I get a lot of clients calling me desperately searching for ways to keep their business growing; looking for ways to make a lot of money for all the effort they put into it. Ironically, all of these people are searching for some complex, high-tech — almost mystical — solution.
And yet there is a much easier , simpler and more expedient way of growing your business.
The first thing to do, is identify and start conscientiously working your current and past customer lists.
Why?
Because you spent hundreds, thousands, perhaps even hundreds of thousands of dollars, initially, to locate, court and close those people. You ran huge newspaper ads, paying to reach millions, when in fact you ultimately only induced dozens or hundreds to do business with you. Or you spent a small fortune on the sales efforts your staff made initially contacting, or calling on, all of the suspects and prospects to locate, identify and sell the customer.
Once you’ve developed a customer, you have the most cost-effective, direct access to the single best source of future business there is. All you have to do is intelligently work that list, and rework it over and over again. By intelligently, I mean logically.
First, contact the customer by letter, phone, or in person, acknowledge his or her importance, and then make a powerful and compelling case as to the “reason why” (this is critically important) the customer should be interested in taking advantage of the product or service you’re now offering.
Make certain you can actually proffer a reason why (or multiple reasons why), then lead the customer to action. Tell him or her why to buy, how to buy, what to do and why they should do it now.
If you can’t answer compellingly and simply all these points—you must concentrate your focus on these critical issues (and if necessary get your staff, vendors or industry trade groups to help you) until you can smoothly, conceitedly, powerfully, and intimately express them in a manner people will respect, believe and (most importantly) respond to! Acknowledge the adversity your customers are facing, let them know that you appreciate and are concerned about their circumstance. And, adjust your offers accordingly so they’ll understand how you have shown
your concern. They’ll reciprocate your concern with their sales dollars, maybe not today, but certainly in the future.
Your customer base is a group of individuals who have obviously purchased from you before. Leverage off of the reasons that they previously purchased from you, and stoke in them the essence of those reasons once more. Most business people don’t work their past customers at all. And those who do work their past customers, produce only a fraction of the potential they’re capable of producing. Satisfied customers like to be, want to be and are already favorably predisposed toward working with you or doing business with you. They are simply silently begging to be led. By that, I mean they want to repurchase — ironically, they really do. But it’s up to you to expend the effort, the energy and the necessary overture to lead the customer back. There’s an infinite number of ways this can be accomplished.
For example:
A) Offer your customers one time, preferential pricing to induce them to do business with you again.
B) Notify your customers of sales or specials ahead of the general public.
One quick note: Your offer must be so compelling that it prioritizes your product or service in the minds of your prospects. You have to convince them that your product or service can help them, and your offer must support this by making it unusually easy or affordable for them to conduct business with you.
C) Offer better customers a limited number or exclusive availability first. If you have products which are tangibly and quantifiably able to be documented, particularly as it relates to the economic health of your customers, you are in a good position to address your customers during even the worst of times. You are assured they will read your material because of its potential impact on their finances (an obvious
concern). Take advantage by sincerely and convincingly offering your expertise along with your product or service.
Below, is an example of how to alert customers to a limited-availability item…
D) Educate your customers and nurturously explain complex products/services to them so they can appreciate the benefits your product/service offers them. Selling a high-ticket or luxury item does not have to be difficult. You must carefully acknowledge the issue of price, but quickly counter with the offer you have in mind. You cannot avoid the price: It will be a concern for 99% of your customers. However, you can turn the price issue into your advantage by selling the features and quality, and underscoring the tremendous value they will be receiving.
I could literally go on and on about working your current and past customers. But remember this… It may have cost you $100 or $1,000 initially to “buy” or acquire a new customer. That’s taking the cost of running ads or commercials or sales efforts and dividing it into the number of ultimate sales resulting. However, the cost of reselling an existing customer once you’ve acquired them is negligible.
See for yourself… It cost $100 or $1,000 to acquire or generate that customer in the first place…but only $.60 or $.70 to mail them a powerful and personal letter once you’ve captured their business.
It only costs a few dollars to call that customer on the phone. And perhaps $15 or $20 to visit them in person. All this is a far cry less than you’d have to spend on the outside market to bring in a new customer. So first, and foremost, work your existing and inactive customers hard and often. It’s easy, inexpensive, immediate, and the return will out-produce any other option you have available.