Keeping Your Customers Around

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.

Is it really possible to turn these old invoices and receipts into a means to juice up profits? What ways do you have as a business owner to encourage your existing customers to stay and improve the business′ fortunes? These three tips could help you create customer loyalty.

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 Can They Help Your Profits? There was this time I overheard this from a local businessman. “Why should I pay attention to that customer? That cheapskate only buys smaller items worth five bucks or less. Not a preferred customer.” Have you ever felt the same way? Don′t be so dismissive of the five dollars that customer often pays when she visits. How much has she purchased ever since? Has this customer referred other people who have similar spending patterns? You should treat any customer like a king or queen, because their money gives you business.

Hands-On Action. Customers have their own schedules and deadlines. They need to know in that time that you are there for them and can help solve some of their problems or meet their needs. Due to our own busy schedules, we′d often, for example, receive mail but not read it right away – but promise to do so at a later time. Then months later, you’d see that piece of mail and realize you never replied to it when you had to. The same thing applies to your customers. You need to be hands-on when dealing with them. Do so as much as you can.

It doesn′t take a genius to develop customer loyalty. You just need to show some effort. Nine tenths of small business owners are ignoring their existing customers and losing out on potential profits. Are you one of these businessmen?

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