From research, it costs more to find new customers, figures vary from industry to industry but it is estimated that finding a new customers costs nine times as much as keeping old ones. Take a good look at your business and answer the following questions with self-honesty:
• Do you offer good services and value for money?
• Do your customers keep coming back or do you see them once and never again?
• Do you stay in touch with your customers after they have made purchase?
• Do you reward customers for being loyal to your business?
Whether you see it or not the market is becoming more competitive and more than ever you need to ‘smart up’. One of the smartest business strategies is to look after your existing customers- nurture them, encourage them to spend more with your business, continually ask for ways to improve your services and range of product. Keep in touch with your customers, reward them for being loyal and they will stay with you for many years.
You don’t have to be big to reward your customer, I often meet with small business owners who think they can’t do the kind of marketing that big companies do because they don’t have the kind of money. Agreed big businesses spend a lot of money on advertising and marketing to maintain their market share. Competition is always strong and at the end of the day the company with the best marketing strategies, good products and good service delivery tend to be the most successful.
A popular example is the customer loyalty program by virtually every airline around the world. The basic principle of this strategy is that the more you fly with one particular airline the more free flights and other bonuses you will get.
Why cant this principle be used by any small business from a road side tailors to a car wash. Reward your customers in your own little way by this you are acknowledging that your customers have a choice and they have chosen you.
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Tuesday, March 16, 2010
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