One of the top challenges for many business people these days is getting new customers. Finding new clients takes a significant amount of time and energy, not to mention monetary investment. And to keep that pipeline full, you’ve got to be consistent and creative in your efforts.
There’s certainly no shortage of information out there on how to attract new business. Some sources make it sound like getting more new customers is as easy as turning on the water faucet. That’s not exactly been my experience. Has it been yours?
You might be interested to know there is an easier and more cost-effective way to build your business. It’s called customer appreciation. Focusing on keeping the customers you have is a far better investment of your limited resources.
How does it work? Good question.
When you put your efforts into building stronger relationships with current clients, they stay with you longer, they buy more from you, and they recommend you to more of their friends and colleagues. Those factors equal more money in your pocket.
Think about it. Someone who is already a customer is already sold on your product or service. She already likes and trusts you. He already knows you’re reputable and deliver value. You’ve got an established relationship going, so it’s a good bet she will take or return your call. Someone you’ve never done business with before is going to be harder to reach and more skeptical of your pitch when you do get through. The sales cycle is naturally going to be longer because you have to lay the groundwork and establish the rapport.
What happens when you’re the consumer? How do you make your buying decisions? You probably turn to friends or colleagues who’ve bought a similar product or service for recommendations and advice. You likely search online for reviews and comparisons. Your prospective clients are no different. They want to make sure they’re making the right decision and will take their time to do so.
Just yesterday I needed to replenish a product I use in the business frequently. There’s no reason for me to spend time going online to search for another vendor and seeing if I can find a better price. I’m comfortable with the supplier I’ve been using recently. Even if I could save a few cents somewhere else, I’d rather buy from a reliable place where I know the guy and already have an account. In fact, I used to buy this product from someone else, but she was hard to get hold of and wasn’t very good at returning calls or emails, which made it difficult to order. She was probably always out chasing after new customers instead of taking care of the ones she currently had.
No matter what your business, look to your existing customers as one of your best sources of new revenue. The longer they stay with you, the more they spend and the higher the likelihood they will refer you new business. Sounds like a good investment to me.