I’m sure you can all agree with me that when ads from the large cable TV providers come on TV offering new customers better rates than what you are paying, you want to scream. It’s insulting really. That’s why so many people have no problem dropping one company and switching to another on a regular basis. They show no loyalty or appreciation for you, so why should you show it to them?
This isn’t just a frustration seen with cable TV providers. It is relevant for ALL BUSINESSES and you don’t want your customers feeling this way about you and your business.
The cost to acquire a ‘new customer’ is 5 TIMES HIGHER than the cost to keep a current client. With that being said, how often are you ‘thanking’ those current clients that keep your business running year after year? In addition to costing less, you have the ability to cross sell, up sell and receive referrals when you put focus towards current or past clients. You know more about these people which makes selling to them, and providing them with valuable information about your company much easier.
This ‘database’ of current/past clients needs to be nurtured on a regular basis. Consider, like many companies have, discounts or rewards for referring a friend. Send regular coupons right around the time you think they might be needing to buy or upgrade a product. Just send a ‘Thank You’ for no reason at all. Holidays are also great times to send small tokens of your appreciation.
There is a whole host of things you can do to keep these valuable business assets happy, and it’s easier and costs less then going out and trying to drum up business from those you have never worked with before.
Marketing plans need to be comprehensive and not generalized. Categorize your database so you can provide the best information at the best times. Every client is different, so your marketing plan needs to account for that in order to be as successful as possible.
Spend some time thinking about your best customers and ways to Thank them this month. Not only will you make them happy, but they are likely to share that happiness with other people they know.
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