subject: Keeping Your Customers Around [print this page] There are those who still find it very profitable to focus their marketing strategy on courting new customers. But it may be more profitable not to spend so much money on getting new customers, but rather keeping the old ones around and tapping into an often unmined source of sales.
Few business owners realize that their existing customers may be their best customers profit-wise, due to their potential to remain loyal and continue patronizing the company's products or services. It is unfortunate that the majority of small business owners isn't committed to connecting with existing customers.
Can you really rely on these old documents like receipts and invoices to generate more profit? How can you, the business owner, entice old customers to keep on buying while your profits keep on growing? Customer loyalty can easily be achieved with these three steps.
Be Aware Of Your Customers' Habits. Just who are they? Keep a detailed list starting with your customers' names. When, and what do they buy? Take note of peculiar customer behavior or buying patterns. Ask them why their habits have changed.
How Much Are Your Old Customers Worth? I'm sure you've heard this before when chatting with your local merchant. Many small business owners complain about these customers. She spends only about five dollars per visit. I wouldn't pay her no mind." Do you feel this way about these customers? Before calling that customer a cheapskate, think about her long-term value as your loyal customer. Since she started visiting your store, how much has she purchased? Has she been of help by referring other customers with the same spending habits? Who knows, that $5 customer of yours may be worth thousands or ten thousands more!
Be There For Your Customers. Like you, your customers often live busy lives. And in that short time they squeeze in to shop at your store, you need to be there and make them feel appreciated. Most of us have had a time when we'd receive mail, then put it elsewhere so we can check it out when we're free. That piece of mail could come back to haunt you if it turns out to be important. Your customers do the same thing. Remind your customers of your presence. And they will often need you.
Building customer loyalty is quite simple. But you need to put effort into this task. Nine out of ten small businessmen are making the mistake of failing to give their existing customers time of day. Are you part of this unfortunate majority?
