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Garner Fierce Customer Loyalty

 

Do you know what the number one reason customers leave you is?  It’s not price.  It’s not convenience.  It’s being treated with indifference.  Too many businesses are obsessed with acquiring new customers when their efforts would be much better spent cementing relationships with existing customers.  These people are your most valuable off-ledger asset.  They must be protected and nurtured.

 

The Good Shepherd

 

Imagine a shepherd using all his energies herding sheep through a gate (the sale) without a pen on the other side.  They all just wander off again.  How many of your customers just “wander off” every year?  How many could be lured away with even a small price difference or other insignificant incentive?

 

Existing customers are far more valuable than new customers for many reasons:

  • They are easier to sell to.

  • Their average transaction sizes are bigger.

  • They are more responsive to new offers.

  • They are a source of new business through referrals, references, and endorsements.

  • Their testimonials convince others to do business with you.

 

How secure is your “pen”?  Answer the following to get an idea:

 

  1. How many times per year do you contact your customers for both promotional (sales, special offers) and non-promotional (holiday greetings, newsletter) reasons?

  2. How important is price to your customers’ loyalty?

  3. Do you have an active, managed, and measured customer loyalty rewards program?

  4. In what ways are you positioned as a valuable resource (information, advice) for your customers instead of merely the provider of goods and services?

  5. Is there an opportunity for your customers to reach VIP status with recognition and rewards that go with it?

  6. What reasons do your customers have to brag about you to others and how do you encourage them to do so?

 

If the answers to these questions make you a little uneasy, that’s good!  We’ve “agitated the problem”.  Now let’s talk about solutions.  We’ll build a pen for your customers so secure that no competitor will be found acceptable and no alternative will be seen as viable.

Not having a system to keep them in the fold (and retrieve them if they escape!) is a grievous form of neglect in your business efforts.