February is the month for love, but love doesn’t just apply in your personal life – it applies to your business life too!
For many businesses, their sales focus is on getting new clients in the door. Many businesses fail to look after their existing clients – despite these overwhelming statistics.
- The probability of selling to an existing client in Australia is 60-70 per cent, while the probability of selling to a new prospect is only 5-20 per cent
- A five per cent improvement in customer retention could increase profitability by 25 per cent
Before chasing the shiny, new client, please look after the ones you already have.
There are three great reasons (any many more besides these) for this:
- Keeping your existing clients onboard costs much less than chasing new ones.
- There are latent needs in your existing client that you might be able to serve.
- Referrals from existing clients are the easiest and best way to access new potential clients.
Practical steps to show your clients some love
Now you are out showing everyone how much you love them, let’s add some business substance to this.
One of my favourite strategies is to connect with clients in a a quarterly (six monthly or annual) visit (or phone call). In this visit, use these ideas:
- Get to know them; ask about their life and how they are doing.
- Share with them what you have been working on and learned since you last spoke.
- Share with them what you are looking forward to in the next period.
- Ask them what they have been working on and learned since you last spoke.
- Ask them what they are looking forward to in the next period:
- SEE where you can help
- ASK if you can help
- THANK them for their business
- ASK for a referral of someone else you would be able to help.
What if you’ve got lots of customers?
If you’re working with many customers or clients, and don’t have time to check in with them, here are some ideas for you to show the love:
- Send them a birthday card and gift related to your business over email. This might be a voucher for your business to encourage them to come back.
- Send big spenders something to say thank you, if you sell products.
- Use a newsletter to share information on what you are doing, learned and looking forward to.
- Ask your customers what they want, where they are having trouble and or seeing opportunities.
- SEE where you can help
- ASK if you can help
- THANK them for their business
- ASK for a referral of someone else you would be able to help
Loving your clients is an essential part of business, so go out and show the love this February.
