My clients know there’s one thing I can help them do better than almost anyone: I help them maximize the value and profits from their current customers.
We can do that through the clever analysis of customer data. Or, we can go back to the basics. Here are just a few ways that companies can dramatically increase the value of their current customers:
- Reward customers for frequent purchases
- Reward your highest volume customers
- Communicate regularly and consistently with customers
- Segment your customers and tailor your offers and marketing to match the interests of specific groups
- Build VIP groups, memberships, clubs (which I talked about last week HERE)
- Survey your best customers and ask what else would be of value to them
- Create valuable communications with the intent on providing information, education, and personality
- Provide incentives for greater usage and consumption of your products and services
- Create a customer community
- Provide incentives for participation and feedback within your customer community
- Provide more opportunities to buy
- Create ladders of loyalty and show the perks customers receive at each new rung on the ladder
- Create new offerings for your best customers
- Look for strategic alliances and joint ventures that will add even more value for existing customers
I could keep going on and on, but this should get your mind thinking in the right direction.
I’m currently working on my book Evergreen (AMACOM 2014) where I argue that most organizations are running around like chicken with their heads cut off hunting for the elusive “new customer,” while failing to manage and care for their existing customers.
Why do companies insist on gambling with their best most and most valuable asset, as if the “new customer” offers something better – something more? They fail to take a look around and see what’s directly in front of them. If they did, they would realize they’re often sitting in a mine full of gold.
Who’s teaching these people how to invest?