Connie Timpson is Vice President of Instruction for the Southeast Region. She is based in Jacksonville, Florida, but she also facilitates team building events in Orlando, Tampa, Miami, Ft Lauderdale, Atlanta, and other Southeastern cities.
The illusive new customer is sexy, cagey, manipulative, and down right costly. Repeat business does not need to be wined and dined, convinced and promised, he already likes you.
In fact, Dr Tim Mazzarol, executive director of Curtin University’s Small Business Unit, says it is three to five times more expensive to get a new customer to buy, than an existing customer. Mining your database, and treating existing customers like gold will keep more money in the till.
Yes, of course you have to look for new possibilities, but retaining loyal customers is like a savings account. It continues to accrue interest. Plus it is far less costly to keep, than find the new client. If the person delivering the program is not the sales person, working hand-in-hand delivers great results.
This is the kind of phone call any sales person likes: “I just got a call from XXXXX, They want to do another program and said people have been talking about how great you and the workshop was ever since. LOVE those kind of phone calls!” For the presenter of the program – the email equaled the sweetest music in the world.
According to Malcolm Bristow, chairman of Bristow & Prentice Advertising, “creating customer loyalty doesn’t always require large corporate dollars. It can, in fact, be fostered from a single phone call or some other form of communication. Your goal should be to keep in touch with existing customers so they want to purchase from you again.” A quick follow-up email, in the spirit of “thanks for trusting us to present another top performance for you” can go a long way towards another contract, another successful event, and recommendations.
Three simple principles to put more money into your bottom line:
- Recognize the value of loyal customers – and continue to treat them like gold.
- Be the company that always delivers – nothing says commitment like a well crafted, and enthusiastically delivered program.
- Look for the new client – but keep costs in perspective. What is your return on investment? What are your ad dollars doing for you? Where can you spend the least and get the most eyeballs?
The new client is, well, a first date. How many of those can go wrong? The established, relationship may not be as intriguing as the “new girl in town” but you can count on her, trust her, and keep her.
Ad dollars are worth their weight in gold “if” they bring in new customers, to add to your success roster. But when does the investment outweigh the return? How much should be spent on existing relationships? Take a close look at your rate of return on investment.
A good client is five to seven times more valuable than acquiring “the new girl” who may dump you after one date. Instead, court the one who is most likely to call you the next time they need a date for your service.
If you like this Team Building Tip, Check Out More Below:
- Demoralizing your Team Doesn’t Work All companies go through periods of greater success as well as challenging times. It’s a part of the natural ebb and flow of economic reality. And when times are tough, company leaders need to find ways to motivate their team to beat the slump – not beat THEM up. When times are tough and business is ...
- Why Virtual Teams Need Face Time and Team Building Virtual teams need team building to unite and build a team culture just as much as – if not more than – teams who work in the same office. PJ’s, fuzzy slippers, a phone, and computer are cozy and offer a flexible schedule. That is all good, but does your virtual team feel “part of the ...
- Why is Philanthropy Important in Team Building Increasingly businesses are finding that philanthropy is important in team building efforts as a component of their corporate social responsibility. Initially some may have held these types of workshops as a public relations move or for perception, but the reality is people who participate in philanthropic team building programs not only love it – they ...
- Why Team Building is Important after a Merger or Acquisition By Michelle Riklan Mergers and acquisitions can be exciting opportunities for companies to come together under a united sense of purpose and vision. Team building is also important after a merger or acquisition. Mergers can breed jealously and distrust. In fact, employees with an “us-versus-them” mentality will produce harmful effects and poor performance. What is the ...
- The Best Team Building Idea Secret is to Create Lots of Energy and Enthusiasm By Doug Staneart If you are looking for a fantastic team building idea or a secret to conducting a great team building event, the best piece of wisdom I have ever come across is the importance of creating and maintaining energy and enthusiasm during the team building activity. Often times, event planners or people who ...