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Michael View

Are your Customers Loyal?

30 January 2011

I was working with a new client this week who was completely focused on bringing new customers in the door. His rationale: most of them will stay a year or two.

The key to any successful business is the ability to access a steady customer base. It‘s generally estimated that around 80 per cent of your business comes from approximately 20 per cent of your customers. Yet despite these statistics, plenty of business owners focus on trying to find new customers. What they‘re missing is that they have a ready source of business in their existing customer base. This is why building customer loyalty is so important. It costs far more to attract new customers than it does to look after existing customers.

So how do you go about building customer loyalty?

Go the extra mile when delivering service. Ensure that you and your staff keep promises and deadlines. Review your existing operations through your customers‘ eyes. Work on developing better communication. Some of my insurance broker clients send weekly claims updates by SMS. What will impress your customers?

When people know they‘re valued, they refer others are loyal. As they say ‘" ‘it ain‘t rocket science‘.

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