One of the biggest mistakes many business owners make is they spend all their time, energy and resources chasing the next customer. They often overlook the importance of maximizing the profit value of each customer or fully understand the lifetime value of a customer.
The problem with this thinking is that the real profit potential of your business is not just in the one time transaction with new customers, but in the quality of the relationship your business builds and maintains with every customer.
So many business owners mistakenly believe that once someone buys their product or service, they are now somehow magically loyal to their business and will return every time they need their product or service, or will recommend them when the opportunity presents itself. This wouldn’t be further from the truth.
So by collecting your customer contact details:
1. Regular contact keeps your company’s name top of mind,
2. You have the opportunity to introduce new products or services that your customer base may be sourcing from somewhere else.
3. Provide promotional offers to attract past or existing customers back to your business,
4. Continue to reinforce the benefits of doing business with you through gaining better understanding of your customers problems and how your products or services can solve their problems.
5. If you have (or know of) a product or service that will benefit your customers, and you don’t let them know about it, your doing them a great dis-service, and you may be mistakenly cheating yourself out of additional income.
By taking the time to sell new products to your old customers and less time trying to sell old products to new customers will produce a drastic change in your sales, customer quality and brand position