On your journey to maintaining and growing your most valued customers you need to be aware of the environmental conditions. Environment will have an effects on your destination, such as speed, maintenance, regulation, fuel – you get the point, conditions such as political-BREXIT, legislation & tax, global competition, technological developments.
See your business on a journey and your customers have the directions, you have the vehicle. You cannot get to a destination with asking your customer:
- Is this the right direction to fulfil your needs?
- What time should I arrive?
You may have heard it cost the business 7 times more to get a new customer than to keep and maintain an existing customer. According to the Harvard Business School, increasing customer retention rates by 5 percent increases profits by 25% to 95%.
5 Customer Maintaining Strategies:
- Communication is vital in maintaining your most valued customer relationships. Use your customer language (not yours) and utilize the channel your customers most prefer.
- Customer do not want excellence they want easy, so make it easy for them to do business with you. Look at all your touchpoint in your systems and processes and ask how can we make this easy for our customers?
- Deliver on your customer (not your) expectations, understand your customers changing wants and needs, have feedback loops in your business.
- When was the last time you took your most valued customers out to lunch and asked them what do you want use to improve upon? What more can we do for?
- Give freely understanding that reciprocity is built even with small gestures. Add value at all times, this is the value your customer wants and cherishes.
7 Customer Growing Strategies:
It is necessary to stay in close to your potential and your existing customers to increase your customer base. The closer you stay to your potential customer the more likely they will research you as a potential supplier. Your relationship building strategy will depend on the profile and character of your potential customer.
- One of primary drivers in your company’s value is the lifetime value of your customers. Analysing customer profitability and maximising your customer’s lifetime value are essential in any business.
- When you have identified who are your most valued customers, create profiles and strategies to build the relationship with similar profiles.
- Once you have earnt the trust of your potential client, you have also earnt their ear. Offer value to earn the right to educate them on the superior value of your product or service.
- Attend networking events, join relevant organisations, form partnerships, schedule focused fact-finding not sales meetings and watch your knowledge and network grow.
- If you are a skilled presenter, offering to speak for free or hosting a workshop at business events that you know your ideal clients will attend or organise a lunch and learn event.
- Offer your potential customers a free trial of your product, it is an excellent way to market, attracts new customers and garners good reviews and testimonials. Free trials show the potential customer the value of what you have to offer and converts them into paying customers later if you have a conversion strategy.
- Get an excellent case study from an existing customer, it is one of the best ways to drive potential new business, it assumes that your service works and that you have happy customers.
A study by the Gallup Group, customers were nine times more likely to be engaged with a brand when they evaluated the service as “courteous, willing, and helpful,” versus the “speedy” Make your customer experience personal, don’t be predictable, get you employees to find your customer traits and preferences. Remember this is a conversation not a sale. Create feedback loops in your business to ensure you remain valuable in your customer conversation.
Take a look at Part 1 when I talked about – How to start and secure your most valuable Customers.