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Taking Current Customers For Granted Is Something Your Business Cannot Afford
Written by: Leanne Hoagland-SmithArticle Overview: With the down turn in the economy, many businesses are actively seeking new customers by offering special pricing, extended terms, anything that may get new customers off the dime. However, these actions may be ticking off current and potentially loyal customers.
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Taking Current Customers For Granted Is Something Your Business Cannot Afford
With the down turn in the economy, many businesses are actively seeking new customers by offering special pricing, extended terms, anything that may get new customers off the dime. However, these actions may be ticking off current and potentially loyal customers.
How many times do you read or hear a special offer directed to new patrons such as:
* 25% Off for New Clients?
* Buy 1 Get 1 Free for New Customers?
* Free Shipping for New Clients?
Of course, the goal of these special offers is to increase sales? Yet, are they potentially decreasing sales because they are offending current clients?
If you were a loyal customer who had patronized your business for several years and never received any acknowledgment of those dollars that you had invested in your business, how do you think you would feel about this special treatment given to others?
Do you think that you existing loyal customers may believe you have taken their business for granted? Have you ever thought of offering something special just for them?
Building customer loyalty is an ongoing behavior and a sales skill set. Your actions (behaviors through your sales skills) need to focus on creating “moments of truth” with every interaction between your internal and external customers. Through Points of Connection, you further strengthen those customer experiences.
When existing clients hear about or see special opportunities that are directed at new patrons and ignore them (the existing customers), you have weakened and devalued those points of connection. Given the current economic downturns, can you afford the cost to acquiring a new account that is estimated to be 6 to 7 times greater than retaining a current one?
Customer research also reveals that just a 5% increase in customer retention can generate a 25% to 100% increase in profitability. So why in the world would you ever demonstrate behaviors that would offend your current patrons?
Now more than ever you need to take action to build loyal customers and all behaviors must be directed to that goal. If the purpose of business is to attract and maintain loyal patrons, then your actions must be in alignment with that purpose.
Sales Coaching Tip: Always review existing marketing action from the viewpoint of your existing accounts. By taking this action, you will not take your existing clients for granted and you will build loyal customers who know that you truly appreciate their investments in your business.
Sales Killers to Avoid
Is there some business you don’t want?
Does Your Team have the Right Sales Plan?
Don't Take Your Life For Granted
Your Coaching Clients Will Never Let You Go If
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About the Author: Leanne Hoagland-Smith RSS for Leanne's articles - Visit Leanne's website  Her book, Be the Red Jacket is a no-nonsense and quick read to help discover potential gaps that may be keeping you from your goal to increase sales. The forward is by Evan Carmichael of EvanCarmichael.com Remember if you think you cannot or you think you can either way you are right. (Henry Ford). Sales Coaching Tip: Change your thoughts; improve your results. Click here to visit Leanne's website   Business Building Check List Leadership Assessment Leadership Audit For Business |
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Finding creativity
- Great topic Andy! For me it's:
- Going for a walk (I always try to get out at least once during the day)
- Taking a shower
- Reading business magazines (especially Inc and Business 2.0)
- Late at night (I'm more productive / creative at night than during the day)
- Relaxing with a drink at the bookstore
Re: New Video - Should I Get A Job Or Start A Business?
- Hi Evan,
I was curious to know what you'd suggest and I think you gave excellent advice. Taking a year out to try and start your own business is a great idea. Taking a year out after college is a well established option so I guess it doesn't prejudice your chances of getting a job should you wish to do so later on; it probably improves your chances if you've been getting valuable experience of managing a business and of course, if all goes well, you won't need to find out.
Definitely a video for my website.
Thanks!
David
Re: Two Useful Books To Help You Focus On The CLIENT
- Hi David,
To add to your thread, I'd like to recommend Jonathan Tisch's "Chocolates On The Pillow Aren't Enough: Reinventing The Customer Experience".
Tisch's book includes content on "Welcoming Customers", "The New Art of Customization", "The Challenges of Customer Diversity" and "Offering Something Extra to Your Customers" to name a few.
My entry
- 1. The Best Business Books Ever: The 100 Most Influential Business Books You'll Never Have Time to Read
- this is a fascinating book about the history of Business theory, and I'd recommend it to anybody.
2. The Big Book of Small Business: You Don't Have to Run Your Business by the Seat of Your Pants, by Tom Gegax. Ditto.
3. PADI: The Business of Diving Book
Okay, so this book won't be of use to anyone who doesn't want to start a scuba store, but I did, and this book was of course invaluable to me in reaching that goal.
How to Make Management Profile?
- Here are some tips to make a management profile which helps to attract lenders to invest in your business:
1- Tile i.e. Name of the Business
2- Legal structure of the company
3- When did it start its operation? i.e. DD/MMM/YYYY
4- Shareholders and Directors detail (if any) i.e. Name of shareholders, No. of shares and its percentage
5- Name of the Board of Directors Name and short brief about them
6- Current Manpower i.e. in numbers
7- Management and their short profile i.e. name, designation, experience and qualification
8- What services you are offering? Write it down.
9- Your Competitors
10- Main clients or Targeted clients
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