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8x8 Program Fundamentals: Effective Systematic Communication
The 8x8 program is a communication system for building relationships with potential and current customer❓s, based on direct marketing and regular communication to be top-of-mind when customers make purchasing decisions.
Theoretical Framework:
- Repetition and Perception: Repeated messages increase the likelihood of recall. The 8x8 program utilizes this through communication over eight weeks.
- Personalization: Tailored messages are more effective. The 8x8 program encourages modifying messages for different customer segments.
- Consistency: Consistent messaging builds credibility and trust, ensured by a defined communication plan.
- Rule of 7: While suggesting a customer needs to see a message 7 times before buying, the 8x8 program offers 8 touchpoints to increase conversion chances.
Core Components:
The 8x8 program consists of eight touchpoints over eight weeks, including:
- Mail-outs: Sending marketing materials.
- Telephone calls: Direct communication.
- Emails: Providing valuable information or special offers.
- SMS: Reminders or event announcements.
- Personal Visits: Visiting the customer (especially high-value prospects).
- Social Media Interactions: Engaging on social media platforms.
- Promotional materials: Sending branded materials.
- Events: Inviting customers to special events.
Formula:
8x8 = ∑ (Communication Type * Frequency)fromi=1ton=8where n represents the number of touchpoints.
Customization for Customer Segments:
- FSBO (For Sale By Owner): Requires a plan emphasizing the value of professional real estate services.
- Expired Listings: Demands a fast, focused plan with communication within days, not weeks.
- Prospective Buyers: Needs a plan educating them about the market and providing useful information.
Example 8x8 Plan (FSBO):
| Week | Contact Type | Message |
|---|---|---|
| 1 | Phone call + Visit | Schedule property viewing and present FSBO information package. |
| 2 | Mail-out | Card: “How to Avoid the 5 Fatal Mistakes When Selling Your Home: Mistake #1 - Incorrectly Pricing Your Home.” |
| 3 | Mail-out | Card: “How to Avoid the 5 Fatal Mistakes When Selling Your Home: Mistake #2 - Failing to Showcase Your Home.” |
| 4 | Phone call | Inquire about their interest in showing the home to a client with a buyer representation agreement. |
| 5 | Mail-out | Card: “How to Avoid the 5 Fatal Mistakes When Selling Your Home: Mistake #3 - Using a Hard Sell During Viewings.” |
| 6 | Mail-out | Card: “How to Avoid the 5 Fatal Mistakes When Selling Your Home: Mistake #4 - Ignoring Viewing Feedback.” |
| 7 | Mail-out | Card: “How to Avoid the 5 Fatal Mistakes When Selling Your Home: Mistake #5 - Believing Open Houses & Ads Sell the Home.” |
| 8 | Phone call | Inquire about their plans if they fail to sell the home themselves. |
CRM for Management:
A CRM system is essential for managing the 8x8 program, helping to:
- Record customer data in one place.
- Schedule communication tasks.
- Track progress.
- Analyze results.
- Assign tasks to team members.
Effectiveness Measurement:
Effectiveness can be measured by:
- Response Rate: Percentage of customers responding to communications.
Response Rate = (Number of Responses / Number of Contacts) * 100
- Conversion Rate: Percentage of customers converting into actual clients.
Conversion Rate = (Number of Conversions / Number of Contacts) * 100
- Customer Acquisition Cost (CAC): Total cost of the 8x8 program divided by the number of new customers acquired.
CAC = Total Cost of 8x8 Program / Number of New Customers Acquired
- Return on Investment (ROI): Financial return from the 8x8 program compared to the total cost.
ROI = ((Revenue Generated - Total Cost) / Total Cost) * 100
Examples:
- Case Study: A real estate company applied the 8x8 program to FSBOs, resulting in a 25% increase in conversion rate and a 15% decrease in customer acquisition cost after three months.
- Experiment: A sales team tested different 8x8 plans on different groups of potential customers. The plan focused on providing valuable information was more effective than the plan focusing on direct promotion.
Chapter Summary
The chapter discusses the 8x8 program as a systematic tool for effective communication with potential and new customer❓s❓ to establish the brand and convert them into loyal customers. The program is based on frequent and organized communication with customers over eight weeks through a combination of correspondence and phone calls, focusing on providing added value and building personal relationships.
Key scientific points:
- Systematic vs. Random Communication: The program emphasizes the importance of a systematic approach to customer communication to build strong❓, long-term relationships.
- Importance of Databases: An organized customer database (CMS) is necessary to facilitate tracking and personalization of communication and remind team members of assigned tasks.
- Customization and Modification: The 8x8 plan❓ should be modified to suit the specific needs of each company or individual, with suggestions to change the number❓ of correspondences and calls or adjust the program duration (minimum eight weeks).
- Integration with Other Programs: The 8x8 program can be integrated with other programs, such as the “33 Touch” program for continuous customer care, to maintain effective long-term communication.
- Specialization in Communication: 8x8 plans should be customized for different categories of potential customers, such as For Sale By Owner (FSBO), expired listings, or potential buyers, to deliver more targeted and effective messages.
- Note-Taking: Notes should be taken on each customer interaction in the CRM system to allow for more personal and relevant conversations in the future, thus strengthening the relationship.
Conclusions:
- The 8x8 program is an effective tool for establishing the brand in the minds of potential and new customers through systematic and frequent communication.
- Customization is key to the success of the 8x8 program.
- Integration with programs like “33 Touch” ensures long-term communication.
- Recording notes on each customer interaction enhances the relationship and makes communication more personal and effective.
Implications:
- Companies and individuals in sales and marketing can use the 8x8 program to increase brand awareness, build strong customer relationships, and increase sales volume.
- Implementing the 8x8 program requires an organized customer database (CMS) and ongoing efforts to track, personalize, and record notes on communication.
- The work team should be trained to use the 8x8 program effectively.
- Successful application of the 8x8 program can lead to increased customer loyalty and transform them into brand advocates.
- The program helps increase the return on investment (ROI) of marketing and sales campaigns by focusing on building long-term relationships with customers.
