5 Key Ways to Build Customer Relationships
Houston Financial Strategies for Small Business
1. Build your network - it's your sales lifeline. - Your network includes business colleagues,
professional acquaintances, prospective and existing customers, partners, suppliers, contractors and association members, as well as family, friends and people you meet at school, church and in your community.
Contacts are potential customers waiting for you to connect with their needs. How do you turn networks of contacts into customers? Not by hoping they'll remember meeting you six months ago at that networking event. Networking is a long-term investment. Do it right by adding value to the relationship, and that contact you just made can really pay off. Communicate like your business's life depends on it.
2. Communication is a contact sport, so do it early and often. - Relationships have a short shelf life. No matter how charming, enthusiastic or persuasive you are, no one will likely remember you from a business card or a one-time meeting. One of the biggest mistakes people make is that they come home from networking events and fail to follow up. Make the connection immediately. Send a "nice to meet you" e-mail or let these new contacts know you've added them to your newsletter list and then send them the latest copy. Immediately reinforce who you are, what you do and the connection you've made.
3. E-mail marketing keeps relationships strong on a shoestring budget. - Build your reputation as an expert by giving away some free insight. You have interesting things to say! An easy way to communicate is with a brief e-mail newsletter that shows prospects why they should buy from you. For just pennies per customer, you can distribute an e-mail newsletter that includes tips, advice and short items that entice consumers and leave them wanting more. E-mail marketing is a cost-effective and easy way to stay on customers' minds, build their confidence in your expertise, and retain them. And it's viral: Contacts and customers who find what you do interesting or valuable will forward your e-mail message or newsletter to other people, just like word of mouth marketing.
4. Reward loyal customers, and they'll reward you. - According to global management consulting firm Bain and Co., a 5 percent increase in retention yields profit increases of 25 to 100 percent. And on average, repeat customers spend 67 percent more than new customers. So your most profitable customers are repeat customers. Are you doing enough to encourage them to work with you again? Stay in touch, and give them something of value in exchange for their time, attention and business. It doesn't need to be too much; a coupon, notice of a special event, helpful insights and advice, or news they can use are all effective. Just remember: If you don't keep in touch with your customers, your competitors will.
5. Loyal customers are your best salespeople. - So spend the time to build your network and do the follow-up. Today there are cost effective tools, like e-mail marketing, that make this easy. You can e-mail a simple newsletter, an offer or an update message of interest to your network (make sure it's of interest to them, not just to you). Then they'll remember you and what you do and deliver value back to you with referrals. They'll hear about opportunities you'll never hear about. Then your customers become your sales force.
Source: entrepreneur
Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.
Houston Financial Strategies for Small Business.
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