Putting New Customers Before Your Existing Customers
I believe that your customers are your greatest asset but too often, businesses focus on attracting new customers at the expense of their take-for-granted loyal clients.
I often see special deals to lure new people into the net with special "new customer only" deals but how do you think that makes your existing customers feel?
Banks and building societies are particularly bad at it as they offer much lower interest rates to new borrowers than to existing customers.
It's not fair and it causes customers to be cynical about the company who relies on customer apathy to make money. It rewards customers to switch accounts at considerable inconvenience and that's not good for them or you.
So how do you show your appreciation and thank your existing customers?
Do they enjoy special privileges like special events or first refusal on a scarce product? Do you give them preferred terms of some bonus items? How do you make them feel special?
I would like you to start seeing your customers as a great opportunity and source for hidden profits. They know you, they put up with you and if you treat them right, they can buy more and more often.
- Increase the number of customers
- Increase the average transaction value
- Increase the number of transactions per year
Fundamental to the last two factors is growth with your existing customers and that can only happen when they are treated fairly and delighted with your product and service.
Mistake 8 - Not Having A Customer Referral System