Most businesses spend a great deal of time and money coming up with a glitzy, sexy advertisement or big sales incentive to bring all those new customers to their doors or to make their phones ring. They’re constantly obsessed with what will motivate that prospective new customer to come in the door and buy. While all this going on, they forgot to find out what happened to Bill Jones. Now you ask, who is
Bill Jones and why is he so important. Bill is that fictional guy that was once their customer that hasn’t been back for a while. He sadly left one day, never to return for one of many reasons. The crime is………no one noticed. They all assumed Bill would be back, but really did nothing to make sure he did. So while all those in wiz bang marketing and advertising people were spending big bucks to inspire new customers and the sales team was stumbling over that new guy that just came through the door, Bill Jones disappeared, never to return.
The fact is, Bill is your best potential customer. He has seen your business as a viable option when it comes to his purchases. He knows where you are and he knows your product and service (this can be good or bad). He made a past commitment to support you and could do it again with having to go through the actual sales process. But, we treat him like disposable customer much like we treat a paper cup. Throw it away and get another one. In today’s market place over 40% of customers never return for various reasons. We as sellers fail at changing our approach with them from the way we treat prospective customers. Worst yet, we fail to watch them, communicate with them and most of all recognize their loyalty. Most times they leave without us knowing it or acting as if we care. Bill Jones is our least expensive customer to get into our business but yet we continue to spend big bucks to get a new face in the door.
Here Are Some Things to Consider
Who is managing your customer retention?
Do manage your customer retention consistently or only when you have some “free time”?
Do you know what your customer retention actually is?
Do you have a plan or program that includes customer retention?
What is your customer retention goal?
Bill may have left, but he may be willing to come back……….if you ask him. Find out where Bill went and why. Tell him how much you value his past loyalty and most of all, invite him back. It’s called customer retention.
