Given the condition of today’s economy, establishing and maintaining clientele has never been more important. Doing so successfully will not only guarantee consistent revenues for your business but also ensure that satisfied customers pass your name along to their friends, a.k.a. potential clients.
Three reasons why you need long-term clientele
Sure, the idea of establishing a base of long-term clients sounds appealing, but how exactly will your business benefit from the effort?
1) Long term clients provide you with a steady cash flow. Many commercial professions call for repeat business deals as opposed to one-time purchases, meaning additional transactions are needed later on. Convincing customers to work with you again means multiple transactions, which, over time, translates to a stable business.
2) You’ll be in touch with clients’ needs. Working with long-term clients keeps you in touch with what your customers expect from you. In other words, you’ll be better suited to serve your customers in the best way possible. For example, when an insurance company‘s returning customers need to renew their policies, the agency should automatically shops around to find them the cheapest rates available.
3) Long-term clients promote you business for free. Word-of-mouth advertising might be an old marketing strategy, but it’s still crucial to the success of today’s emerging small businesses. When existing clients know others who need the services or products you provide, they’ll recommend you first and foremost.
Three ways to keep your clients during this economic slump
Once you’ve established a solid client base, how do you keep your customers around?
1) Always meet your clients’ needs. This means you need to be flexible, whether the situation concerns product prices, service hours or project completion. You don’t want to disappoint any client, but the possibility of losing a long-term client could be even more costly to your business.
2) Pay attention to detail, and offer great customer service. When clients work with you, they’re choosing to invest in your business. Make sure they’re happy to spend their money on your company. When a client needs something fixed, do your best to resolve the problem. Always treat their problems as if they are your very own, as they very well could be if you don’t handle situations appropriately.
3) Get to know your clients as actual people. Talk to them about their interests, such as their family or career. If it’s appropriate for the line of work you’re in, get together for lunch every so often, or go play a round of golf. Getting to know your clients allows you to develop stronger professional relationships.
Whether you’re starting a new business or looking to rejuvenate an existing one, gaining and maintaining long-term clients is extraordinarily valuable to its financial success. To do so, be sure you treat them with respect at every opportunity. These small efforts encourage your clients to continue working with you.