Educate For Customer Retention
If you market and sell new products to your existing customers, and spend less time trying to sell old products to new customers, you too will see a dramatic improvement in your sales, customer quality and branding position.
Educate them about what, you may be thinking. Well, consider this, many businesses focus solely on attracting new customers, but you NEED to spend a good chunk of your time retaining current and former customers. These are people you already know to have good sales potential…they’ve already bought from you!
Here are a couple of key elements to use to retain your current customers:
1. Stay in contact: This means by phone, email, e-newsletter, in person-by carrier pigeon if you have too!
2. Post-Purchase Assurance: This means you need to follow up with customers. Your customers need to feel like they are appreciated and being supported for their business and with the item they purchased. How many times have you purchased a product, then felt completely abandoned? Something as simple as a Thank You note with your contact or customer service information can go along way in retaining a great customer.
3. Deals & Guarantees: Always offer your current customers the best deals and guarantees you have. Show them you appreciate their business or even come up with a club specifically to reward loyal customers. You can also do this with a preferred pricing option. The opposite approach to that of the Insurance sector over recent times!
4. Integrity: Using good business practices, simply upholding integrity, dignity and honesty goes a long way with customers. Let’s face it, there’s a lot of swindling and dross out there. So the safer, and more confident you make your customers feel, the more they will trust you. Which makes for an amazingly supportive and loyal customer.
There are three cornerstone ideas to a successful business:
- Quality product/service
- Offering useful products/services that solve a problem for or enhance the life of a customer
- Offer subjects your customers find interesting
By using this approach of educating your customers, offering them real information & insights, you will be rewarded with loyalty and success.
Stop wasting all your time on new prospects while your current customers fall by the wayside!
As Jay Abraham says, “Your best prospects are your existing customers. If you’ve been putting all your marketing efforts into acquiring new customers, stop and divert some of your resources into reselling, upselling, cross-selling to those same customers. In every way possible – through package inserts, regular mailings, special offers – stay in touch with those customers and get them used to buying from you.”
So, there it is! Please share your thoughts, insights or questions about this.