Detailed Summary of "Do This, NOT That: Marketing Tips with Jay Schwedelson - Episode 290"

Podcast Information:

• Title: Do This, NOT That: Marketing Tips with Jay Schwedelson | Presented By Marigold
• Host/Author: GURU Media Hub
• Episode: Ep.290 - INCREASE Revenue From CURRENT CUSTOMERS! (Quick Tips)➕Shocking NEWS!🤦‍♂️| Jay’s SCOOP
• Release Date: March 14, 2025

Introduction

In Episode 290 of "Do This, NOT That!", hosted by Jay Schwedelson and presented by Marigold, listeners dive into the crucial strategies for maximizing revenue from existing customers. Jay emphasizes the often-overlooked potential within the current customer base, sharing actionable tactics to enhance retention and profitability. The episode seamlessly blends marketing insights with personal anecdotes, providing a holistic view of effective customer relationship management.

The Importance of Focusing on Existing Customers

Jay opens the episode by highlighting the paramount importance of nurturing existing customers over constantly seeking new ones. He shares a transformative decision from his agency, where they reduced prospecting outreach by 90% to concentrate on servicing current clients better.

Jay Schwedelson [00:00]: "The grass isn't greener on the other side. It's greener where you water it."

Key Statistics:

• Harvard Business Review: Acquiring a new customer can cost up to 25 times more than retaining an existing one.
• Bain & Company: A 5% increase in customer retention can boost profits by 25% to 95%.

These statistics underscore the financial wisdom in prioritizing customer retention as a sustainable growth strategy.

Actionable Tactics to Enhance Customer Retention

Jay outlines several specific strategies to deepen relationships with existing customers and extract more value from them:

1. Direct Messaging (DM) Your Top Customers

• Timestamp: [04:30]

• Implementation: Send personalized direct messages to your top customers via platforms like LinkedIn or Instagram. The key is to make these messages feel personal and genuine, rather than automated or mass-produced.

  Jay Schwedelson [04:30]: "Hey Dave, just wanted to say thanks for checking out all of our latest products. You're such a loyal customer. I want to check in with you, make sure all things are good, that you're happy."

• Benefit: Building a personal connection makes customers feel valued and increases their loyalty and engagement.

2. Personalized Quarterly Check-ins

• Timestamp: [08:45]

• Implementation: Automate sending personalized emails every quarter to your top customers. These emails should appear handwritten and come from a recognizable figure in your organization, such as a founder or account manager.

  Jay Schwedelson [08:45]: "Hey Steve, I notice you've been using our service for a while and we really appreciate you. Any feedback on things we can improve? Hit reply."

• Benefit: Regular, personalized communication fosters a sense of importance and encourages customer feedback and loyalty.

3. Create a Power User Panel

• Timestamp: [12:20]

• Implementation: Invite the top 5% of your customers to join an exclusive panel via Slack or Zoom. Involve them in discussions about product roadmaps and upcoming launches.

  Jay Schwedelson [12:20]: "If you invite the top 5% of your customers to a private Slack or Zoom call and share your roadmap, they feel connected forever."

• Benefit: Engaging power users in meaningful ways turns them into brand advocates and provides valuable insights for your business.

4. Build a Private Community for Long-term Users

• Timestamp: [15:10]

• Implementation: Create a small, intimate community for your super users on platforms like WhatsApp or Slack to foster engagement and loyalty.

  Jay Schwedelson [15:10]: "Make a community on any platform for your super clients. It’s easy and incredibly effective."

• Benefit: A dedicated community enhances customer loyalty and provides a space for valuable interactions and feedback.

5. Special Email Series from Founders

• Timestamp: [17:50]

• Implementation: Develop an exclusive email series where founders share personal favorites and curated bundles with top customers.

  Jay Schwedelson [17:50]: "The founder is sending out handpicked bundles that I personally love to our super duper friends."

• Benefit: Personal touches from leadership build trust and deepen customer relationships.

6. Exclusive SMS/Text Updates for Top Customers

• Timestamp: [20:30]

• Implementation: Offer SMS updates exclusively to the top 5% of your customers, clearly labeling the service to ensure they understand its exclusivity.

  Jay Schwedelson [20:30]: "Have a text channel only for your favorite customers where they can sign up for exclusive updates."

• Benefit: Exclusive communication channels make top customers feel valued and keep them informed and engaged.

7. Hand Holding Strategy

• Timestamp: [23:15]

• Implementation: Implement a "hand holding" program where Jay and his team personally reach out to 20 customers every 90 days. This includes direct emails, LinkedIn messages, and sharing thought leadership content.

  Jay Schwedelson [23:15]: "Every 90 days, I switch over 20 new contacts that we're hand holding. It has changed my business because these 90 people feel so connected."

• Benefit: Personalized attention fosters deep loyalty and can significantly enhance customer satisfaction and retention.

Jay’s Personal Update: Taking Semaglutide

Transitioning from marketing tactics, Jay shares a personal anecdote that adds a relatable and humorous twist to the episode.

The Story:

• Timestamp: [28:45]

• Jay confesses to starting Semaglutide injections, initially discussing it on the podcast but later deciding to share the actual experience.

  Jay Schwedelson [28:45]: "I started this thing nine days ago. I have lost one pound so far. So we’re on our way."

• Details:

  • Dosage: One shot per week.
  • Experience: Minimal side effects, slight weight loss, and ongoing updates promised.
  • Humor: Jay humorously acknowledges potential skepticism and the light-hearted impact on his relationships.

  Jay Schwedelson [30:15]: "My jokes are getting worse. That's the only outcome of this whole thing."

• Purpose: This segment serves to humanize Jay, making him more relatable to listeners by sharing personal challenges and endeavors outside of marketing.

Conclusion and Final Thoughts

Jay wraps up the episode by reiterating the importance of making existing customers feel valued. He challenges listeners to identify one actionable step they can implement in the following week to enhance customer relationships.

Jay Schwedelson [36:00]: "What is the one thing you're gonna be able to do next week to make your existing customers feel that love?"

He also promotes Marigold’s Consumer Trends Index, a free and ungated resource that provides insights into why customers stay loyal to brands. Additionally, Jay mentions an upcoming free virtual event, Eventastic, highlighting its relevance to marketers seeking to expand their knowledge and networks.

Jay Schwedelson [34:30]: "Check out their new Consumer Trends Index at meetmarigold.com/CTI. It just came out and it is free."

Finally, Jay encourages listeners to subscribe, leave five-star reviews, and participate in future virtual marketing events to continue their journey toward marketing mastery.

Key Takeaways

1. Prioritize Existing Customers: Focusing on existing customers can be significantly more cost-effective and profitable than constantly acquiring new ones.
2. Personalized Communication: Direct, personalized interactions make customers feel valued and enhance loyalty.
3. Exclusive Engagements: Creating exclusive groups or panels for top customers fosters deeper connections and encourages advocacy.
4. Consistent Hand Holding: Regular, personal check-ins with a select group of customers can dramatically improve retention and satisfaction.
5. Humanize Your Brand: Sharing personal stories and experiences can make your brand more relatable and trustworthy.

Notable Quotes with Timestamps

• Jay Schwedelson [00:45]: "The grass isn't greener on the other side. It's greener where you water it."
• Jay Schwedelson [04:30]: "Hey Dave, just wanted to say thanks for checking out all of our latest products. You're such a loyal customer."
• Jay Schwedelson [08:45]: "Hey Steve, I notice you've been using our service for a while and we really appreciate you."
• Jay Schwedelson [12:20]: "Inviting the top 5% of your customers to a private Slack or Zoom call is gold."
• Jay Schwedelson [28:45]: "I have lost one pound so far. So we’re on our way."
• Jay Schwedelson [36:00]: "What is the one thing you're gonna be able to do next week to make your existing customers feel that love?"

Final Thoughts

Episode 290 of "Do This, NOT That!" serves as a comprehensive guide for marketers aiming to enhance revenue through existing customer relationships. Jay Schwedelson’s blend of strategic insights and personal storytelling creates an engaging and informative listen. By implementing the discussed tactics, marketers can expect to see improved customer retention, increased profitability, and a stronger, more loyal customer base.

For those eager to delve deeper, Jay recommends exploring Marigold’s Consumer Trends Index and participating in the upcoming Eventastic virtual event, both of which offer valuable resources for continuous marketing growth.

Subscribe to "Do This, NOT That!" to stay updated with weekly marketing tips and join the journey towards marketing mastery. Don't forget to leave a five-star review and share your experiences with implementing these strategies!