If you ask a business owner how they are going to grow their business, most will tell you by attracting new leads and acquiring more clients.  Now, don’t get me wron,g there is a need for businesses to acquire new clients, but this is costly as a growth strategy.  It also ignores one of the business’s most valuable assets, its existing clients.

Why Client Retention Is More Cost-Effective Than Client Acquisition

Research by Invesp shows:

• Acquiring a new client costs five times more than retaining an existing client.
• The success rate of selling to an existing client is 60-70% while the success rate of selling to a new client is 5-20%; and
• Increasing client retention rates by 5% increases profit by 25-95%.

Focusing on client acquisition is a less cost-effective way to grow your business.  You’ve already invested marketing and sales resources in your existing clients and have built the know, like and trust with them.  They’ve purchased your products and/or services and started to develop a relationship with you and your business.  Existing clients are 50% more likely to try new products and spend 31% more.

How Loyal Clients Drive Referrals and New Leads

As these clients get to know your business and make more purchases, they are more likely to share your products and their experience with others.  Thus, you become both loyal clients and advocates for your business.  Existing clients can become a lead generation source for your business as they refer family, friends and colleagues.  Studies show 92% of potential leads trust personal recommendations more than any other kind of marketing.

Using Client Insights to Improve Products and Services

Your existing clients can also be your best source of information on the clients you are targeting, since they have already bought your product or service.  Their shopping habits and purchasing patterns can help you better understand why and how leads become clients, enabling you to refine your marketing and targeting efforts.  At the same time, these clients can provide you with feedback on how to improve your products and services, plus spot opportunities for new products to add to your current offerings.  Cross-selling, which can increase profits up to 40%, is easier with existing clients than with new clients.

The Long-Term Benefits of a Strong Client Retention Strategy

The importance of client retention on your business growth is clear.  It leads to:

• Spending less on marketing and advertising;
• Lower cost of acquiring new clients as your business gets more qualified referrals;
• Sales with higher margins as existing clients are less price conscious and value your business; and
• More repeat purchases because existing clients believe you offer superior products and/or services.

The benefits of client retention not only impact your revenue and profit, it can also impact your employee retention.  Focusing on client retention allows your employees to spend less time trying to acquire new customers, more time developing meaningful relationships with your existing clients leading to higher morale.  Work becomes less about sales and more about people.

How VirtuArte Helps Businesses Improve Client Retention

Client acquisition is important, but don’t make it your business’s sole priority.  Don’t neglect your existing clients.  A satisfied, loyal client is worth more than one who is not.  Don’t have a client retention strategy? Let VirtuArte help.  Contact us here or give us a call at 866.228.3497 to set up a complimentary strategy session to discuss options for your client retention efforts.

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Courtesy of Wikipedia

I will be traveling with a group sponsored by the International Folk Art Alliance, an outreach travel program organized through the International Folk Art Market (IFAM), an annual event in Santa Fe, New Mexico whose mission is to “create economic opportunities for and with folk artists worldwide who celebrate and preserve folk art traditions.”  I had the pleasure of attending the annual event last July, and I will be making a return trip this Summer.

As a center of folk art, Oaxaca is known for the variety and beauty of its indigenous arts.  For example, I will be meeting with artists such as Manuel Cruz Prudencio, who carves from wood and paints creations known as alebrijes.  I had pleasure meeting him and purchasing one of his creations at the IFAM 2018 in Santa Fe.  I am looking forward to seeing him in his studio and learning more about his process.

I will also be meeting with another IFAM connection, Magdalena Pedro Martinez, a talented sculptor who works in black clay that is unique to Oaxaca.  She sculpts women in traditional dress, including precious couture details that are being lost to modernization, preserving the knowledge and creating unique works of art.  To round out the trip, I will also be meeting with artisans who specialize in textiles, jewelry and pottery.

My trip will be the subject of posts of photographs and videos on Facebook, LinkedIn and Instagram to showcase the beautiful artwork and the amazing people of Oaxaca.

While traveling, I will be looking for items to add to the VirtuArte collection.  VirtuArte prides itself on offering our clients a curated array of unique, distinctive gift opportunities created by artisans from around the globe.  In keeping with the VirtuArte vision, I will be meeting with the artisans, learning about the history behind their work and exploring their process.  This in-depth knowledge will enable VirtuArte to offer targeted gifts, with interesting, engaging back stories that will be included as part of the gift, making each one all the more memorable.

I am SO excited about this trip and sharing all of my discoveries, that upon my return I am hosting the VirtuArte — Experience Oaxaca Event.  If you would like to be one of the first to know when registration goes live for this event then register here

You will have seven (7) days before the rest of the public to secure your spot (and spots are limited).  My events are sought after tickets.  I will be talking about the trip, serving food and drinks from the region and showcasing new additions to the VirtuArte collection.  This is a great way to ensure you are in!

Also, for anyone saying they want to be on this VIP list, I will be sharing some special private content with you, including photographs of Oaxaca, videos of the artists I’me meeting and their works of art and a “sneak peek” of some of the items I’m bringing back with me.

I can’t wait to share my trip with you.

Best regards,

Debbie

The post VirtuArte Travels to Oaxaca to Source Unique Artisan Gifts appeared first on VirtuArte.

When you read, you have 85 days left to shop, do you think, “Oh, I have plenty of time!” or do you start feeling the stress of Holiday shopping?

My Past Holiday Shopping Experiences

Before I started VirtuArte, I worked for a multinational corporation and traveled extensively.  The end of the year was a crazy time, and I didn’t start to think about my Holiday shopping until two or three days before Christmas.  I never took the time to reflect upon what I was going to give anyone on my list.  I would go to the shopping mall, the stores would be crowded with people, and I would wander from store to store, hoping to see something that would make a good gift for someone on my list.

I never knew what I was looking for, but I did know I had to have something to give everyone on my list.  As Christmas Day drew closer and closer, I became more and more desperate.  I would end up buying items I saw and then try to fit the items to the individuals on my list.  Sometimes this worked out well, but most of the time I would see disappointment when my gift was opened.  The whole experience from going shopping to seeing my gift being opened was not enjoyable.

A VirtuArte Holiday Shopping Experience

Last month, I sent an email to my customer Katie asking to set up a call with her to begin discussing her year-end gifts.  Last year was the first time Katie had worked with VirtuArte to select her year-end gifts.  She still talks about the reactions and thank yous she received from her clients and friends.  From the wrapping to the handwritten card to the gift itself, each person knew that Katie had spent time specifically selecting the gift for him or her.

Katie and I had our call.  My objective for the call was to get Katie to begin thinking about and take the initial steps for her Holiday shopping.  During our discussion, Katie told me she will be increasing the number of gifts she is giving this year.  We spoke about whom she gave gifts to last year, the items she gave, and the price points.

The Holiday Gifting Process

The first step for Katie is to put together the list of people she is going to give gifts to this year.  Once she has finished her list, Katie will then write down by each person’s name interests, hobbies, places they’ve traveled to, etc., to help me identify potential gift options.  In the meantime, I will put together a list of items Katie gave last year and the prices to help her formulate her budget for this year’s gifts.  I will also send her photographs of new products as they arrive.  Starting now will reduce the stress of Holiday shopping for Katie and will ensure that I will be able to get the items she chooses well before December.

Tips for Reducing Stress

Giving a gift is a way of showing someone how much you appreciate him or her as an individual, whether in a business or personal relationship.  The process of selecting that gift should be enjoyable, not stressful.  Here are some tips for reducing Holiday shopping stress:

Before you go to a shopping mall or surf the Internet:

1. Make a list of all the people you are thinking about giving a year-end gift to
2. After each person’s name, list information about them, such as interests, hobbies, places they’ve traveled to, colors they like or wear, etc.  This will help you think of possible gifts
3. Write down a couple of gift options for each person.  This will help you narrow down the number of stores you will visit

Now you know:

1. To whom are you going to give gifts to,
2. Possible gift options for each person, and
3. Where you need to go to find those gifts.

All of this is done before you leave your house or hit “Search” on your web browser.  You are now ready to start shopping.  To further reduce that stress, don’t wait until the last minute; start your shopping as soon as you possibly can.

In the comments below, let me know how you’ve dealt with your Holiday shopping in the past.  I’d love to hear about your experience!

If you would like assistance brainstorming Holiday gift options, contact me, Debbie Myers, at (202) 297-9524 or by e-mail at dmyers@virtuarte.com.  I would be happy to help you.

The post Start Your Holiday Shopping Early to Make Gifting More Meaningful appeared first on VirtuArte.

This coming Thursday, the 15th of February, I’m leaving for Cuba, a country I’ve wanted to visit for a very long time to experience its culture, history, and Cuban folk art.  I want to see Cuba before it all changes.  I want to see the architecture, ride in a classic car, experience the culture, etc.

Did You Know These Facts About Cuba?

Did you know?

1. Cuba has a 99.8% literacy rate, which is one of the highest in the world.
2. Cuba is the largest country in the Caribbean in terms of population.
3. There are only 90 miles of ocean between Cuba and the tip of Florida.
4. Cuban food is a mixture of Spanish and Caribbean dishes that incorporates a lot of spices.  Many traditional meals include black beans, shredded beef, rice and plantains.
5. Dance is very important in Cuba.  The Botero, Mambo and Cha Cha were invented in the country.

Traveling To Cuba

In November 2017, the travel rules for Americans were changed once again.  Americans must now travel with an organized US-owned company tour group.  I am going with the International Folk Art Alliance, whose mission is to celebrate and preserve living folk art traditions and create economic opportunities for and with folk art artists worldwide.

One of the reasons I chose this trip was the focus on the art and culture of Cuba, with a particular emphasis on the folk art of Cuba.  I am visiting Santiago de Cuba, the second largest city located on the southeastern coast of Cuba; Baracoa, located in the Guantanamo Province near the eastern tip of Cuba; and, of course, Havana.

Exploring Art, Culture, and History in Cuba

The Itinerary Includes …

In each location, I will visit the historical sites, such as San Juan Hill, where Teddy Roosevelt famously fought during the Cuban/Spanish/American War; the Plaza de Armas, the site of the oldest Spanish fortress in the Americas; and El Finca Vigia, the estate of Ernest Hemingway.  I’m looking forward to seeing these sites; however, more important to me are the visits to museums and contemporary art spaces, attending dance performances and concerts, and most of all, the visits with local artists.

Copyright: Kobby Dagan

Discovering Cuban Folk Art and Artisans

Cuba has a tradition of painting, woodworking and papier-mache.  On the itinerary is a visit to the:

1. Community Project of El Grupo Bayate — paintings
2. Studio of Leandro Gomez — sculptures
3. Casa de la Cultura
4. Taller de Grafica Experimental — etchings, lithographs, woodcuts and collagraphs
5. Studio Art Brut — all mediums
6. Artisan Market, at the Central Cultural del Almancenes San Jose — handicrafts
7. Studio of Sandra Dooley — paintings
8. Studio of Guillermo Estrada — paintings

Bringing Cuban Art Into the VirtuArte Collection

Throughout the trip, I will be looking for new artists and pieces to add to the VirtuArte collection.  I can’t wait to see what I find.  Periodically check out the VirtuArte Facebook page.  I plan to post photographs while I’m in Cuba.

If you’re interested in hearing about my trip and seeing what new pieces of art I found, then “save the date” Tuesday, 27 March 2018.  I will be speaking that evening at the VirtuArte Gallery. More information to follow.

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