> > > HOME
/ PROFIT
/ SELLING PRODUCTS OR SERVICES / INCREASING
SALES / ARTICLES /Unlocking
the Value of Your Customers
Article by Kevin
Sinclair, CPA
One of the greatest thrills in business is acquiring a new customer.
Many businesses are too caught up in the excitement of acquiring new customers
that they do not spend enough time or money on unlocking the value of their existing
customer base. It surprises me how often business fail to regard their existing
customers as one of their most valued assets.
There may not be the same
excitement in getting orders from existing customers, BUT this is where the real
profits are made. It is generally accepted amongst most marketing experts that
it costs at least five times more to acquire a new customer than it does to get
an order from an existing customer. There are many ways that you can unlock the
value of your existing customer base and in this article, I will explore some
of those ways with you.
The first thing a business needs to do is develop
the mindset that their customer base is their most valuable asset. Customers need
to be treated like gold because that is what they are to your business. Responding
to the needs of your existing customers must take priority over prospecting for
new customers.
To unlock the value of your customers requires that you have
a range of products that will fulfill their needs. Products should be carefully
chosen to ensure they are of the right quality and will meet customer needs. Your
customers will often tell you what they need if you listen to them carefully and
with respect. This can save you a lot of time and cost in market testing of new
products.
