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Your Diamond Mine: The Lifetime Value of Your Customers
Copyright 2005 Kinesis, Inc.
In the early 1900s, Reverend Russell Conwell - founder of Temple
University - gave a popular speech called "Acres of Diamonds."
In it, he said:
"Your diamonds are not in far distant mountains or in yonder
seas. They are in your own backyard if you but dig for them."
Whether you are a business owner, marketing professional, or
other entrepreneur, it is crucial to remember your backyard
diamonds are your past and present satisfied customers. You may
currently be focusing most of your efforts on front-end sales.
Once a sale is over, many businesses move on to getting the next
new customer.
The big mistake is not developing a continuing stream of sales
from existing customers - ignoring their lifetime value.
Your real diamond mine is in the continuing stream of sales that
can be realized over the lifetime of your existing and past
customers. Plus, it costs much more to acquire a new customer
than maintaining a relationship. When you ignore customers
you've already served, it's like throwing money away.
Once you've made a sale, your customers know, like, and trust
you and are more likely to buy from you a second time.
Here are some tips for you to effectively mine your "acres of
diamonds:"
1. Organize Contacts: You have to be able to get back in touch
with your customers again to be able to market and sell to them.
Maintain a centralized database to organize names, addresses,
and phone numbers. Keep track of purchase histories and
interests.
2. Collect Information: Depending on your business, there are a
variety of ways you can collect customer data such as sign-up
sheets, website forms, postcards, and so on. Be creative - use
free offers, VIP programs, and contests to provide incentives.
3. Regularly Communicate: No matter what business you are in,
find methods to stay in regular communication with your
customers. Ideas include a newsletter, ezine, holiday cards,
coupons, and special offers. For some businesses, it may work to
take a client out to lunch or send a hand-written note.
And,
don't forget the telephone!
4. Offer Proof: Provide case studies and testimonials to show
how you have helped other customers. In your communication, you
can provide helpful information, offer seminars, and provide
useful tips to keep your business on the top of your customers'
minds and to remind them of how your company can help them.
5. Testimonials Sell: For word-of-mouth, there is no one that
can sing your praises like a satisfied customer! Nothing speaks
louder to a potential customer that a peer. Ask for
testimonials. Post these on your website or feature them in your
newsletter. Remember, if you don't think to ask, they may not
think to offer.
6. Cross-sell and Up-sell: Make sure customers know the entire
range of your products or services. Once your customer is in
your sales funnel, they are much more likely to buy
larger-ticket items from you. Based on their past buying habits,
offer them the deluxe model, more options, or premium services.
As you start to work your backyard diamond mine, I can't
emphasize this enough - take good care of it. Appreciate your
loyal customers by offering them special deals and incentives.
You need customers more than they need your business.
There will always be about 20% of your customers who will give
you 80% of your business. These are the people whom should
receive most of your attention, energy, and time. By
concentrating on your best customers, your marketing efforts
will become more efficient and cost effective. It also rewards
these customers because they are getting the most personal
attention.
Keep in contact with your customers and keep them delighted. In
return, they will continue to give you their business.
About the author:
Wendy Maynard, your friendly Marketing Maven, publishes
REMARKABLE MARKETING, a weekly ezine for business owners,
freelancers, and entrepreneurs. If you're ready to skyrocket
your sales, easily attract customers, and have more fun,
subscribe now to get your FREE REPORT Five Top Marketing
Mistakes and How to Avoid Them! at
http://www.gomarketingmaven.com
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