It goes without saying that, whilst the virus and the consequences we’re all dealing with are still having a major impact, retention of your existing customer base is crucial. So let’s take a look at the different strategies you can use right now to capitalise on the relationship you already have with your existing clients or customers…
STRATEGY #1: INCREASE YOUR PRICES/FEES ANNUALLY
The best and easiest way to maximise profits is to increase your prices or fees. Even now, a small increase will help your business significantly through this challenging time.
This is a no-brainer. Once we’re out the other side of COVID-19 — you should systematically increase your prices by at least 10% EVERY year. You’ll be surprised how few customers you lose as a result and the ones that do leave are the ones you don’t want anyway (price-conscious).
The reason why price increases are so successful is because YOU’RE NOT CHARGING ENOUGH RIGHT NOW ANYWAY. There’s a significant element of added value which you can capitalise on—and increasing your prices is the easiest way to do this.
STRATEGY #2: WOW YOUR CUSTOMERS WITH MOMENTS OF TRUTH (MOT)
One of the best ways to add value, build strong relationships and retain customers is to use MOT.
MOT are the steps you take at each interaction with your customers to ensure their experience with you is exceptional. If you focus on every interaction you have with a customer and make this the BEST it can be each time, what you’re doing is creating a world-class service.
You’ll retain far more customers and strengthen the bond you have with them, making them less susceptible to the advances of your competition… and better still you can apply MOT without cost. Now couldn’t be a better time to do it!
STRATEGY #3: TELL THEM WHAT YOU SELL
I know this sounds almost ridiculous, but guess what? Your customers don’t know what you sell.
How many times have you spoken to a customer and they’ve turned to you and said something like, ‘We’ve just gone to ABC company for XYZ.’ Only for you to turn round to them and say, ‘Didn’t you know we sell that?’
This is more common than you think. I guarantee it’s happening right now!
Plus, it also brings into focus that if they don’t know what you offer, they won’t even think of buying it. So making them aware of what you sell will prevent many customers from sourcing these products/services from other suppliers and also increase the likelihood of them buying from you.
The 2 easiest ways to do this are as follows…
- Include a list of your products/ services with short descriptions in your newsletter (see next strategy). This can either be within the newsletter itself or as an insert.
- Create a ‘Customer Offer Of The Month’. Create a campaign each month promoting one of your primary products or services to those customers who don’t currently use that particular product or service.
This is definitely something I urge you to do right now. Remember, as I sad in the opening article, use offline and online tactics to ensure your message gets through. This is such an easy tactic to use… and you’ll be staggered with how many extra sales you generate each month.
STRATEGY #4: SEGMENT YOUR CUSTOMER LIST
Segmenting your customer list is something that very few businesses ever do. Instead, they treat every customer in the same way. However, as you know, customers are not created equally.
Pareto’s ‘80/20 Rule’ is applicable to your customer base. 80% of your profit will come from 20% of your customers. 80% of your headaches come from 20% of your customers, and so on (it may not be exactly 80/20 but it will be similar).
It’s vital that you identify who your best customers are, so you can focus on giving them the attention they deserve.. And like much of what I’m advising you in this newsletter, this is something that you should focus on right now.
STRATEGY #5: CONTACT YOUR BEST CUSTOMERS
Now you’ve segmented your customer list, you can start to communicate more often with your best customers.
...and if you really focus on your best customers during COVID-19 your chances of losing them will be reduced significantly.
Get on your phone. Set up meetings with them using Zoom, Skype or something similar. They’ll appreciate it and you might just pick up more business from them.
STRATEGY #6: CUSTOMER APPRECIATION SALE
The more you retain, the easier it will be for you when we come out of these challenging times and right now getting more sales from your clients, customers or patients will make a big difference to you I’m sure.
