Top 6 Business Success Strategies


"The principal purpose of business is to create a customer." --Peter Drucker

Creating a loyal and respectful relationship with apotential customer builds the basis for all other areas ofbusiness success.

Simply stated, without customers, our businesses would allfail.

A satisfied customer is a customer who provides a continualincome stream and refers others.

Business success starts with the customer. The following sixstrategies outline the best and most effective businesssuccess practices.

1. Customer Service. Typically 68% of a business' customersleave or go elsewhere for products and services because theyfeel they are under appreciated or unimportant.

The perception a customer has of his/her value to a businessplays a very large role in whether or not the customerreturns.

What can you do to improve on that statistic? Smile, askquestions, be friendly and say "Thank You".

Customer service is a seriously neglected facet of mostbusinesses. As an owner you must set the example for youremployees.

No one can do this for you. You can't pay an outsideconsultant to smile for you. If you aren't sure where tostart, then pick up a copy of "How to Win Friends andInfluence People" by Dale Carnegie.

2. Existing customers. Another neglected area in mostbusinesses is the act of communicating with existingcustomers. I can't remember the last time a business Ifrequented sent me a coupon or note or anything for thatmatter.

Keeping in contact with customers does not have to be anextensive and time-consuming endeavor. A monthlynewsletter, a quarterly coupon mailing or a special occasionor holiday is sufficient. The idea here is not to sell themsomething but to simply remind them that you exist and valuetheir business.

3. Referrals. If you are not offering an incentive to yourexisting customers to refer new customers to you, you aremissing out on a huge profit center.

Referral coupons are one way of enticing customers to refer.If a coupon makes it back to you with a new customer, thenthe referring customer gets a "spiff". A "spiff" can be adiscount coupon, movie tickets, or a free item, anythingthat shows value.

It is important, however, for the "spiff" to be something ofperceived value to the referrer. Cheesy doesn't work. Thereferrer needs to be excited or grateful for the "spiff".

4. Thank you. Simply but overlooked. The act of thankingpeople for their business. Sending thank you notes tocustomers who refer is an important practice.

Most importantly, however is the practice of saying "thankyou" when customer leaves even if he doesn't purchase. Howyou say "thank you" is also important.

Many times I say something to the effect of "thank you forusing our services we really appreciate your business".This says so much more than a simple "thank you" does.

Thank customers for information they provide to you, thankthem for referrals, thank them for keeping you in business,whatever it is just remember to say "thanks".

5. Testimonials. Overlooked but critical to buildingcredibility with potential customers.

If you are a brick-and-mortar business you should havecustomer testimonials posted where new customers can easilysee them.

If you are an online business they need to be front andcenter on your web page. Do not hide them behind links, putthem right on the home page.

Testimonials will do more for you than any other type ofadvertising. Sprinkle them throughout your mailers, onpostcard mailings, in your office or store, on your webpage, in your emails. Everywhere, you can't wear them out.

6. Rewards. Rewarding customers for their loyalty is agreat way to drive repeat business and boost your bottomline.

I recently sent out a letter thanking customers for theirloyalty, telling them that they had been added to my VIPcustomer list, and presented them with a thank you coupon.

In the letter I also covered new services and products. Ihad a 90% response rate. Some customers called just to say"thank you" and chat.

This form of relationship building is a critical successfactor.

The reward program can be points like airlines currentlyuse, a cash back program, tiered discounts, anything thatmotivates the customer to buy more to gain the incentive.

These six strategies are mandatory to building a customerretention program and for motivating new customers to buy.

Implement one a month for the next 6 months and watch yoursales go up.

Customers need and want to be appreciated and respected;this should be standard operating procedure for everybusiness owner.

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