Invest In Your Best Asset
The biggest and best asset your company can have is it’s customers. We all know that the cost to bring in new customers is much higher than to keep a current one happy and coming back. So why is it that most business owners and managers put so much attention and expense into getting new customers instead of focusing on their existing customer base? If you treat your current customers like they are important to you they will be your best source of advertising to bring new customers in, new customers that already have a good opinion of you from their friends.
Here is a fact – You can’t avoid losing some customers! But, you can cut down your losses. According to studies here are the reasons why your customers leave you:
1% die. If you can find a way of stopping this, please let the rest of us know -otherwise there is nothing you can do to stop these customers from leaving.
3% move. If your store is on-line it’s because they have found a company that they are happier with, if you have a brick and mortar location they just left the neighborhood. However, if you treat your customers correctly and show them that they are appreciated they will go out of their way to shop your business. Treat them right and you will minimize your losses.
5% will go someplace else on the recommendation of family or friends. We all know word-of-mouth is powerful, however, I’ll say it again, if you treat your customers properly and make them happy with your products and services, the chances of them leaving you lessen, and as we said at the start of this, they will bring their friends to you.
9% will switch to a better product or service. How do you compete with this one? You had better make sure that what you offer in products and services is the best that can be found. Don’t be cheap or skimp when it comes to product quality or the level of customer service that you provide.
14% will leave due to being dissatisfied with your company, product or service or all three. Again, you can’t stop everyone from leaving but you want to be sure that when they do leave, you did all you could have to keep them.
Okay, so if your good at math you see that this is only 32% of your customers, what about the rest? A whopping 68% of your customers will be lost due to indifference. There was just nothing special about your companies products, services or staff that made them stay with you. In short, you didn’t WOW them.
So what do you do?
You need to show appreciation, sincere appreciation for your customers. You must give them value at every turn. One thing you can do is be sure that your customers are greeted at the door. Go into a QT convenience store (if you have them) and the clerks will always greet you as you come in. Thank your customers for doing business with you, a simple word of thanks, a card, a gift or a special something that lets them know that you know they have choices and you appreciate them choosing you.
Doing these things, over time, will nurture and grow a relationship that will stand the test of time.
.

About The Author:
![]() |
Mike Liddicoat is a Husband, Father, Speaker and the Sales & Marketing Director of AttaBoy! Solutions. His goal is to help businesses maintain relationships, ensure future business and acquire new referrals through appreciation marketing. Throughout this blog you can sign up for updates, news, special offers, discounts and more. So take a look around, leave a comment or two and enjoy. |
| Contact Mike |








