Keeping Customer Relationships
Another rule you may have heard is the “80/20 Rule,” meaning 80% of your business comes from 20% of your customers.
Plus, statistics show that it is anywhere from 5 to 10 times more costly to acquire a new customer than it is to retain an existing customer.
So in a time of tight budgets and limited manpower, your lowest hanging fruit on the sales tree is your existing customer!
Acquiring new customers can be as much as 10 times more costly than retaining an existing one.
It’s all about implementing a “relationship strategy” so your customers will keep coming back for more. Customers will then become your biggest advocates for new business and networking referrals.
Strategies for Keeping Customer Relationships Solid as a Rock:
So what’s a “relationship strategy?” According to Becky Carroll, author of “The Hidden Power of Your customers,” she’s terms the acronym ROCK:
- Relevant marketing: know your customer and what’s important to them
- Orchestrated customer experience: drive a positive user experience in every touch-point of your business
- Customer focused culture: everything you do should circle back to the customer
- Killer customer service: provide unmatched customer support
In her book, Ms. Carroll does a case study of Zappos.com, an online company who does a phenomenal job understanding and servicing their existing customers to drive more sales. Check out a short video done by the Social Media Examiner where Ms. Carrol highlights the key tools in her book.
I’d like to add to this by highlighting our strategy which is simple, yet highly effective.
Our Customer-Centric Philosophy:
- Know who you are and stay true to your message: what makes you different and why should someone buy from you
- Quality vs. quantity: focus on your ideal clients and keep them coming back for more
- Know your competition: always know your competition and clearly differentiate yourself
- Know your customers: know their demographics, where they live and play, and market in those medias. If your customers are senior citizens, you probably don’t need to be tweeting!
- People connect with people: people buy from people they like…it’s all about the overall “human” experience
- And more…
In a world of e-relations, social media remains king and should be an integral part of your relationship strategy. It is still one of the most efficient, timely and diversified ways to communicate, query and build communities within your customer base, as well as prospects. However, it’s just as important to integrate face-to-face time with customers, via seminars, dinners, etc. and remain ethical and moral in every aspect of your business. It’s the culmination or “orchestration” of all these experiences that increase customer loyalty and sales.
Be prepared though. As with any successful endeavor, it requires marketing savvy, consistency, frequency and dedication. If you find that time-constraints or expertise are holding you back, you can outsource your social media and/or customer loyalty programs to a marketing consultant or firm, like us. At Exceller Marketing, we can create, launch and train you to manage, or we can handle it all…the choice is yours.
We welcome the opportunity to provide you with a FREE consultation.
For more information on retaining customer loyalty and other tools that can benefit your small business, read our blog on the “5 Essentials for Small Business.”
Best regards, until next time!
Founder and Chief Consultant
Exceller Marketing, Inc.
Exceller Marketing is a full-service marketing firm and website design agency servicing small and medium businesses, as well as entrepreneurs in Westchester County, NY and the tri-state area. With powerful traditional and digital marketing communications, coupled with business development, we keep our clients ahead of their competition.
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