It pays dividends to understand the lifetime value of your clients. Lets Add up the Ways it Pays. Make Sure You Add it All Up. Only You Can Make the Calculation.
1. It depend on how often you do business with them. Roofers can plan on redoing homeowner’s roofs every 25 years. I am not sure about the number here- figuring in tornadoes, hail storms, people moving around, remodeling etc. But if your customers repeat business say every 20 years- you have a potential of 5% of your work for repeat customers.
2. Plus you can also develop other products they need, or partner with other collaborators to share referrals to services they might also need. Stats show customers that already trust you are 2 or 3 times more likely to buy from you again. This is an asset to treat with respect and careful attention
3. Your clients are great resources for referrals. If they like you- if they trust you- if you keep them thinking about you by delivering value to them- they will recommend you to friends. Surprise them with exceptional service and they will tell even more friends.
4. In this day and age, with Social Networking, you can always collect your clients into an online sharing and interacting environment where they are
- sharing your information-
- passing it on to friends
- retweeting
- giving you good reviews on line- Reviews are something to encourage. If they want to complain about something -let them complain to you personally and you will or should be all ears. If they want to say how great you are- you can send them links and easy instructions to review sites like Yelp. Give them honest reasons why you would like them to do this. It is good for your business.
5. Your existing customers can help you make many new friends when you are all working together to do your favorite community support activities. Leadership here can improve your image, make you new friends, introduce you to future clients and put a big smile on your face. Here are more ideas to participate in your local community and have it all be fun. Partners in any enterprise makes it easy.
Building Great connections with existing customers relates to staying in touch. Make sure no is able to rustle your hard won customers.
There is just a bagful of fun stuff that you can do to generate fun and business within your client base– client appreciation parties, pool parties, barbecue parties… bottom line — this is the world of Social Networking executed well intermixed within a powerful business collaboration model.
Customers are your biggest asset in your business. They are a fundamental business development resource for you. It pays to make sure your key people understand this important relationship and think like business owners when they are dealing with customers.
I am sure I missed some important ways customers can help your business development. Feel free to correct me.
Do you have a question? Was something you felt important not addressed here?
Leave a comment below or feel free to call or email.
