Watermark’s Chief Strategist, Judy Zulfiqar grew up on a farm in Missouri. One of her favorite sayings is, “Milk the cows you have before you go and buy new cows.” That wise and simple saying is as applicable to dairy farmers as it is to business owners. Acquiring new clients or customers is expensive. Customer retention and repeat purchase is far more profitable than acquisition. What does that look like?
Care & Feeding
In order to produce milk, cows need good nutrition, care, plenty of water and stability. Your customers need care and feeding as well. Are you providing them with regular information? Are your communications efforts delivered in a manner your customers prefer? In other words, if they prefer to get information in a video format, don’t send them a letter. If they prefer paper, don’t send a link. Do your existing customers know about all of your products and services? For example, if you sell high-end equipment, it may be years before your customers need replacements. They do, however, probably need maintenance and repair services. Do you offer this service, or do you partner with another provider who does? Let them know this is an option, both at the time of sale, and at least twice a year.
Referrals
Referrals are another area to cultivate. Do you have an active referral program? How do you recognize your referrals? From those that provide you referrals, what do they prefer? Would a gift card to a local restaurant be a welcome acknowledgment? Would they rather enjoy a bottle of wine or other spirits? One size doesn’t fit all. Give your sales staff some flexibility, providing an appropriate referral recognition that doesn’t break the bank. No matter how you say it, “Thank You” is important.
At Watermark Associates, we can provide insights and opportunities both for maximizing your sales potential with existing clients, as well as developing or expanding an effective referral program. Call us; we can help.
