When a business first starts out, they spend a lot of time working out their niche market, defining who your ideal client is. They spend a lot of time working out how to attract them to their business. Then they spend more time learning how to sell their products, figuring out how to better convert your inquiries into sales to sell more product.
What happens next is the business get busier, it is ticking along, starting to grow. Then at some point, the business starts to think; ‘We need more clients, more sales, more cash flow.’
Many businesses fall into the trap of spending more time and money always trying to find new clients. Unfortunately, lots of businesses are neglecting one of their most valuable assets, their existing clients. They have already invested countless hours and a fair chunk of change trying to attract these clients in the first place. I am not saying don’t try and get new clients, you need to do this. I am saying appreciate the ones you have already got, they are the most valuable asset you have in your business.
Sometimes it seems like some businesses go out of their way to ignore their existing clients. This may be a little harsh; however, they certainly seem to neglect their current clients. In doing so, they are leaving good money on the table.
Understanding the concept the ‘long term value of a client‘, gives you a very different perspective on how you view your clients.
Take for example a Fresh Seafood shop. If the average value of a sale is $35.00 and the average client shops every week on average. That means the value of the average client in a year is about $1800.00. Over 5 years that one client is worth approximately $9000.00.
This is a great client to have. What would you do for a $9000.00 client?
More to the point, if you were a little pro-active, and you kept in touch with your clients regularly, even once a month, maybe you could increase this value, or increase the number of ‘average’ clients that are spending regularly with you.
What would that do for your bottom line? For example, 50 more of your clients that are spending an average of $35.00 a week equals another $90k a year turnover.
Keeping in contact with your existing clients is far more cost effective than finding new clients. It is something like 9 times more cost effective. In most cases the businesses already have them on a database or in a list… Now it is time to get creative and work out great reasons to keep in touch with them.
There are plenty of things you can tell them. The New Year is a great reason to contact them. Let them know that you have lots of great things happening this year.
The point is, every opportunity to make contact with your customers is precious. Don’t let this opportunity to kick the year off, pass you by. Get it done – today!
Your clients are the most valuable asset in your business. Ensure you have a system to put their details onto your data base. If you are already doing this; now you are ready to start offering some great value…
Show your clients that you value and appreciate them. Look after them well, they may even tell their friends about you!
"We both knew a lot about surfing and a lot of our friends were surfers. We knew what they wanted and we delivered it to them.
He also said; "Make sure you are the customer. Live the customer's life… Whatever you do, listen and respond. If you don't do that, you won't be around for long."
Singer insists that the business’ success comes down to the simple truism of knowing exactly what customers want and delivering it to them.
How will you do that, how do you know what your clients want, and what evidence do you have to support it?
What is your clients’ point of view; Why do they buy your product, and more importantly why do they buy from you? What does your product, service, business actually do for them?
As my mother used to say; If you don’t know ask. Do not assume that you ‘think’ you know. Actually do the work to find out.
Unfortunately, many business owners assume they know certain things about their clients and their potential clients. This can be fraught with danger, it can lead to other compounding issues such as; Ineffective marketing, creating the wrong message, attracting the wrong type of clients to your business, and most importantly NOT delivering what your clients actually want.
What are you assuming about you business and your clients, and why they buy your products?
It sound too easy; Get to know your clients better… build in some simple feedback into your sales process system. Maybe ask them some specific questions when they pick up their next order…
Apart from the obvious, what are the benefits for your business?
Having a better relationship with your clients where they feel appreciated and valued, is a benefit in itself. They will be more likely to help you when you ask for feedback, and be more likely to offer word of mouth referrals for your business; the holy grail of marketing.
You will get good information about what your clients want, so you can deliver it to them. More importantly, you can use this valuable information to help you find more of the right type of clients for your business.
Furthermore, when you ask them for referrals, they will be more likely to help you grow your business.
It seems like a very simple construct; ask them what they want then give it to them…
Image: Tree of Knowledge Photographer: Immi
More about Fabienne:
Fabienne Fredrickson, The Client Attraction Mentor, is founder of the Client Attraction System
, the proven step-by-step program that shows you exactly how to attract more clients, in record time...guaranteed. To get your F.R.E.E. Audio CD by mail and receive her weekly marketing & success mindset articles on attracting more high-paying clients and dramatically increasing your in.come, visitwww.clientattraction.com.
