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:
- Acknowledge the Importance of Other People The deepest principle in human nature is the craving to be appreciated. –William James Most people have one defining need that very rarely gets satisfied. Many of us will move Heaven and Earth to satisfy this need. This one attribute is the single most motivating factor that leads to success. It is the need, the want, ...
- Experiential Learning is Team Building People don’t learn by hearing. They learn by doing. Experiential Learning is the process where participants learn information, and then they immediately put that information into practice. The best type of experiential learning occurs when the participants are active and having fun. In addition, if the content is delivered to a group of people, they ...
- Gallup Pollsters are Not Business Consultants Every few years a new training fad will become very popular and be all the rage, but these fads are often short lived. The fads are typically introduced to the business world by a charismatic speaker or a well publicized book, but they all have a single aspect in common — the results that they ...
- How to Pick the Best Team Building Event for Your Company One of the most common challenges that event planners or convention organizers encounter is picking the Ace Race Golf Team Building Event for each group that they represent. We always want to organize something new and fresh, and we often want to have a memorable experience that participants talk about for weeks or months. So ...
- Quick Team Building Tip-Set a Group Goal Set A Team Goal: The strongest friendships are always developed under a shared stress, and the more positive the stress, the more positive the relationship. For instance, soldiers often come back from war with a tremendous trust and respect for the platoon who fought with each of them in battle. However, that relationship, ...