With the markets taking a dive the past few weeks, it’s up to us mighty Newtown Square, PA small business owners to keep this economy on the track it needs to be. And that’s not even really a “patriotic” sentiment … I just don’t want to have to live through another “recovery”, you?
So, in that light, I’ve recently had success with something here at Team Stephen Venuti which I thought I’d pass along. Let’s, together, be the ones who are THRIVING … not just surviving, shall we?
Let me know what you think.
Stephen Venuti On: Retrieving What Was Lost
“Remember the two benefits of failure. First, if you do fail, you learn what doesn’t work; and second, the failure gives you the opportunity to try a new approach.” – Roger Von Oech
Bar none, the most important asset in your Newtown Square, PA area business is your client list. I’ll paraphrase Andrew Carnegie who said, in effect: “If you take away all of my wealth, my products, my inventory, my equipment, my staff, in fact, virtually all assets and resources – but leave me my customer lists, I will have everything else back in short order.”
He’s 100% correct. And, in the past, I have urged you to take the steps to ensure you are on top of this list for your business.
There are three segments you should address as we head into summer:
1) Existing Clients
This seems obvious, but frankly it can be one of the most under-utilized — and yet most profitable — groups of customers or clients to pursue.
2) “Lost” Clients
More about these in a minute.
3) Targeted Prospects/New Clients
This is the “sexy” segment … but in my opinion, established business owners spend far too much energy and resources going after this group.
I’d like to posit a thought to you: most of your “lost” clients didn’t leave because you did something wrong. As a business owner, it’s easy to take things personally, and believe that when you lose a customer or client, you really messed something up.
Actually, studies indicate the opposite is true: it’s normally something happening in their life or business, not what your business did or didn’t do.
So going back to this list with a simple appeal for their business, to “give you another shot”, is actually a powerful strategy for recapturing business. Simply asking for them to return is sure to bring a boatload of “lost” clients back.
Everybody loves being wanted.
But most Newtown Square, PA businesses make the mistake of either 1) not even trying to go back after former clients or customers or 2) simply “keeping them on the list” for regular mailings.
Actually what’s most effective is when you acknowledge that the client or customer hasn’t done business with you recently — and you’d like to incentivize them to give you a shot again. It acknowledges that there is a relationship in play, and that the customer/client isn’t just a number to you.
Try it in the next few weeks…watch your response go through the roof.
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
