01 Oct Adding Value
Every business owner is continuously asking themselves, “How can I keep growing my business?” Most learn early on that the answer is to take good care of your existing customers and the business will grow intrinsically.
by Bill Hood, ASDPT Fellow
Any business with customers should know the importance of meeting the expectation of basic human needs. The psychologist, Abraham Maslow, gave us the Hierarchy of Motivational Needs. It is a psychological health indicator predicated on fulfilling innate human needs in priority, culminating in self-actualization. Although it has been updated and altered by others, the basic tenet is that all people have expectations.
No matter how long you’ve been in business, how small or large your business or whether you’re a new start-up, the secret to survival and growing your business lies in the worth and value to your customers. It’s as elementary as that.
Look at it this way … Customers who have bought from you before and came back for more and more can almost qualify to be added to your business’ asset register. Think about it again. That is exactly what loyal customers are – an asset to your business and should be treated as such!
Consumers choose brands like they choose friends. Treat your customers as good friends and you’ll have customers for life. What’s more, they will flaunt their friendship status and tell their friends about your brand and so doing your loyal customer base and sales keeps growing happily ever after.
Stop chasing after the next big client, don’t hide the light under the bushel, start building your loyal customer list or database, and rather than spending lots of money on ‘wooing new customers’ invest a fraction of your new business budget by focusing, or ‘working’ your hard-won, satisfied loyal customers.
Don’t bargain on their loyalty, show them you care and value their support and turn them into loyal customers through smart profiling and targeted communication. Start by finding out and recognizing the family birthdays, the children’s and pets’ names. People enjoy it when others show an interest in their lives (without intruding or invading their private space) – a birthday or anniversary wish; a well-done message and other little touches will go a long way to building a beautiful and long-lasting mutually beneficial relationship.
From there on it becomes plain sailing with knowledge of their likes and needs, how you can add quality to the family’s lives with the view to offer them the products and services they really need as opposed to what you want to sell.
The old expression ‘you can’t sell a man who isn’t listening’ holds true – what’s the point of offering a red wine drinker a beer? Don’t sell the client, tell them – add value to their lives. Show you know them, that you care, and can add quality to their lives.
With a little care and showing an interest in more than just their wallets before you know you have a happy spending customer on your books!
Retaining loyal customers is critical to growing your business. It’s a known fact that 20% of your clients will be loyal and contribute 80% to your sales and profits; and a 5% increase in customer retention can translate to a 25 – 50% jump in profits.
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