
You probably don’t think of your customers as expenses. But if you add up all the money you spent to win their business, you will discover how costly they really are. To win them, you spent a lot of money on advertising, salespeople, a Website and other marketing initiatives too.
Customers are costly. In fact, many businesses report that it takes more than a year before a typical customer represents a profit, not an expense.
What is the solution? You could go on spending money to win more customers - and you should. But you need to do something else too:
You need to create wealth from the customers you already have.
Here are some proven strategies that can get that job done - whether you are a small startup or a major corporation.
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15 Comments
THE CUSTOMER IS ALWAYS RIGHT.
Treat your customers fairly and honestly and not only will they continue to do business with you but they will also recommend your company to their friends and peers.
gea
Ina Matijevic***
Paul B
A loyal customer is a goldmine, and is great for networking. I think that what's just as important is to tell them 'thank you' for the referral, even if the prospect does not buy your product. It's about the effort on their part.
And drop the high maintenance/low margin customers for your competition to pick up.
Keeping in touch with your loyal customers and giving service above and beyond their expectations enables you to ASK them for referral business. Give, ask, then receive.
And find some way to immediately reward the person that referred you. DO NOT wait for the deal to close or your referring client will feel they are just a paycheck for you
MP
This, article you wrote is very true on how one can increase one's income by using your current customers over & over again. Many of the topics mentioned in TU articles are changed around slightly, to suit my industries needs, and discussed them in my monthly instructor meetings. All I can say about TU is that "Knowledge is Power".
Also, I have to mention that a previously comment was posted, that the customer is always right. I must protest that statement. After being in business for 25 years, I can honestly say that comment IS WRONG! Although, we must strive to give the best service we can give. No body (not even the customer) knows my business better than me. So, if the customer does not have the same view point or knowledge of what my service is about, or what my over all goals are that my service is providing, the customer may be incorrect. REMEMBER, YOU CAN'T PLEASE EVERYONE!!!
Tell the Don that I think that he's awesome. Keep TU strong and motivating!
Respectfully,
Grandmaster William McDonald
greg
However I do think people can learn from their mistakes and end up succeeding.
When you really think about it. How bad is liviing in a tent on a hill over looking the City lights next to mansion. She had free room and board. All she had to do was focus and win.
I think the winner will come out of the team that stays in the tent the longest. The quitter will only look back and wish she would have stuck it out as it is one of thoose expeareances that may only come once in life.
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Matijevic:-()iiiiiiiiiiii
I provide accurate designs, reasonable fee structure and fast turnaround time on my electrical and mechanical working drawings for commercial buildings.
I have new clients banging on my door every week. (I have a closed practice and refuse over 100 projects a year)
The customer is not always right. That is bull****. Who evey wrote that must have kissed ass his/her whole life.
Mutual respect is the key.
Michael J. Mark, P.Eng., BSc EE
IS DONALD TRUMP COMING TO BOOK EXPO AMERICA AT THE JAVITS CENTER (NYC) ON JUNE 1,2,3 2007?
I'll be in Booth 1802.
www.m2engineering.com
www.workingclassengineer.com
www.bookexpoamerica.com
You can lead a horse to water but you can't make them drink it.
In the business of schools and universities the pay off comes with the student's success and the output of information after the fact.
Sometimes the payoff does not include with it some several million tonnes of air dropped cash in the nomination of one hundred dollar bills ?
There are some things money cannot buy.
(c) Isabelle Morgan lightwayvez
1. Lower the prices of services and increase of incomes;
2. Makes the company more competitive.
Driton