What’s Wrong With The Customers You Have?

What is it with the businesses today that simply do not seem to value the customers they already have? Special sign-up programs, new customer discounts, and special promotional packages to attract new customers are in our face every day. Worse, is these same companies often have terrible customer service and support programs. They have it all backwards.

Your most valuable business relationships are the ones you already have.

Revenue growth is a function of converting new and retaining existing customers. If your business accepts that customer churn is an unavoidable cost in doing business you need to rethink that mindset. Customer churn is a by product of your way of doing business. Customers who are valued, served, have a positive experience, and feel important do not leave. Only those who are gouged, mistreated, ignored, unappreciated or underserved find other place to do business.

Customer churn is completely preventable, provided you are willing to invest in keeping them instead of overinvesting in finding their replacement.

Solving the customer experience and engagement challenge starts with three activities:

1. Meet with your best customers and thank them for the business. This is not a job for your sales team, a cute marketing mailing or questionaire, or an third party vendor. This is a job for the owner and the executive team. Get in front of your customers — face-to-face — and tell them how much you appreciate their business.
2. Ask them three questions: While you have there attention, ask them three questions:
   • When you decided to do business with us, what did we do, say, or offer that made you say “yes” to us?
   • Now that we have engaged in a business relationship, how are we doing?
   • What was the “wow” or unexpected benefit you received from our business relationship?
3. Take this information and apply it to your customer retention and sales strategies: What you have accomplished is demonstrated your appreciation to your customers for your business relationship with them. You have learned what sales strategies work, what you need to improve on, and what really keeps them coming back. Now you have real, honest, direct, and valuable information that you can apply to all aspects of your organizational growth program.

Get out from behind your desk, get out of the office, get out of the conference room and get in touch with your existing customers. They are the most economical source for strategic information and they are one of your most important assets. Your customers will appreciate and remember the effort.