, and ultimately creates sales and the growth of your business.

brand-reocgnition-funnel

 

For this reason businesses have used TV advertising to:
•  Create brand recognition by reaching the greatest number of viewers.
•  Attaining a frequency level that will promote memory retention.
•  Demonstrate value through emotion and visuals

And TV ads are great at achieving all three. But TV ads have become more expensive and less effective in the last few years due to a number of changes. Let’s take a closer look at the current state of Traditional TV Advertising.

The Current Characteristics of Traditional TV Advertising

  • Broadcast TV ads are expensive.
  • Television advertising is broadly targeted and ad buys usually include a lot of “waste” (the ad reach you pay for that is not relevant to your message).
  • Clutter Ridden – Television is overflowing with advertising. 25% to 35% of the broadcast airtime is now being filled with commercials
  • Ads are purchased based on ratings. Ratings are based on a small sample of the population and cannot guarantee how many people actually tune into any particular program.
  • TV ads are sold on a cost per thousand (CPM) basis.
  • Audience delivery is impossible to measure, as ratings are estimations and it is impossible to track what percentage of viewers stay tuned during your ad’s playback.
  • Under-delivery is fairly common
  • Reporting is horrible and slow. Actual run time/placement is only available by requesting a program log. It is nearly impossible to receive a log in a timely fashion. Especially from a Cable Operator.
  • Return on investment is very hard to calculate. Direct marketing messages are the only surefire way of seeing true ROI and actual effect on purchases based on the ads

Modern Television Advertising from It’s Relevant TV

It’s Relevant TV allows advertisers to forge brand recognition with pin-point accuracy and benefits. Unlike cable TV that targets channels and times of day, IRTV goes deeper.

1. Reach screens that are located in businesses in specific categories.

2. Market through televisions in specific zip codes.

3. Your commercials are shown in single ad breaks. This means that your ad is the only ad in a break, so all attention is on it.

4. You can target location types that have screens near point-of-purchase, allowing product owners to push their products in areas that they can be immediately purchased.

5. Reliable and immediate reporting. You can see the exact screens and the minute and second your ads have played on them.

6. Affordable at just $0.30-$0.50 per play per screen.

7. Extremely scalable with 24/7 controls. You can concentrate your ads when it makes the most sense for you, and scale back when it doesn’t.

8. Multiple ad messages. You can run multiple video ads at the same time and It’s Relevant will automatically distribute the messages evenly.

9. Ads are associated with family-friendly programming displayed in prominent public places.

For more information on this new advertising platform please contact John Lunghi by emailing him at: john {at} itsrelevant.com or by dialing the main office at: 203-588-1689.

Utilizing Television to Benefit Your Business

Your Customers Didn’t Come to Watch TV

If you print a sign to promote a new service, and then you never hang it in the business, you’re missing an opportunity, right?  That seems pretty clear, and yet business owners think nothing of buying a TV and filling it with useless programming. But how is that helping your business and customers?

Reality Check

There is an important reality about including a TV in your business location: your business is not the customer’s living room.  They have a TV in their own living room and they have complete control over that one.  Having a TV in your business with the remote freely available is not going to draw anyone off their own couch to come sit in your waiting room.

You may have a television in the waiting area of your doctors office or automotive service center.   And you might leave the remote out for your customers to pick what they want to watch, but why?  Did a customer ever say “I feel like watching the Steelers game, so I’m going to the doctor’s office”? Of course not!

Additionally, leaving the channel selection to your customers poses some risks.  What will they choose to watch? Will they be annoyed by the preferences of the other customers?  Some business owners who hold the remote at the desk or behind the counter complain that dealing with changing the channel wastes time and frustrates employees also.

Customization is your Right and Duty

The truth is that you designed your business location with purpose.  The paint color, the flooring, the lighting, the furniture: you selected these to create a certain feeling in your space.  Until now there were very limited options to customize your TV with that same care, but now you can.

Your TV can influence your customers to spend more money, come back more often, and follow your business on social media.  Choosing the right programming is all you need to do to make your TV worth something.  With It’s Relevant TV, your TV is an asset that helps drive greater sales.

TV People MagnetMagnetic Television

Whatever channel you have on, your customers will look at the television at least once – it’s human nature.  But how can you keep them looking without giving them the remote?  Keep changing the type of content every few minutes automatically!  

If you have national news, sports, travel, gardening, food/cooking, fashion, kids programming and more available to mix at all times, you’ll have something for everyone.  It’s Relevant TV is the subscription service that provides you this flexibility.  The system automatically mixes content from categories you choose so your customers are never bored or frustrated with what’s on the TV.

And While You Have Their Attention

When your customers are looking at something, you put your brand on it, right?  Custom water bottles, notepads, refrigerator magnets, this is a pretty common practice.  With your TV, you have the opportunity to do so much more!  Put your logo on the screen, add your own informational videos, and add your own marketing messages and specials as images next to the broadcast. Show off your social media posts to gain followers.  All of that would be impossible with cable TV.

It sounds like a promotional dream, but it’s very easy to achieve with It’s Relevant TV.  Get your customers to look, keep them watching, and harness their attention to grow your business.

Facebook Video Ad Viewing Times Inflated, ROI Questioned

Recent news has broken about the inaccurate reporting of video playback times on the Facebook platform.  Facebook’s reporting suggested higher message playback than actually happened.  In a post on the Facebook advertising help site, Facebook announced the discrepancy and explained the difference between how it defined the statistic, and what was actually measured.

We had previously defined the Average Duration of Video Viewed as “total time spent watching a video divided by the total number of people who have played the video.” But we erroneously had calculated the Average Duration of Video Viewed as “the total time spent watching a video divided by only the number of people who have viewed a video for three or more seconds.

New Changes In Place

Then in response to this discovery, Facebook says it’s introducing two new metrics in hopes to save face:

Video Average Watch Time: the total watch time for your video, divided by the total number of video plays. This includes plays that start automatically and on click. This will replace the Average Duration of Video Viewed metric.

Video Percentage Watched: reflects the percentage of your video somebody watches per session, averaged across all sessions of your video where the video auto-played or was clicked to play. This will replace the Average % Video Viewed metric.

What does this mean for you as an advertiser? It means that if you advertised on Facebook over the past couple of years you have likely been misled. You likely have an unrealistic ROI measure if you were using the “average duration of video views” metric. Most noteworthy is that Facebook is never aiming for a 100% playback of your video. The platform operates with distracted individuals in mind and is not the place to deliver a real ad message.

A Facebook Ad Alternative

TV Advertising Digital SIgnage Business Television
TV Advertising on It’s Relevant TV

Instead of playing back fractions of your video ads to viewers that may be largely irrelevant to your messaging, you could be utilizing It’s Relevant TV’s Advertising Platform. It’s Relevant TV puts your video messages on television in public places and only charges you for FULL PLAYBACKS. The price is about 1/100 of what standard TV ads cost. Advertisers can target by geographic location and business type.

For more information you can call the toll free office line: (855) ITS-RELE or visit online at: http://www.itsrelevant.com/advertising.