Article by Phil Spensieri, TAB York Region
In my previous blog, I discussed why diversifying your client base is important for your business’ profitability. Once you’ve targeted the right people, how do you go about keeping those profitable clients?
As a business owner, your profitability is a crucial aspect of ensuring that your business continues to be sustainable. I’d like to share with you some ideas in finding and keeping those diversified clients, as well as what you need to do to ensure that they continue to add value to your business.
Determining the best clients for your industry
In my experience, the best clients for your profitability are often the ones that will play a role in your subsequent growth. When it comes to finding the right clients, I encourage business owners to think outside of the box and determine which clients will offer long-term value to their existing client base. This will include clients both within and outside of your industry, as well as clients who you may not have considered approaching before.
I’ve found that the best way of using a more creative approach in understanding your ideal client base is by looking at your business from their point of view. How does your product or service enhance their buying experience? What specific benefits are they looking for from their purchase? Questions like these will help you develop a better understanding of who your ideal client is, and how you can get them on board with your business.
Keeping the valuable clients
What makes a client stay? Many business owners that I’ve spoken to find that locating new clients is easy, but keeping them presents a challenge. Delivering on your promises, creating custom solutions for their specific issues, and offering authenticity in all aspects of your business will keep your customers happy, and inspire them to keep coming to you.
Aside from offering exceptional products and customer service, I encourage business owners to get creative in their methods of obtaining loyal clients; it can cost five times more to find a new client than to keep one. Launching a new product, offering rewards programs, and providing personal touches such as thank you notes are excellent ways of letting your existing clients know they’re your priority.
Should you prepare for the worst?
One of the hard truths of business is that even when you do everything you can to find and keep your clients on board, there may still come a time when they will stop using your products or services. Even if it’s one small client, it still signifies a loss, and it’s something that a lot of business owners that I work with find to be stressful.
No one wants a client to leave, but it’s important to be prepared for the subsequent challenges that a loss may create. Aside from ensuring that you have several businesses from several industries that your business can fall back on, it’s also essential
to fill in the gaps by networking, fine-tuning your marketing strategies, and targeting new clients on a continual basis.
Should a client choose to leave, remember to take a deep breath, and tackle it as best as you can. When you have a wide roster of clients, the loss of one can be difficult, but not completely damaging in the long run. As best as you can, try to remember that it’s all part of the process of being a business owner, and that ultimately, the turnaround will work in your favour.
Having a diverse client roster is the first step in the process: keeping these clients is important for your ultimate success. With an additional sense of creativity and innovation, you’ll be able to sustain challenges, deliver a better client experience, and continue to sustain or grow your business into the coming years.
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