A lot of attention is placed on the modern business development model in obtaining new customers, but an equally important part that is often neglected is how to maximize your current customers.
These two items work hand in hand to help you bring in new revenues, but because the latter is often neglected, a company’s revenues are rarely maximized.
Developing Customer Loyalty is Critical to Your Business Development
It has been said that a loyal customer is worth their weight in gold, and considering the high price per ounce of gold these days, your business development model can’t afford to neglect it.
For many business owners, the amount of returning customers they have will either make or break their business for good. So how do you create customer loyalty?
- By offering a better product or service than your competitors.
- By offering better customer service that your competitors.
- By offering your customers a better value with you than with your competitors.
- By building an actual relationship with your customers.
Relationships Are Essential
When people feel like they have an actual relationship with an organization, they are much more likely to stay with that organization, be lenient with them, and spend more money to stay with them. Almost 7 out of 10 customers will leave a company for good because of a bad experience.
Why do those other 3 out of 10 people stay with a company?
Because of their sense of loyalty to that company.
Are You Looking for an Easy Way to Maximize Your Customer Base?
One of the easiest ways to help get your products promoted and develop customer loyalty is to promote the products or services of others as you promote your own. An in-turn promotional relationship not only gives you a free way to expand your business development model, but it creates a relationship with the other party who is more likely to use your product or service when they need to do so.
Offering discounts for returning customers is another simple and easy way to maximize the potential of your existing customer base.
Are You Ready to Expand Your Business Development Model?
Loyal customers are the most cost effective way to building your profits, so finding ways to keep your customers coming back time and time again is critical. You will have to experiment with unique ways your business can make a statement today that will have your customers coming back tomorrow every single time.
It will be well worth the effort.
A pile of money Photo via Shutterstock
Chris — Excellent post! You are so right about creating loyal customers who will return time and again. Yes, people really do business with people, not companies. Plus so many people leave money on the table by flitting from one new customer to the next. Thanks for sharing your wisdom.
It is amazing how few people actually focus on existing customers.
This is especially important to companies that provide products are services that have been commoditized. For these people, improved customer service and increased value are the only ways they can stand out because customers view them and their competitors as the same.
How true. I work with several clients that have a commoditized product but benefited from focusing on all the past clients. They reap the rewards from following this process.
Thanks for commenting.
It would be great to get some specifics on building customer loyalty. Thanks!
Why don’t I create a post on that in the near future.
Great post, Chris. I think that building strong and mutually beneficial relationships is one of the most important things you should be focusing on. They hold so much value and can essentially ensure your business long-term success.
Thanks for taking the time to comment.
I agree. In fact, I believe that this not only ensures long term success, but survival.