I read an article in the Globe and Mail this morning that really rings true for a lot of small business. Do we spend to much time trying to reward new customers and not enough marketing toward rewarding our existing customer base. Let’s not erode brand loyalty by alienating our premier customers and leave them out of our reward or discount programs. Rewarding your best customers in a way that recognizes their valued status is a key strategy that can keep people coming back to your business again and again.
Globe and Mail – Treat each customer the same, or reward the best?
I had the chance to attend a seminar last month featuring Donald Cooper (a la Cooper Hockey Equipment, www.donaldcooper.com). It was a fantastic presentation, with examples of Donald’s real world retail experience. The seminar was geared to focus SMB’s on “How to sell more, manage smarter, grow your bottom line….and have a life!”. One keeper that I took away from Donald’s presentation was, when you’re creating a new business, “What are you committed to create?”. Donald’s answer, your creating “a growing, sustainable, profitable and ultimately saleable business”. The reason I think this is a powerful statement is the end result “ultimately saleable business”. So circling back to the value of customer data in any size business, if your creating an ultimately saleable business, then your centralized customer/client data has huge value. When ultimately selling your business any business evaluation process will ultimately review the goodwill relations with your customers/clients, your number one asset. Conclusion, keep a well manage customer/client database that tracks all interactions = CRM!
Centricity360 Software Consulting
Donald’s “Quote of the Month”
“If the place that you order pizza delivery from over the telephone knows more about you, your buying habits and your preferences than you know about your customers, you don’t know enough about your customers.”
Source: Donald Cooper’s October 2007 Business Newsletter