Quest for new clients shouldn't ignore those who pay the bills
Acquisition. It's a big word in small business marketing. Companies are constantly looking at ways to draw new people to the business and generate new streams of revenue. In this quest, some small businesses make the mistake of focusing too much on new customer acquisition, only to find that their existing customers have been lured away by a competitor.
Ironic, isn't it? The very tactics you use to drive new customers to your business are the same ones that your competitors can use to take them away from you. Losing sight of your existing customer base is truly an example of not seeing the forest for the trees. Did you know that on average, it costs a small business 10 times as much to attract a new client as it does to retain an existing one? Think about that the next time you are planning an acquisition marketing campaign, then use these three tips to ensure that your customers don't fall prey to your competitor's acquisition efforts:
Coffee Anyone?: One of the simplest and most cost effective retention initiatives I've seen involved sending your customers a brief letter and tossing in a gift certificate for a free coffee at a local coffee shop (if you're a local business), or a national coffee chain (if you operate in a broader area.) It will only cost you about one dollar for each of your customers plus mailing costs, and you'll accomplish two things. Firstly, they'll be reminded of your company name and services thanks to your brief letter, and secondly, they'll enjoy a hot cup of coffee and feel good about you gesture. That free coffee can go a long way towards client retention.
Get Them a Deal: Who are your customers? Are they small businesspeople operating in your area? Are they pet owners? Are they car lovers? The product you sell will dictate what your clients are interested in. (For example if you sell a new type of car wax, you can be fairly certain that 99% of your clients are car buffs). If you have even a few dozen clients, you could approach another local business that sells a car related product (let's say a new tire polish) and offer them a deal. You'll send a letter to all of your customers and offer them a great deal on the tire polish of 40% off the retail price. The company you approach should be willing to do this, as they have the potential to make a number of sales at one time, and your customers receive something of value from you, making them remember your company name and feel good about your offer.
Take it one step further and reciprocate the offer. The tire polish company can tell all of their clients about your car wax, and you'll offer them a 40% as well since you now have the chance to sell some of your product. Client loyalty and new business too?.a total solution! Just make sure that what you offer to your clients is actually valuable and not just a hollow sales pitch. Your reputation may be hurt by partnering with businesses that do not invest as much in client satisfaction as you do.
Build a Community: Keeping in contact with your customers is another way to improve customer retention. If your customers receive a newsletter or ezine from you on a regular basis, it becomes very difficult for them to forget about you or your services. Producing an ezine or newsletter is not as difficult as you think. The Internet is full of articles and opinions on almost every subject imaginable. Most authors will grant you permission to use their articles free of charge provided that you include a link to their website (you can find a great collection of articles on a wide variety of topics at www.ideamarketers.com, www.clickforcontent.com, and others). By building a small newsletter or ezine that contains 2 or 3 articles per month, you will get one opportunity each month to remind your customers that you value their business. Of course you could also include information about your latest product or service offerings in your newsletter in addition to the articles.
Acquiring customers is important, but retaining customers is critical to the ongoing success of your business. Small gestures often go a long way towards thwarting the acquisition efforts of your competition, and ensuring that your customers remain aware of your company and interested in your services.
About The Author
Will Dylan is the Author of "Small Business Big Marketing" a powerful e-book for small businesses available through his website www.marketingyoursmallbusiness.com. You can contact Will at askwill@marketingyoursmallbusiness.com.
Article contents © 2004 by marketingyoursmallbusiness.com.
Why is it that Microsoft wants you to buy its... Read More
Traditional marketing strategies encourage business owners to continually grow their... Read More
Like any business, carpet and upholstery cleaning requires excellent customer... Read More
Recognize metaphors from every angle and round up more insight... Read More
At 8.30 am a wealthy client (on his way to... Read More
Customers put you in business, keep you in business, and... Read More
Do you have good customer service? Even for your free... Read More
With all of the recent data theft in the financial... Read More
Is the special treatment you designed specifically to keep customers... Read More
One of my classes in management focused on the repeat... Read More
Why bother? Good customer service is the life blood of... Read More
The most important aspect of a successful business is developing... Read More
The call center represents your first line of communication with... Read More
We all know the old adage, "The Customer is Always... Read More
As Alan Weiss (guru to the savvy consultant) says: "It... Read More
1. Hire people who have a service attitude. Some people... Read More
With customers being smarter, more cost conscious, more product knowledgeable... Read More
Listening is the #1 communication skill for leadership, selling, customer... Read More
It's possible that in the course of your business dealings,... Read More
The other day a reporter call to interview me on... Read More
So today was the day where I almost stopped going... Read More
First let us specifically define customer service. It is the... Read More
1. It's all about the customer. Some companies focus too... Read More
There are five techniques that have been proven to be... Read More
With all of the calendars and PDA's and lists I... Read More
Another sad fact of life is that these days, very... Read More
If there was a restaurant in your town that was... Read More
These moments come when a customer or client?1. Hears someone... Read More
Customer Loyalty, we all want it. Don't we?Some people say... Read More
The other day while at the book store, I came... Read More
"Right, People. Let's blast out that mail campaign we've been... Read More
Last night I was at my computer and a Skype... Read More
"I am writing to complain about the widget I bought... Read More
If you want to last a long time in business... Read More
Listening is the #1 communication skill for leadership, selling, customer... Read More
CRM was supposed to bring companies closer to their clients.... Read More
Have you seen that thing on TV where the gal... Read More
When all else fails in your company to meet the... Read More
This morning I was having breakfast with my good friend... Read More
You are serving great food. Your establishment is new, spotless... Read More
A growing number of individuals are finding themselves called to... Read More
Running a business is about providing goods and services to... Read More
Loyal customers are the foundation of almost every business. Going... Read More
Every customer looks for 3 special benefits when they do... Read More
Whether you are a seasoned small business professional, or you... Read More
A general counsel of a large international consulting firm told... Read More
If you're like me, you've had plenty of experience with... Read More
Recognize metaphors from every angle and round up more insight... Read More
As someone who has been heavily involved facilitating strategic planning... Read More
One of the most popular questions asked in online business... Read More
If you are up to your ears in a stressful... Read More
The primary objective of a business is to get and... Read More
Given the choice of dealing with a positive, upbeat employee... Read More
Call center solutions solve a range of age-old problems. As... Read More
Why bother? Good customer service is the life blood of... Read More
With all of the calendars and PDA's and lists I... Read More
There are five techniques that have been proven to be... Read More
Bad customer service is everywhere these days - unmanned front... Read More
A client recently said to me: "Most days things seem... Read More
One of the mantras we hear repeatedly in business is... Read More
I wish I had a nickel for every time someone... Read More
Remember trading stamps? If you're over 40, chances are you... Read More
We'll be examining what makes follow up to prospects/customers so... Read More
The buzz is all about customer service and call center... Read More
Newsletters can be wonderful tools for communicating with your customers... Read More
Public transport operators who already use passenger surveys may not... Read More
Customer Service |