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Know Your Customers
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«
Know Your Customers
»
Start with a question
The right questions, in other words, are those that reveal true buying motivations and get the customer engaged in a conversation. Unfortunately, many people are often vague when asked what is most important to them.
- Do I know my customers?
- How will they feel about this product/service?
- What will they think about this product/service?
Keep an existing customers
Research tells us that most North American companies lose half of their customers every five years. We also know that as little as a five-percent increase in customer retention can increase profits by a whopping 75-95 percent. While this percentage can vary by industry, the overwhelming increase in profits is caused by three major factors
- Lower costs - selling to existing customers is between five to fifteen times less expensive (and takes far less of your time) than acquiring a new customer
- More referrals - satisfied customers are only too happy to refer you to their friends and colleagues, further reducing the time and cost of landing new business; and
- Greater revenues - every time you lose a loyal customer, you also lose the revenue stream they generated until you can find a new client to take their place.
Start with a question
The right questions, in other words, are those that reveal true buying motivations and get the customer engaged in a conversation. Unfortunately, many people are often vague when asked what is most important to them.
- Do I know my customers?
- How will they feel about this product/service?
- What will they think about this product/service?
Keep an existing customers
Research tells us that most North American companies lose half of their customers every five years. We also know that as little as a five-percent increase in customer retention can increase profits by a whopping 75-95 percent. While this percentage can vary by industry, the overwhelming increase in profits is caused by three major factors
- Lower costs - selling to existing customers is between five to fifteen times less expensive (and takes far less of your time) than acquiring a new customer
- More referrals - satisfied customers are only too happy to refer you to their friends and colleagues, further reducing the time and cost of landing new business; and
- Greater revenues - every time you lose a loyal customer, you also lose the revenue stream they generated until you can find a new client to take their place.