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Are you still searching your balance sheet...the asset is your client and customer list. Okay, maybe your accountant did grant some leniency and placed this as an intangible asset called “goodwill.” But don’t go to the bank and expect them to provide you an asset based loan.
Here are 5 tips to consciously and consistently serve the customers that made it to this valuable and select list?
- Adopt a Customer for Life Attitude in Your Business: It’s 6 times more expensive to find new customers than to service existing customers. Or in other words…existing customers are 6 times more profitable than new customers. Know what it costs your business to acquire a new client and compare that to keeping an existing client. Why shouldn’t you keep customers for life based on your products, services, quality or core competencies?
- Gain a concrete view of current customers, potential customers, competitor activity and geographic location. What can you do to serve them in a relevant way, more than reach, frequency, and creativity. What makes them so interested in your products and services? Why are you valuable to them…? Carefully tailor and deliver a very systematical message to your customers when and where and they are most receptive to look and listen to your offer. The goal is more and larger transactions with existing customers.
- Develop a Strategic Plan for a Long Term Relationship: The worst mistake you can make is to assume your existing customer base will continue to buy from you. If you’re not in front of your customers at least quarterly they belong to your competition. The number 1 reason your customers leave is because of perceived indifference. Show them that you are loyal to them with offers that get them to the “front of the line” in your business. Put yourself in a position to effectively serve and grow your sphere of influence with your customers.
- Divide Your Database into a Plan that gets you in front of the most customers who can say, “yes,” to your products and services. Gather your customer’s demographic statistical, behavioral and psychological characteristics. From as simple as age, gender and kids to more detailed information such as the types of magazines, zip code, services, cars, travel, vacations, sports, hobbies, charities, etc… Remember companies don’t buy things…people do.
- Build a Business Community Around Your Products & Services: How can you leverage your relationships with your existing customers into new relationships with their vendors, customers and colleagues each month. How can you act as the glue that binds these customers together and help them from peer-to-peer business development, to doing more business together, to gaining more knowledge.
You have worked hard to attract and serve your customers…now to make certain you will be privileged to serve them for life. Let them know they aren’t merely an asset on the balance sheet because they are “priceless.”
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