PICKING THE LOW HANGING FRUIT

Many small business owners have a limited understanding of their past and current customers. I say this because most small business owners that I meet are focusing on business development activities intended to produce new customers.

There is absolutely nothing wrong with spending a portion of your marketing time selling your service or product to a new customer. What is wrong is the absence of a marketing plan to leverage your relationship with current and past customers.

Small business owners cannot rely on a false assumption; “I did a good job with them, if they need me for something else they will call; and yes, they will refer their friends to me.” The reality is that doing a good job does not automatically result in more business or referrals. For example, when you walk into a store to purchase something you expect good service. Statistics show that if the service was bad, you are more likely to tell someone about it than if the service was good.

Sending out a newsletter or other form of communication to current and past customers and asking for referrals very seldom produces the desired results.

The key to this “Low-Hanging Fruit” is called relationship building. This is accomplished by giving something instead of asking for something. It requires you knowing your customers both on a personal as well as a “need” level. Something like providing your customers with high-quality thought leadership content that will enhance their work or personal life.

Providing something of value other than your product or service does require some serious thinking. Perhaps you will need to find a specific item for each customer or you may be fortunate enough to find a common thread among your customers and then develop a “giving program” that all of them will find beneficial.

The best way to implement this great marketing concept is to start now. Select several current or past customers and reach out to them with a “GIVE”. Remember, consistency is the key to making a memorable impression; keep on giving and you will receive in return.

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Tips & Advice by Nick Petra, CFP – Founder of Strategic Duck and BizQuack