In the current economy businesses are failing at an alarming rate. You need to be sure you look after your customers to be sure your business doesn't join them. Learning why businesses fail can help you put into practice what you need to do to succeed. Business success comes from knowing how to get to customers and keeping them.
Small Businesses are especially vulnerable in an economy that is increasingly volatile. They need to be sure that they have the basics right as well as the right financial training, the right support staff and the right systems in place to ensure they continue to succeed. First and foremost, they need to look after their customer base.
It is widely know that it costs a lot more to get a new customer than it does to keep an existing one. How much of your marketing resources are spent on making sure your existing customers stay with you? The reason for the difference in cost is that there is less risk for a customer spending with you again. They know how they will be treated, if they will get a fair price and if they will get their goods in a timely manner. Customers can leave for a number of reasons - neglect, receiving a better offer elsewhere or they had a bad experience. You can rectify two of those easily - keep in contact with customers and if they consider you when they are considering your competitor point out that they have already had a good experience with you - you don't know what you're going to get with someone else.
Don't send them generic information either. You'll need a method of segregating your database to ensure that clients obtain the information that's vital to them. It has an impact of make them feel important and different thus growing customer loyalty and growing the probability of repurchase. By continuing to keep a client you are able to increase your valued, loyal, subscriber base that you could depend upon for creating future revenue in your company now and in to the future.
Finally, get to work making sure your customer database is up to date. Databases tend to get out of control if not regularly maintained. Failure to do this is a common reason businesses fail as it makes contacting the bulk of customers impossible. If possible, allocate a staff member to this full time until it is up to date and usable. Record as many details as you can so you can target your marketing better. Make it easy to segregate and use so you can get the best use out of it. Remember, you don't have a business without a customer so it's very important to look after them to ensure the longevity of your business.
Small Businesses are especially vulnerable in an economy that is increasingly volatile. They need to be sure that they have the basics right as well as the right financial training, the right support staff and the right systems in place to ensure they continue to succeed. First and foremost, they need to look after their customer base.
It is widely know that it costs a lot more to get a new customer than it does to keep an existing one. How much of your marketing resources are spent on making sure your existing customers stay with you? The reason for the difference in cost is that there is less risk for a customer spending with you again. They know how they will be treated, if they will get a fair price and if they will get their goods in a timely manner. Customers can leave for a number of reasons - neglect, receiving a better offer elsewhere or they had a bad experience. You can rectify two of those easily - keep in contact with customers and if they consider you when they are considering your competitor point out that they have already had a good experience with you - you don't know what you're going to get with someone else.
Don't send them generic information either. You'll need a method of segregating your database to ensure that clients obtain the information that's vital to them. It has an impact of make them feel important and different thus growing customer loyalty and growing the probability of repurchase. By continuing to keep a client you are able to increase your valued, loyal, subscriber base that you could depend upon for creating future revenue in your company now and in to the future.
Finally, get to work making sure your customer database is up to date. Databases tend to get out of control if not regularly maintained. Failure to do this is a common reason businesses fail as it makes contacting the bulk of customers impossible. If possible, allocate a staff member to this full time until it is up to date and usable. Record as many details as you can so you can target your marketing better. Make it easy to segregate and use so you can get the best use out of it. Remember, you don't have a business without a customer so it's very important to look after them to ensure the longevity of your business.
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Want to find out more about small business, then read Lisa Ballinger's article on the top reasons why businesses fail.
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