What is the purpose of your business? What is the purpose of any business? You might say, “to make money!” Well, you’re not wrong. But how does any business make money, let alone make a profit? This is how: Every business must find, satisfy, and retain customers in a profitable manner!
How do you find new customers?
First things first…you can’t satisfy or retain customers if you don’t have a way to find them! You’ve got to do it! If you don’t, over time you will eventually run out of people to serve. You want to always be adding new customers to your business…but how do you find them?
There are at least 125 different ways to market your business. One day I sat down and just began to list all the different ways I’ve seen people market their businesses successfully and I came up with a list of 110 different ways! If you would like to have a copy of this list, fill out this form and I will be happy to send it to you. I have:
- 56 Traditional Advertising Methods
- 10 Ways to Leverage Press Releases
- 17 Referral Marketing, Networking, and Public Relations Methods
- 14 Digital Marketing Tactics
- 18 Social Media Methods
- 10 Thought Leadership Methods
That’s 125 ways to market your business! Now not all of these are right for you and your particular business, but this is a good place to start! Experiment. Try new things that make sense to you. But track and measure everything so you will know what works and what doesn’t work! Always make it a priority to find new customers.
How do you satisfy your customers?
Maybe I should ask, are your customers satisfied? How do you know? The simple answer is, ask them! The way I like to do it is by using the “Ultimate Question,” which is, “On a scale of 0 to 10, how likely are you to refer our company or services to your friends or colleagues?” Using this question I can determine their “Net Promoter Score.” Contact us to learn how to use this powerful tool yourself!
Once I’m sure they are satisfied, I ask them how they have most benefited from my service. We must listen to our customers so that we will know what their needs, desires, and values are. Then we can be sure to satisfy them every time!
Pro-tip: Use your customer surveys and feedback to add more value to your services. Do more of what they love, and improve what they have criticism of. Maybe you’ll find you’re not offering a service you could up-sell to them!
How do you retain customers?
Part of the answer is to keep them satisfied. But that’s not enough! Remember, your best customers are your competitors best prospects! They are marketing to your customers so you need to be marketing to them as well. The real value of your business is directly tied to the future, predictable cash flow from your customers!
So remind them of the value you bring. Look for new ways to serve them. Build and nurture the relationships as much as possible. Make sure you are not missing something. And be sure to thank them! But when you do lose a customer, do your best to find out why. Make it your goal to have the highest retention rate possible. By tracking and measuring you can continually improve in this critical area of retention.
How do you make sure your customers are profitable?
Pay attention to your numbers! Set a budget each year and compare each month’s actual profit to your budget or projected profit. Determine what you want it to be and constantly be working toward that measure of profitability. Remember, you’re in business to make a profit. You must! So make sure your customers are profitable customers.
Contact us today if you’re interested in ramping up your efforts in finding, satisfying, and retaining customers!