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A Strategy For Retaining Current Clients In This Recession
By | January 21, 2009
In the world of small business, loyal customers are essential in maintaining cash flow and stability. Repeat business is an important aspect when considering making any type of changes in your business that may affect visitor flow. Existing customers are easy to retain and less expensive to keep as opposed to cultivating new clientele.
That is not to say that new patrons are unimportant. The goal when building business is always to maximize profits and to increase market share however, during tough times like the ones imposed by the current economic stagnation, maintaining the status quo is imperative. For some, the risk of spending valuable profits on marketing to gain market share may be too great. It is for this reason that a savvy business person needs to make every effort to satisfy the needs of existing customers. It is advisable to have a great customer service policy and train your staff in the importance of building and maintaining relationships.
Making your customers friends has a two-fold benefit. Not only will your customers feel valued and appreciated but they will also be a valuable asset to you. As a friend/customer, your patrons take on a personal interest in your success and are more than willing, for the most part, to contribute in their own way. This contribution will be achieved by their continued feedback and suggestions for improving product line and services, customer issues, and by bringing in new business by way of referrals. You can never go wrong by establishing lasting relationships with them.
An ideal way to show your appreciation and respect for your existing customers is to establish a mailing list so that you are able to contact them with information about upcoming sales, incentives, bonuses and referral programs that you initiate to increase sales. It will be advantageous for you to make notes in your file of your customer’s favorite colors, sizes, ongoing projects they are involved in, regular services they receive from your company, preferences or anything else that you will be able to refer to that lets each patron know that you take an interest in them personally. As silly as it may seem, you can even make notes of their grandchildren’s names or the type of dog they have, etc. so that you will be able to talk to them about things that mean a lot to them. This simple touch will go along way in securing the loyalty you are seeking from them.
Another added point to consider… who knows better about the needs and desires of your customers than your customers themselves? There is nothing wrong with catering to your prized patrons or accommodating their whims. If there are products or services that your customers are requesting and it is feasible to oblige them… do so. Offering what is needed keeps your customers from going elsewhere in search of a particular item or service and running the risk of losing them altogether to your competition.
Spend time on the floor where your purchasers are and get to know them yourself. In this way, you will be able to personally keep tabs on how well your customer service techniques are being applied by your staff as well as having your fingers on the pulse of the front line operations. Building relationships keeps your customers close and keeps them from straying thus, aiding you in surviving these tough times.
Topics: Recession |
11 Responses to “A Strategy For Retaining Current Clients In This Recession”
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