"You don't want to lose a customer that you already have" — When Shark Tank's Daymond John revealed essential marketing moves every business needs

In a November 20, 2020, YouTube video, Shark Tank investor and entrepreneur Daymond John outlined several key marketing strategies that every business should consider, including email marketing, social media engagement, and targeted advertising. He particularly emphasized the importance of retaining existing customers, saying,

"You don't want to lose a customer that you already have. It was so hard to get them, and if somebody takes them away, they may make them a customer for life."

Daymond John's customer retention, engagement, and outreach marketing strategies work to build stronger customer relationships and long-term success.

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Shark Tank's Daymond John’s key marketing strategies for business growth

Leveraging email marketing for customer retention

Email marketing is also an important aspect of keeping a brand top of mind with customers. The Shark Tank investor emphasized the need to stay in frequent contact, saying,

"You have to keep your brand at the top of your consumer's mind. They need to be thinking about you all the time."

A well-structured email plan keeps customers involved, informed of new products, and reminded of the value of the brand. Upselling existing customers and selling leads to customers are also fundamental elements of email marketing. Daymond clarified,

"There’s only three ways of dealing with a customer: acquiring a new one, upselling a current one, or making one buy more frequently."

A lead might have expressed interest initially but never actually made a purchase, while a current customer has no idea what other products or services are offered. By properly offering targeted specials, companies can expand sales without requiring new customers to be acquired.

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Maximizing social media engagement

Social media is a powerful tool for reaching and maintaining customer interest. John emphasized the need for businesses to establish a presence on these platforms, stating,

"You got to use social media, you got to keep perfecting social media."

Customers frequently browse social media, and maintaining a strong presence ensures that a brand remains visible and relevant. He also highlighted the importance of consistently updating followers with relevant content. Daymond noted,

"Make sure that you are being represented on there so people know what you're doing and you're in the back of their mind or maybe even the front of their mind."

Regular updates about business activities, promotions, or community involvement help build customer loyalty and encourage word-of-mouth marketing.

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Utilizing paid advertising for targeted reach

John also discussed the benefits of paid online advertising for businesses looking to expand their reach efficiently. The Shark Tank investor explained,

"When you do paid online advertising, you're able to test certain strategies and ways to communicate your product on a very small budget."

Paid advertising allows companies to target their message and specific groups of people and modify their campaigns based on how well they perform. The Shark Tank investor also highlighted the need for companies to identify a target market, saying that companies cannot be for everybody.

Knowing whether a product or service has been designed for a luxury market, a mid-market customer base, or a mass market enables businesses to align their marketing efforts accordingly. This information is helpful in designing effective ad campaigns that appeal to the desired customers.

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Entrepreneurs present their business ideas on Shark Tank, airing Fridays at 8 PM ET on ABC, with episodes streaming later on Hulu.