Our topic this month for our newsletter and blogs is “How to survive in a lean market.” It’s an election year, and the economy is characteristically lean. Hence, we’re going to cover how to survive as a business in a lean market.
In such an economic climate, customer loyalty and retention really come into play.
Remember All That Work?
If you have put in the major work it takes to create customer loyalty, you know it’s not something you want to waste.
There are two primary elements involved in creating customer loyalty. First and foremost is building and maintaining the best possible products or services. These have to be something that purchasers find invaluable, that solves a real issue for them, or that they really want. Such a product or service will keep them coming back.
Well, almost. The second element must also be present, which is service—the delivery of a product or service. Service always has a personal element because every customer will often require something just a little bit different in how a product or service is provided. A company that wishes to maintain customer loyalty will always provide what the customer wants in the way of service.
Although far too many don’t realize it, service is vital to sales (we invite you to check out our book CLOSING is NOT your PROBLEM). A wise salesperson will begin any sales conversation by discovering exactly what the prospect is looking for. The salesperson should then make sure to satisfy those desires and fit them exactly with the right product offering, and the service should be tailored to what the customer needs and wants, too.
Fantastic products combined with incredible service is what it takes to create true customer loyalty.
Customer Retention
Once a customer is loyal, retaining them becomes another matter. This is done through regularly reminding them, through various marketing channels, that your company is still there, ready and willing to serve them.
Part of retention is offering further products and services to customers, similar to or expanding on what they’ve already bought. Amazon is famous for noting, on a product page, “Customers who bought this also bought…” Any business can do a version of this.
Into Lean Times
Now, as we come into a lean year, how important is that loyalty and retention that you’ve created?
Let’s ask that another way: What does any business desire? Answer: customers that will buy no matter what. Whether it is a lean time or abundant time, the customer will always return to your business for their needs based on your offerings.
When times are lean, your customers’ pocketbooks are impacted, too. They may purchase less than they did during more affluent times, but they will still purchase!
Offering your customers the right product or service includes making them affordable during economically down times—but that’s all part of marketing, which we’ll cover in our next article.
The first point of surviving a lean year is maintaining customer loyalty and retention!
To learn more, sign up at SELLability.com.
Recent Comments