Friday, July 19, 2024

ACRES OF DIAMONDS

Teamwork

Acres of Diamonds is the title of a book published over 70 years ago. It is also a phrase used by many motivational speakers to talk about people who go looking for riches (new business). All the while overlooking the potential riches (business) in their own back yard (their existing customers).

Many businesses focus so hard on attracting new customers that they overlook their existing customers. New customers are certainly important for the growth of a business but existing customers are just as important, possibly even more so because they make a business “healthier”. Anyone familiar with advertising knows that first time customers absorb a certain percentage of a Company’s’ operating budget. However, working for a repeat customer actually “saves” the advertising expense for that customer. Therefore making work done for that customer more profitable.

Previous customer records are not just customers, they are potential testimonials to be used in advertising promotions. They are also a source of repeat business and referrals because they are satisfied with the service they have previously received. As is the case with repeat customers, those customers referred do not “cost” anything in advertising expense which makes them also more profitable. Regarding customers who provide referrals, a way to say “thank you” is by offering them a Gift Service Certificate redeemable at their next appointment. They will appreciate the fact they have been acknowledged and it should naturally lead to more referrals.

Contact existing customers via direct mail or e-mails.This is not only a chance to “stay in touch” but remind them of all the services you offer. Another reason to “stay in touch” is that people are busy and unfortunately may forget who provided them service in the past even though they were satisfied.

If they are “mined” properly, existing customers will become the Acres of Diamonds in our own backyard.

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The Bane-Clene® Team.


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