In this week’s Business Strategy note, I am continuing my little war on bad business, this time about one of the key differentiators I see among my most successful Newtown Square, PA business owner friends.
I hate to say it, but it is an almost obsessive attention to the finer points of sales — frequency, cost-per-sale, “upsells”, etc. Even in “regular” Newtown Square, PA area businesses, these factors can make the difference between ugly red and beautiful black on the P/L reports.
Stephen Venuti Shares Another Big Mistake: No Client Tracking
“One worthwhile task carried to a successful conclusion is worth half-a-hundred half-finished tasks.” – Malcolm Forbes
I’ve written before about the most important pieces of information you should know about your target prospects, but did you know that this same approach is actually even more important for your own customers?
Why? Well, for the simple reason that they’ve already signaled their interest in your products or services by giving you their business. And, that makes this list the most valuable list you can maintain in your Newtown Square, PA area business.
It’s even better, if you’ve got a bead on the following 6 pieces of information, on top of their names …
1. What They’ve Purchased
If you know what your customers purchased in the past, you have a good idea of what they will buy again. (And you won’t waste your time promoting products of little to no interest to them, or to others.)
2. How Often They Purchase
Individuals who buy rarely from you may need additional encouragement — i.e. more marketing. Whereas, consistent customers may not need extra sales pitches, but might benefit from a newsletter or coupon.
3. How Much They Spend (on average)
Why spend precious time pitching products to customers which they can’t afford? It might embarrass your customer, shows your lack of personal interest, and may cause customers to lose interest.
4. The Last Time They Purchased
Have you lost a customer without even knowing it? Who’s still loyal? Who has strayed (and needs to be brought back)?
5. Each Interaction You’ve Had With Them
Documentation is important for obvious reasons. But being able to “recall” previous conversations will make your customer feel important and appreciated.
6. How They Feel About Your Business
Feedback from your customers is the best way to improve your products/services, meet your customers’ needs, and attract more customers.
Obviously, just “remembering” this information is well nigh impossible. Which is why you should seriously consider investing in a “CRM” (Customer Relationship Manager) program. There’s plenty of good ones out there.
I can recommend this one for most Newtown Square, PA small businesses: (Infusionsoft)https://crm.infusionsoft.com/go/20140604emdaff/nfh?utm_content=nfh, but again — the point isn’t *which* one, but that you HAVE one!
Look, I’ll say again: I don’t pretend to be a “guru” … but I see what works for my most successful business owner friends, and I love seeing their numbers grow!
Would you forward this article to a Newtown Square, PA business associate or client you know who could benefit from our assistance — or simply send them our way? While these particular articles usually relate to business strategy, as you know, we specialize in tax preparation and planning for Newtown Square, PA families and business owners. And we always make room for referrals from trusted sources like you.
Warmly (and until next week),
Stephen Venuti
610-353-0686
