In difficult times, your biggest job becomes holding on to the customers who got you where you are.
This may mean that you have to renew the focus on your base of business, and go the extra mile to keep them happy.
Easy enough to do, so let’s get to it.
Let your existing clients know how much you appreciate their business. Keep them up-to-date on the services you provide. And, if you feel comfortable enough, ask them to refer other clients to you.
It’s well understood that the cost of finding and selling to a new prospect is many times what it costs to sell to existing customers, so make sure you’re paying close attention to what I’m layin’ down here, all right?
For example, special offers made available only to existing customers create ‘affinity’ for you as a valued supplier, much the way frequent flier programs have for the airlines (although not so much anymore –customer services counts for a lot, too.)
Limiting such offers even further –say, to customers who’ve made repeated orders within the last six months –is more likely to yield good results, too.
Keep in mind that existing and prospective clients are dealing in the same economic times and probably face the same financial insecurities as you. You might consider offering low-cost, high-quality alternatives to your usual list of goods and services.
But remember –only offer deals that allow you to still cover your costs. You’re a business, not a philanthropic organization, not a bank.
