In these challenging times and current economic climate, the single most cost effective and productive strategy you can implement to ensure your business rides this storm is to retain your current customers.
Sounds deceptively simple doesn’t it? Stop and think about it for a minute. Put yourself in your customers’/clients’ shoes. Do they know you appreciate them? Do they know that you value their business? If so, how do you communicate that to them? If not, why not?
Turn the picture around and think about the businesses to who you are a customer. Why do you continue to do business with them? Do they let you know how important you are to their business? If they do, do you let them know that you appreciate them looking after you as a customer?
According to The Bain Co. – it costs 5 to 6 times more to acquire a new customer than to retain a current customer. Yet, most marketing is directed at attracting new customers. Also according to The Bain Co., businesses can boost their profits by almost 100% by retaining an additional 5% of their existing customers. Retaining an additional 2% of existing customers has the same effect on the bottom line as reducing costs by 10%.
So, how do you do this?
I’m sure we all know that in business you need to have a USP – Unique Selling Proposition/Product. But it goes further than that these days. It’s just not enough. You have to make your customers want to be loyal to you through their own challenges. A lot of businesses believe that sales and customer service are 2 entirely separate & independent functions within their business. But that mind set is from a bye gone era. Today, the 2 are absolutely dependent on each other. Imagine how much easier a sales persons’ job would be if the customer knew that they were valued and appreciated? That’s customer service – which in reality is everyone’s job. If you want your business to thrive and not just survive, it is imperative that your customers feel appreciated and valued by your business.
Bill Gates said that if you lose a customer, you lose 2 ways. 1 you don’t get the money and 2 your competitor does.
We are members of the iLearning Global Community which has some fabulous resources for not only improving your business, but also for your personal growth. According to Brian Tracy, there are 7 things that customers value over price when making a buying decision. Number 3 on that list is Support – that you look after your customer.
So how do you accomplish this without huge expense either in money or time? Quite simply actually. Maya Angelou said “I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.”
Make them feel important and valued. The method we use to achieve this is using Send Out Cards. I’d like to share some stories with you that capture the essence of why this works so well.
We had a local real estate agent who had been sourcing some particular properties for us. He had been really diligent in following up without being over the top and pushy. I really appreciated the way he was treating us, so I sent him a card to say Thank you. No ulterior motive, just wanting to genuinely express my appreciation for the job he was doing. He phoned me up to thank me for the card. And I said to him that I really wanted to just Thank him. He said that he might have a couple more opportunities coming up, so I asked him to keep me informed. His response was “I’m going to look after you – you sent me a card”.
A friend overseas was having a birthday, so of course I sent her a card. But I also sent her some of the truffles from the gift section. I received a call from her – she had just been to the post office and picked up the present. I didn’t know, but truffles were her favourite food indulgence!! She was totally blown away and could not get over how I knew to send her some truffles. She had really been wanting some, but just had not got around to getting them. Mission accomplished.
So what will you do? Will you make your customers a priority? Will you make sure that your customers know how important they are to your business?
You can try this system for FREE on us. Simply go to www.SendOutCards.com/magik , click on the banner at the top and follow the video prompts.
To find out more about iLearningGlobal, go to www.ilearningglobal.biz/magik
Magik Blessings, Sharon