Make Your Customer an Addict, Sell Him Drugged Candy
It takes a lot less energy and money to retain existing customers than it is to find new ones. Once you have customers within your grasp, don’t just let them go, sell them “drugged candy”. That is, make them want to come back for more. Provide them with excellent customer service, give them a good experience, and make them feel like royalty.
Loyal customers are worth their weight in gold. If you currently retain 60% of your customers, set a target for 70% retention rate. This will give you an additional 10% growth with minimal effort to boot. You already have their names, their contact numbers, their buying history, and other relevant information. Contact them and see what you can do for them.
On the other hand, if it isn’t possible to call them, think out of the box and develop ideas that will make customer unlikely to forget you. Think of something that will get your customer “addicted” to your business. If you’re selling toys, offer freebies and be kind to their kids. If you’re in the automobile industry, provide some free advice. And if you’re selling food and beverage items, focus on your branding and make your product stand out.
It doesn’t matter what business you’re in. All people have certain needs that should be met by various businesses. You just have to give them the candy while they’re within reach. One taste of it and the customer is yours. An addicted customer is a great customer; a loyal one too. If you are able to effectively “drug” them, they might even bring a friend or two as well.
See the example of Starbucks. There are many affordable coffee drinks out there but people flock to Starbucks. The company prides itself for providing the “Starbucks Experience”. The coffee chain supposedly sells coffee but when you think about it, they are actually selling the experience of being seen in a trendy café, cushy sofas, relaxing music, accommodating staff, and wireless internet connection.
The “Starbucks Experience” is the company’s drugged candy. So ask yourself, what’s yours?
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