Your Competition Wants Your Customers

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Competition is a part of business life. Some would argue that competition forces businesses to strive to get better at what they do for the fear of losing customers to rivals. Losing a few customers periodically is inevitable. However, losing too many (especially your best customers) must be avoided at all costs.

For most businesses, the top 20% of their customers account for 80% (or more) of their profits. While much thought and strategy typically go into bringing in new customers, not enough is spent on retaining existing customers. That’s where the real gold lies.

It may be a little uncomfortable to think that some of your best customers might be looking at making a change, but it’s something you must consider if you want to avoid having it become a reality. Everyone talks about taking care of their customers, but in many instances that’s a phrase not truly backed up with action. To build a fence around your customers and keep them far away from the prying arms of your competitors, you mus truly care, protect, and guide them.

Gather customer feedback on an ongoing basis.

Most businesses put a lot of hard work into getting a new customer. But after they become a customer, little effort is put into nurturing that relationship. A customer should never be taken for granted.

It’s easy to get wrapped up in the day-to-day operation of your business and lose touch with what’s happening outside your doors in the marketplace. Phone calls and emails to customers can be a great way to communicate and stay connected. But to do it on a large scale can be unrealistic. Informative company newsletters and surveys can help keep your customers up-to-date and give them a way to express their needs and concerns. These efforts can provide an early warning system to catch a customer jumping ship before it happens.

Tell them what you do.

Your competitors will do anything to steal your customers, including promising the moon. You know that some of these are false claims or teasers to get their foot in the door. Some of your customers may not know that. Your job is not only to provide a great product and service but also to continually remind customers about the value you provide that your competitors can’t match. If you don’t tell them, no one else will either.

Informing your customers through educational marketing content is a powerful way to keep them engaged while differentiating your company as one that truly cares about their success (not just your own).

Where are the weaknesses?

To help plug the holes in your business, start thinking about things from your competitors’ point of view. After all, they’re always looking for any weaknesses they can exploit, so you should, too. That way, you can shore up your weak spots before they get out of hand and, in the process, strengthen your position in the marketplace.

To discover your weaknesses, talk with your customers. Ask them about the areas you could improve. Stay up-to-date with industry trends that could create a possible gap in your defenses, too. You can’t buy every bit of technology as soon as it hits the market, but you can stay informed so you can address concerns with your customers when they arise. Sometimes the best defense is a good offense. Be proactive in your customer communication.

“There is only one boss: the customer. And he can fire everybody in the company, from the chairman on down, simply by spending his money somewhere else.” ~ Sam Walton, Wal-Mart

Customer retention starts with providing great service and value. Getting to the top is hard work, but staying there requires just as much effort. Being aware of the competition while shoring up the weak areas in your business can go a long way in helping keep your customers coming back.

Monopolies and the lack of competition aren’t in anyone’s best interest. Keeping your best customers satisfied is. Use competition as a motivating factor to continually improve your services. Communicating with and showing appreciation for your customers will give you an invisible force field to keep the competition out of your backyard.

5 Words That Can Change Your Business

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140259547Behind the scenes of your business, you make products or deliver services. But on the front lines, where interactions with customers occur, you have to deliver more than that in order to have a dynamically growing company. You must deliver a promise and hope.

The promise revolves around the benefits your actual products and services deliver. The hope is what can set your business apart from all the other companies that promise to deliver the same things you do.

People want to believe in your company and what you can deliver, but many have become jaded due to the culture of over-promising and under-delivering that is all too common in the marketplace. To get past this wall of skepticism, you have to deliver more.

Companies like Coca-Cola, Apple, Starbucks, and Disney World took off when they figured out they were selling much more than a soft drink, computer, coffee, and theme park rides. These businesses understood that in order to stand apart from their competitors, they had to tell their brand stories in a way that resonates with customers.

Coca-Cola sells refreshment, happiness, and harmony. Apple sells a delightful user experience to consumers in a hip, cool way. Starbucks sells the “third place experience” — a place to get away outside our home and business. Disney World sells memories that last a lifetime.

The common theme among the great brands of the world is that they have found a way to transcend beyond their products by asking this simple, yet powerful five-word question:

What are we really selling?

People aren’t really interested in what you sell, but they may be very interested in the benefits you can deliver. These benefits in turn must be told in a way that attracts and connects with your target audience.

How You Can Apply This in Your Business?

You’re probably thinking to yourself that this may do wonders for big brands, but how does it apply to my small business?

  • Take a step back from the day-to-day operations of the business, and think about what you’re really selling. Railroad companies thought they were in the rail business, when they were really in the transportation business. Think about the larger implications around the results you deliver to your customers.
  • Next think about this question: What do my customers really want from our products and services? Ask your best customers why they really do business with you. Look for common themes in the answers.
  • The final step is to take the concepts you’ve arrived at and focus on what would move your best prospects to buy what you sell. Put yourself in their shoes. Ask some friends and associates if your idea would move them to act. Then test your ideas by presenting them in your ad copy in print, on the web, and in all your other marketing channels. Test until you find the winners. The sales result will show which one is the winner.

Take these five words: “What are we really selling?” Print them out and put them in a prominent place you can see every day. Your answer to the question will form the core around which your business and your marketing should revolve. Answer this five-word question in a way that exceeds the experiences your target market is seeking, and you’ll see your business grow like magic.

Loyalty Marketing… or We HEART You!

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Customer loyalty programs are an easy and effective way to keep customers coming back to your business. Here are a few tips to help you create a loyalty program with a simple yet important goal: rewarding repeat customers.

  • Offer custom-printed punch cards or stamp cards for customers who frequent your business. A simple reward (such as “buy five car washes, get the sixth free”) may be enough to keep customers from visiting your competition down the street.
  • Utilize the back side of your loyalty-marketing promotions to advertise upcoming events, highlight exclusive offers, share helpful tips, and more.
  • Celebrate! Be sure to recognize customer birthdays, holidays, and even the date your customer joined your loyalty club.
  • Provide loyalty club members with special coupons for free upgrades, such as “upgrade to a premium deluxe XYZ for the same price as our standard XYZ.”
  • Reward customers who buy ahead. For example, if you own a repair shop, you might offer a year-long package of oil changes for a discounted rate. Not only will the customer be happy to save money, but you can ensure the customer will return to your business all year long.
  • Invite loyal customers to join a review panel group, and offer free products or services in exchange for their valuable feedback and input on how to improve your business.
  • Develop creative ways to show your company’s reciprocal loyalty to customers. Send “thank you” campaigns, for example, with exclusive discounts or promotions.

Give us a call if we can help you create loyalty program marketing materials your customers will love!

Forget Me Not!

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Just because a customer buys from you a few times doesn’t mean they’ll immediately think of or even remember your business again the next time they need the kinds of products you sell. Here are a few ways to increase front-of-mind awareness for your company in the minds of consumers:

  • Educate your audience about the ways your products are better than the competition. Consider creating a comparison chart to make the differences stand out in people’s minds.
  • Send thank yous for past purchases, and offer future discounts or coupons that are too good to ignore. For example, one might read: “Use this coupon anytime during December to receive 50% off any single item!”
  • Encourage customers to reorder supplies before they run out. A reorder form placed near the bottom of each package you ship is one way to accomplish this. Periodic email reminders and promos based on past order history are another.
  • Provide knowledgeable tips, tricks, and other industry-related information in a newsletter or periodic mailer that will leave recipients asking for more.
  • Invite customers to open-house celebrations, hands-on training classes, or exclusive customer appreciation events.
  • Create a customer loyalty program that rewards visitors for repeat purchases.
  • Offer promotions or giveaway contests that spark interest in the products and services you sell.

Let us know if we can help you create direct mail pieces that will help ensure your business isn’t forgotten!

Appreciation Marketing

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Everyone likes to feel appreciated. That’s especially true when it comes to your customers. Appreciation marketing can help you develop lasting relationships and make customers think of you the next time they’re ready to purchase. Here are a few ways to show customers your appreciation:

  • Send a hand-written thank you card every time someone does business with you.
  • Reward repeat customers with special deals, exclusive discounts, and coupons.
  • Send holiday, birthday, or anniversary cards. These simple, pressure-free greetings will help increase top-of-mind awareness throughout the year.
  • Offer useful information and helpful tips to educate customers and promote your expertise via blogs, newsletters, social media, and the like.
  • Invite customers to an exclusive appreciation event designed for existing customers.
  • Collaborate with non-competitive local businesses to create a coupon book or discount program across a range of industries.
  • Create a customer loyalty program, such as a loyalty punch card, upgrade offers, or cash rewards after reaching a specific purchase level.
  • Respond quickly to customer questions or requests, and follow-up to be sure all questions were thoroughly answered.
  • Ask for customer feedback in the form of surveys and response cards.
  • Send out a voucher or postcard for a free gift, redeemable at your business.
  • Send discounts and coupons “just because” to thank customers for their business.
  • Include statement stuffer coupons with bills not only as a thank you but also to encourage customers to make additional future purchases.

If you’re interested in any of the above print marketing ideas or need help brainstorming the perfect promo to show customers your appreciation, our creative team is eager to help. Give us a call today!