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Spend less and sell more. Studies tell us that the total cost of getting a new customer are 10 times that of simply holding on to an existing one. Considering these numbers, a 5% improvement in customer retention can lead to an 85% increase in profits. The key to increasing your "share of the customer" and maximizing "lifetime value" lies in strengthening the bond between you and your customer. It should come as no surprise that good communication plays a major role in this bonding process. Here are a few communication ideas to help cement customer relationships. Thank you letter: To be mailed the day the sale is closed. This is something we all do. Right? Well maybe all of us do it, but we know from experience that a lot of those other folks don’t. Letter from "Mr./Ms Big": To be mailed 10 days to 2 weeks after the account is opened. In a smaller company, it should come from the president. In a larger company it should come from a senior manager. The letter is a warm welcome and also informs the new customer that, ultimately, "the buck stops here." Here’s a sample: If the product(s) you’ve purchased or anyone in my organization fails to meet with your complete approval now or in the future, I would like to know about it. How did we do letter: To be mailed a week after the sale. It’s a friendly letter explaining how important honest feedback is to you, because it’s the only way you can improve. Attached to the letter is a brief customer survey and stamped return envelope. Happy anniversary letter: Here’s a sample opening. It’s been a year (years) since you opened your account (made your equipment purchase) with us, and I just wanted to say happy anniversary and thanks again. We look forward to working with you for many years to come. Helpful hint letter: Mail this letter right before you know your customer will be in contact with a large number of people. For example right before a trade convention, show or industry gathering. This way you’ll get maximum mileage from the positive word-of-mouth this letter creates. Handwritten congratulation cards: Whenever you or your assistant read or hear about awards, appointments, promotions and other forms of recognition earned by your customers, acknowledge this with a handwritten card. This is a small thing to do, but it is greatly appreciated and will pay big dividends. In addition to the ideas shared here, you’ll also be sending out your normal promotional mailings and regular reminders of the benefits of doing business with you and your company. |
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