In channeling my inner Peter Griffith this month, I need to share a way to drive off customers. Now I don’t want to sounds like an old guy telling the kids to get off my lawn, but…
It happened again yesterday. Another promotion from a company that I have been a customer of for some time offering a cool item (Panthers gear) for new customers only.
So the best bet is for me to end my membership, wait for them to court me again with cool free stuff, and then sign up again. Does that make any sense?
In businesses, profit is not in getting customers but in keeping customers. For most businesses, the cost to acquire the customer is not made up on the first sale, it is on the second (or in some cases the third).
So why would you not invest as much time in keeping customers as you do in getting customers? In fact that would be an interesting study. Take a look at your business and gauge the ratio of time and money invested in keeping customers as opposed to getting customers. You may be surprised. Sorry, I think you will be surprised.
Relationships break down when someone feels like they are being taken for granted.
So this month, take a look at what you are doing to make your “A” and “B” customers feel great about working with you. Do you:
- Drop them a note to say thanks
- Take them to lunch to say thanks
- Take them to a basketball game to say thanks
And whatever you do—don’t send them a promotion that only applies to new customers.
If you need help with a few retention strategies, reach out to your local ActionCOACH business coach. Enjoy your day.