They want YOUR Clients! 8 Tips to Stop Them NOW!
Now is the time to examine your own business and offerings for possible vulnerabilities.
Secure your success by asking the following questions:
1. Who are your highest income producing clients; the ones you can’t afford to lose? List them.
2.Which offerings do your most valuable clients purchase? These are your ‘bread and butter’ products. They are the foundation of your business. Is any other company moving in on this target with a competitive product/service? What can you do to keep your clients from ‘jumping the fence’?
3. What is the rate of your company turnover? Clients don’t buy from companies, they buy from people—your people.
You may be tempted to assume long-term clients love your brand, however, more often than not, it’s your employees they actually love. Statistically, high employee turnover lowers client retention. Since relationships are the lifeblood of a small business, rotation of salespeople, customer service reps, or key contacts will hurt your bottom line. Do everything possible to protect and foster the relationships your employees forge. Employees are rarely interchangeable where strong business relationships with customers are concerned.
4. Are you focusing too heavily on price? Being the low-cost provider is a definite competitive advantage. It also happens to be the most difficult advantage to maintain. Somewhere, someone is planning to steal your customers through lower prices. Your goal is to provide the best value. Value is an advantage you can maintain through a combination of price, schedule, service, and relationships. Spend at least as much time finding ways to increase value as you do finding ways to lower costs and prices.
5. What is the buzz in your industry? Are there any market trends that you can take advantage of? What adjustments, if any, must you make to stay on the leading edge (and not the bleeding edge) in the market place?
6. Can you identify areas where you can create new sales opportunities? Is there a product/service that your loyal client base desires? Are you aware of target markets you have not yet reached?
7. What feedback are you receiving from your most valued clients? Your most profitable clients are almost always long-term clients. Happy clients become loyal clients, and loyal clients will refer others to your business. It is essential that you genuinely care about your clients and listen to what they have to say. Is there a product or service they would like to see added, changed or improved? What are your clients saying about your customer service?
8. How much personal contact do you maintain with your most valued clients? People purchase from individuals they know, like and trust. This is called rapport. Building rapport requires more than just the occasional Facebook post or Email blast. Make it your goal to personally contact each of your most valued clients by phone, SKYPE or in person regularly this year. For more insight get our FREE on-line course THREE KEYS FOR BUILDING RAPPORT by clicking here.
Protect you most valuable assets – your loyal client base. Take care of them and 2014 will be a profitable year.