Customers/Clients Archives - Page 7 of 35

Do you ask better questions?

October 24, 2018

Given the amount of competition out there, the challenges of landing a new client and the struggles with keeping the clients you do have – I totally get the hunger to have the right answers. But, it’s not about the answers we provide, it’s about the questions we ask.

We want to think that after all, what our clients are paying us for is our expertise, our years of experience and our guidance. I want to suggest that while all of that is true – our expertise, experience, and guidance should show up in a different way. The more we can put aside our cookie-cutter solutions and assumptions the better our questions will be.

And ultimately, that leads to better answers. As Voltaire was credited with saying, “Judge a man by his questions rather than by his answers.”

When we are meeting with a prospective new client, the sentence I love to hear more than any other is “I’ve never been asked that before.” That means I am adding value. I am taking them in a direction they haven’t been before or coming at their issue from a different perspective. And odds are, the closer I am to getting to the best answers.

In terms of marketing, we have evolved from a black and white world to a world of iterations. I don’t care how right your solution is for today, given the rapid rate of change in our world, it’s not going to be spot on forever. Some solutions, like a company’s brand and product promises, need to stand the test of time. But today, most of our marketing tactics have a shelf life. Customer behavior, needs, and expectations are a moving target and we have to keep up with them.

If you don’t feel like the quality of your questions is where you want it to be – how do you up your game?

It helps if you’re naturally curious. Is your brain wired to wonder? The very trait that I am sure drove my parents crazy when I was a kid is one of my God-given superpowers as a professional. If you’re not naturally curious, then practice the art of curiosity. Like anything, you can create a habit around curiosity. Beyond that, try some of these techniques:

Keep it open-ended: Try to keep the conversation going by asking questions that require a longer response than a yes or no. Certain words trigger definitive answers and actually add a bias into the question. Avoid using the words “should” or “would” when you formulate a question. Don’t start off with “do you think” because you’re giving them license not to actually think about their answer.

Follow the rule of three: This is a digging deeper technique. Ask at least three follow-up questions to your original question before you move onto the next topic. This will require you to listen carefully and not be ready to jump in with the next question. Especially in a business setting, the first layer of questioning has been asked and answered a million times. You want to go where most haven’t thought to dig.

Beware of assumptions: One of my favorite questions is “if we had to prove that was true, how would we go about it?” So often, we make assumptions along the way and start speaking them as if they’re the absolute truth. But we have no basis for that other than our opinion or it may be a long-held belief that no one questions anymore. Remember that even if it was true in the past, it does not necessarily mean it’s still accurate.

Better questions make our work more collaborative and more accurate in terms of actually finding the best solutions for our clients. So, fire up your curiosity and ratchet up your Q&A sessions.

When I say Dunkin’ you say …

October 10, 2018

Odds are, you say Donuts. After all, since 1948 the company has worked pretty hard to get us to recognize their name and their core offering. Dunkin’ Donuts. They have invested millions of dollars to connect those two words. Remember the “time to make the donuts” campaign?

All of that is what makes the announcement they made last year so intriguing. They want to test the idea of dropping the word Donuts from their name, but a final decision on the name won’t come until late 2018. They’ve coupled the shortened name with a new tagline – Dunkin’. Coffee and more.

The company cites several reasons for the change. When asked why they harken back to their roots when they were a coffee shop that sold donuts. Based on the numbers, they actually derived 58% of their revenue from coffee in 2016. Now that Starbucks has made coffee trendy and pricey, Dunkin’ has decided to lean into that category and try to ride the upswing in both volume and profits.

Their coffee also gives them more opportunity for line extensions. They sell Dunkin’ coffee beans, K cups, and other related products in their own stores and grocery stores across the country.

As coffee is growing in popularity, donuts are falling in the opposite direction. Culturally, we are making healthier choices (or at least saying that we are) and according to a company spokesperson, the shift will “reinforce that Dunkin’ Donuts is a beverage led brand and coffee leader.” Actually, the statement should be “we want to be a beverage led brand.”

I don’t believe they’ll ever make that pivot work. Their brand is too entrenched in our minds and more importantly, in our connective experiences with the stores. Maybe they actually are a coffee led brand if you crunch the numbers. But brands are rarely built on data. They’re built on experiences and emotional connections.

What the decision-makers at Dunkin’ seem to have forgotten is the most important truth of branding: brands are not controlled or owned by the company. Their consumers have that privilege.

Changing your name does not change how people categorize or describe you. It doesn’t change the way they experience you or why they will or won’t do business with you. If you truly want to reinvent your brand, you have to drive change much deeper than just dropping a word or two.

You may not remember, but Starbucks used to be called Starbucks Coffee. They made a big deal of dropping the word coffee in 2011. When you think of Starbucks, what is the first product that comes to your mind?

Seven years later, we still think of them as a coffee shop that happens to sell other things. The budget they’ve had to alter our perception is far greater than what Dunkin’ will have to spend, so it’s hard to imagine that we’re going to forget the donuts aspect anytime soon.

The learning for all of us in this?

We need to be very intentional when we create and build our brand because once we plant those seeds and nurture them, it’s very difficult to change course and take our customers with us on the journey. Once we’ve told them what to expect and have honored those expectations over time, we shouldn’t be surprised that they believe us.

On paper and by the numbers, Dunkin’s pivot may be perfectly logical. With the decline in donut sales and the spike in coffee consumption, who can argue? But brands don’t live on paper and aren’t driven by numbers. Brands are born and grown in the hearts of our customers, and it’s much harder for logic to prevail there.

You like us, you really like us! – Reviews

September 19, 2018

As we approach 2019, we’re delving into the channels that you really need to consider as you map out your marketing and sales efforts for the coming year. Previously we’ve covered:

Video
Podcasting
Infographics and visual representation
Webinar and webcasts
Building your email list
Multichannel Marketing

Now, I want to call your attention to the incredible opportunities that lie within online reviews and ratings. Consider a few of these 2017 statistics before you decide whether or not this should matter to your business.

92% of consumers now read online reviews vs. 88% in 2014
40% of consumers form an opinion by reading just one to three reviews vs. 29% in 2014
88% trust reviews as much as personal recommendations, vs. 83% in 2014
Star rating is the number one factor used by consumers to judge a business
Only 14% of consumers would consider using a business with a one or two-star rating
57% of consumers would use a business with a three-star rating
94% of consumers would use a business with a four-star rating

Let’s assume that those facts have convinced you that reviews matter. The next question is going to be which review site? Your industry may have its critical sites, like Healthgrades and RateMDs.com. and naturally, those are going to need to be part of your plan. But for all of us, Google matters and those reviews have the most influence on your search engine results and page rankings.

Regardless of where you’d like the review to appear, there are some best practices for asking and encouraging your customers to take the time to review your business.

Know it’s not top of mind: For most of us, it doesn’t even occur to us to leave a review for most of our vendors, especially on the B-to-B side. If it does, it’s because we had a bad experience, which is why many reliable, good businesses have more bad reviews than good. This is not a passive, “I sure hope people leave us a review” sort of strategy. You’re going to have to ask.

Timing matters: For every business, there’s a honeymoon phase when your client is happiest. Think of it as the new car smell period. For a couple of weeks after you buy a new car, you are reminded that you have a cool new car every time you slide into your seat. You need to know when your customers are in that stage and ask them for the review at that moment.

In person is always best: For many of us, we have face time with our customers. As you wrap up the transaction, hand your customer a card with all the details they will need and ask them to take a few minutes to leave you a review. If you don’t interact with your clients directly, there’s nothing wrong with email. You’ll have better results if it’s a personal email rather than a mass mailing, but you can use marketing automation software to create that personal touch.

Make it easy: Don’t just ask me for a review. Tell me where (which site) and give me a link directly to the right page. You can also put links on your social channels and website, inviting people to provide a review.

Systemize it: This isn’t something you should do this week and then call it done after you get a few reviews. You need to have a process that makes asking for a review a regular part of your sales process.

Your work isn’t done once you garner some reviews. Monitoring your reviews and responding to them is an equally important strategy. Look for that discussion to come.

You’ve got to multiply

August 22, 2018

The new year is fast approaching and as you start working on your marketing plan for 2019, you’re going to need to multiply. Consider these facts.

The average US adult now spends over 100 minutes a day watching digital video (eMarketer)
26% of US adults listen to at least one podcast a month (statista.com)
65% of B-to-B marketers use infographics (Content Marketing Institute)
55% of B-to-B marketers use webinars and webcasts (Content Marketing Institute)
40% of consumers form an opinion by reading just one to three reviews (BrightLocal)
92% of consumers visit a retailers website before making a purchase (Episerver)
Online adults 18-34 are most likely to follow a brand via social networks (MarketingSherpa)

Today’s consumer isn’t living a mono-channel life. We can’t get locked into one channel and hope that we can actually create an on-going conversation. We have to stay interesting and helpful for a longer period of time because we don’t control the pace or place of the conversation anymore.

We also can’t present our messaging in only one format. We have to stay interesting and multiply if we’re going to survive the long haul of earning and keeping our audience’s attention.

Your prospects can stay in the consideration stage for a day or a decade, and we need to be able to not only wait them out, but we also need to work hard to stay on their radar screen for that entire time. Marketing is becoming an endurance sport, and we have to hang in there long enough to have a shot at winning the new customer.

Life is not linear or logical. If we’re trying to be a part of our audience’s narrative, we need to be where they are, and as you can see by the statistics I’ve given you, they’re all over the place. I’m not suggesting that you need to dominate all of the channels, but you need to carefully consider which mix of them make sense for your product, service or brand.

To know which tactics will serve you best, you need to truly understand the buyer’s journey and where along the way they intersect with different mediums. As you can see from the data I’ve shared, odds are your potential buyers are consuming a little bit of everything, from infographics to webinars to videos. You also need to understand how to multiply – how to present your brand’s products and services in the best light. Does it lend itself to a visual presentation? How critical is data to the buying decision? This is all about knowing your buyers and what you sell and figuring out how to make the most effective connections.

The multi-channel approach will serve your organization well. It allows you to show up in many places, with the same consistent messaging so that those impressions stack upon each other and over time. Remember the know • like • trust continuum we’ve talked about many times. Consistency in messaging moves the prospect along that continuum more quickly.

Multi-channel also means you’re more likely to connect with your potential buyers on the channels where they feel most comfortable. We hear better and understand more deeply in our native language. The same is true about our communication channels. If you connect with a prospect where they spend most of their time, they’re less distracted and more open to hearing what you have to say.

On the flip side, trying to juggle multiple channels is a drain on your resources. So you’re going to want to multiply or choose carefully and judiciously.

Stay tuned because we’re going to explore each of the tactics (video, podcasting, infographics, webinars, webcasts, reviews, websites and social media) and identify how they might fit into your plans for 2019.

Build your email list

August 8, 2018

If you’ve been following along, we’ve been talking about some marketing resolutions to help you get a jumpstart on your 2019 marketing plan – email, reviews, video, etc. Over the next few posts, I’m going to tackle these suggested resolutions one by one and help you map out how you can crush each one in 2019.

In case you missed it, the resolutions were:

Build your email list
Work on earning great reviews
Produce more videos/build a YouTube channel
Do less but do it better

Today we’re going to tackle building your email list. Having a strong email list is vital for your business. It’s an asset that you own, and you control. Very few platforms convert more consistently and continuously than effective email campaigns.

Email allows you to target sub-sections of your list, be personal in your delivery and really take advantage of the one to one medium. But before you can take full advantage of your email list – you need to have one.

Make your content something they actually look forward to receiving. While that seems obvious, very few organizations deliver on it consistently. Your content can’t be about you, your team, your special sale or some award you’ve just won. It has to contain ideas or resources that they can learn from, use or share.

Offer different types of subscriptions. Create different resources for different audiences. Help them self-select what insights would be most valuable to them and serve it without the content they don’t care about. You might also offer a variety of frequencies. One person may prefer a monthly communication while another would rather get it in bite-sized pieces every week.

Create free tools, resources or guides that you can trade for email addresses. The key to this strategy is that there has to be a lot of meat on the bone. You can’t earn your prospect’s trust if you skimp on this kind of content.

Create links to capture email addresses throughout your website. Don’t just count on your “sign up for our newsletter” button on your home page. Pepper opportunities for people to join your email list on a variety of pages. Serve up different offers based on each page’s subject matter.

Use other platforms to promote your content. Email may be one of the most effective platforms, but that doesn’t mean the other platforms should be ignored. When you’ve gone to the effort of creating something that is really noteworthy – share it out. Create a private Facebook group or Pinterest board to woo prospects to get a little closer. After they see that you’re focused on adding value to their world – invite them to partake in some of your gated content.

Don’t forget offline events and activities. While we live in a digital world, there’s still plenty of analog activity that allows you to connect with people and identify common interests and needs. As you work your way through networking events, trade shows, conferences and all the other places you bump into people you can help – make those connections. After you nurture those relationships, extend the invitation to join your list so they can get even more of your goodness.

Focus on the two parallel goals in terms of your list. Grow it in quantity and also grow it in terms of engagement. You want people to reply, share, and come to rely on your regular communications. Calendar your communications, so you stay consistent and invest the right amount of time and resources, so you are always serving up something worth getting excited about, from your audience’s perspective.

That’s step one to a very successful 2019.

Next, we’ll tackle the second resolution – getting reviews from your raving fans so you can attract more raving fans!

CMOS — are you torn between storytelling and driving growth?

May 30, 2018

A new study from the Chief Marketing Officer (CMO) Council and Deloitte, surveying close to 200 chief marketers worldwide, revealed many CMOs are still focused on the traditional storytelling aspect of their position and are less comfortable with aspects associated with driving growth, including acting as revenue science practitioners and customer experience architects.

According to the report, “CMOs and the Spark to Drive Growth,” 35 percent of respondents identify their role as being the chief storyteller, but only 20 percent view themselves as the market explorer that identifies and maps new routes to revenue. Additionally, just 7 percent say they are the data guru that understands the voice and expectations of the customer.

To download this study, click here.

“Sales and driving incremental revenue growth are the first steps on the path to profitability, but this is not the destination,” noted Liz Miller, Senior Vice President of Marketing for the CMO Council. “What best practice leaders have demonstrated is that ownership of experience strategy and voice of the customer must inform key business decisions, ranging from product specification and identification of market expansion and global market readiness. This will require a new mastery of data and intelligence, along with skills that cross finance and operations boundaries that most marketers feel uncomfortable and unprepared to cross.”

As today’s CMOs remain focused on brand development, customer engagement, lead management and media mix modeling, they are missing the opportunity to focus on business transformation initiatives like mapping global expansion, facilitating mergers and acquisitions, pricing strategy or actively advancing distribution channels.

Of the marketers surveyed, 82 percent believe they are the primary driver of brand development and storytelling, only half believe they own customer experience strategy development. While marketers own the brand and how it melds into engagement and communications, they are also influencers across a vast list of critical business driving functions.

The disconnects between intention to drive growth and capacity to impact the bottom line beyond new customer acquisition continue. Consider that:

68 percent of marketing leaders surveyed expect to drive and optimize growth through new customer acquisition. Only 9 percent expect to impact growth through the introduction of new engagement or distribution channels.
Marketers agree that revenue is the top measure of growth for the organization (95 percent) and for their own personal definition (70 percent). However, while the business also considers gross margin and market share as the second and third indicators of growth, marketers instead look to brand valuation and customer acquisition shifts, highlighting a disconnect in how growth is fundamentally measured.
CMOs are allied with their organizations’ president and head of sales in the development and shaping of new growth strategies, but they do far less to involve supply chain, product and operational partners—key leaders who sit at the front line of customer experience.

“What we hear from our CMO clients is that they are attempting to tackle some of their organizations toughest challenges, sometimes losing sight of keeping the customer at the center of it all,” said Sheryl Jacobson, principal, Deloitte Consulting LLP and CMO Customer Transformation Leader. “For the CMO to be effective, they have to keep the customer at the center of every conversation and figure out solutions that will drive growth. But then translate the strategy into the languages of their c-suite peers.”

The importance is for marketers to align their vision of success with both the customer’s vision of need and value and the business’ definition of growth and success. It will demand more than just a deep understanding of storytelling and the brand and will even transcend having an understanding of the business and the touchpoints spread across it. It will demand that marketers become cultural change agents, sparking innovation in how teams, technologies and touchpoints converge.

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About the Study:
Findings of the “CMOs and the Spark to Drive Growth” study are based on a 10-question online audit of 191 global senior marketing leaders. Thirty-seven (37) percent of respondents hold the title of chief marketing officer, senior vice president of marketing or head of marketing, representing companies with revenues in excess of $1 billion USD. The 10-page whitepaper is available for download by visiting https://cmocouncil.org/thought-leadership/reports/cmos-and-the-spark-to-drive-growth.

This study is the first of three investigations into the CMO as the growth driver. Next in the series will be a summary of investigative dialogues with growth-driving CMOs, all hailing from fast-growth, sustained-growth or emerging-growth organizations. The final brief, dubbed the “CMO’s Growth-Driving Playbook,” delves into the steps and strategies that growth drivers have adopted to take a leadership position across sales enablement, customer experience and transformation of people, process and platforms across the organization.

Convenience is in the eye of the beholder

May 16, 2018

I have a message for you from your customers. This is something they want you to know: “I don’t really care how you would like me to communicate with you. I want you to offer me the choice so we can communicate according to my needs. Don’t make me call you. Don’t make me visit your website. Don’t make me send a carrier pigeon. Don’t ask me to make it easy for you. I’m giving you my business so I need you to tailor your communication channels to the way I want to work with you.” Seems simple enough, doesn’t it? And yet most businesses still define how their clients can access them. We create convenience but the truth is – it’s based on what is convenient for us.

I have a friend who was communicating with his bank through the bank app’s chat function. As he was wrapping up the chat, the representative told him that he would need to call the toll free number to accomplish his task. He asked the person he was already dealing with “Can’t you just call me so that I don’t have to start all over again with someone new?” The bank’s rep told him he could not because their chat application is on a different system than their voice system. Bottom line – the customer had to be inconvenienced and frustrated because the bank’s system was dictating how he had to communicate.

A new era of consumer expectations is here and we need to be ready for them. They are more informed and connected. They fully expect to be in complete control when making purchase decisions. How many times do you see people walking through the aisles of a store with a hand-held device so they can comparison shop, check out product reviews and reach out to their social media connections for recommendations in real time?

Having multiple ways for people to contact you (multi-channel) isn’t enough anymore. What your consumers want is the ability to shift seamlessly from channel to channel (omni-channel) without having to repeat themselves at every turn.

Even if you don’t sell a single thing online and don’t list any of your prices on your website – understand how this impacts you. The retail experience is defining what is possible and very soon, B-to-B consumers are going to expect the same seamless transition from channel to channel. Convenience is king.

Don’t think this is something you can ignore based on how you sell. Omni-channel is much more than sales. It is also about delighting your customers in person, connecting seamlessly between in-person conversations via social, mobile and the web on how they want to communicate.

While price will always be a factor, the currency you really need to be mindful of is your client’s time and convenience. If it’s a hassle to communicate with you, it’s just too easy to take for them to take their business elsewhere. According to a recent report from Oracle, customers aren’t giving us much of a grace period before they go to our competitor. The report said that as many as 89% of consumers will begin doing business with a competitor after one poor customer experience and even worse – they will not grant the offending business an opportunity to redeem themselves.

Your first step – ask. Ask your customers how they want to communicate with you. For many businesses, just evolving to a multi-channel solution that allows your clients to define how and when they want to talk to you is a good first step. As you develop your multi-channel solutions, be mindful of the evolution to omni-channel so you can build in the functionality as you take those first baby steps.

Do your actions match your words?

May 2, 2018

Most organizations talk a good game but just like with people, our non-verbal cues or actions often tell the real story. We are out there, creating content, advertising, encouraging word of mouth referrals, running specials or inviting prospects to let us give them a free assessment – but do we really want their business?

What does our “body” say? Do you signal that you’re really ready to welcome new clients or does your behavior suggest something different? Let me give you a concrete example.

Our clients take me all over the country which means I am on a lot of planes. I fly in and out of the DSM airport over 100 times a year. They are always advertising that it’s better to fly out of DSM than drive to another airport. They have signage up, telling us how glad they are to serve us. They chase after the airlines to either start flying (Southwest) or add routes (all the others).

So if we just pay attention to their words – they want to provide excellent service to even more Central Iowa travelers and they want to cater to the frequent business traveler.

But their body language says something else.

It’s almost impossible to try to use their long-term parking garage without it being full or half of it being shut down for repairs. The last two times I flew, one of the towers/elevators was down which meant people had to lug their luggage to the tower at the other end of the parking ramp.
The shops and restaurants are understaffed and slow. If anything, they keep reducing menus options and shopping choices, not adding to them.
The TSA pre-check line is rarely staffed which means there’s no advantage to having pre-check. Yes, you stand in a different line, but it is serviced by the same agent that the other line is – you just take turns. Don’t get me wrong, taking turns is fine but don’t promise expedited service if you can’t deliver on it.

I’m sure there’s a rational explanation for every one of their choices – but marketing and customer service isn’t rational. When we feel someone’s indifference – even if it’s justified in their mind, the marketing words seem almost insulting, don’t they? It’s like they’re playing us for fools.

Actions speak much louder than any marketing message ever could. How you treat a customer trumps how you talk to a customer.

Does your organization’s body language match your marketing words?

How responsive are you? Do you have a response mechanism (comment box, contact us, social media links) on your website? Do you monitor it? How quickly do you respond? Who handles those responses and how equipped are they to answer the questions being posed?

When someone tweets you or leaves a review – do you even see it? Do you respond, even if the review is not favorable?

If you haven’t tested your team’s responsiveness lately – it’s probably overdue.

Do you make it easy? Remember that today our most precious and scarce resource is our time. People aren’t multitasking; they’re hyper-juggling. And when you inconvenience a customer, limit their access to those conveniences, or miss a deadline — it’s actually worse. It’s like mean teasing. People don’t miss what you never offer or don’t have, but they notice very quickly when you promise easy or on-time and then make it difficult or late.

Do an audit. Ask your team – how do we bend over backward to make working with us easy and convenient? How could we be even better and before you promise it – make sure you can sustain it.

There’s no better marketing spend than over-servicing your current customers. Start with your actions and you won’t have to say a word.

Your Organization’s Mark

April 25, 2018

In marketing terms, an organization’s trademark, or “mark,” is any word, phrase, symbol, design, sound, smell, color, or combination of these, used by a company to identify its products or services, and distinguish them from products and services provided by others.

We’ve talked many times about the importance of having a unique mark and protecting it both legally and by using it wisely. It’s one of the most valuable and important assets your company has.

But that’s not the kind of mark I want to talk about this week. I want to turn your attention to a much grander, broader mark. I’m talking about the mark that your organization is leaving on your community. When we think about companies that have helped shape Des Moines, we can’t help but point to the Principals, Merediths, and Wellmarks of our world, whose civic-mindedness has changed the landscape of our shared community.

For every company the size of those giants, there are hundreds of businesses with a handful of employees. Normally those companies fly under the radar because it’s assumed they can’t possibly have that kind of impact. I want to challenge that belief. Whether you are a solopreneur, have fewer than 20 employees or maybe have a few hundred people who work in your organization – you can leave your mark.

Think I’m crazy? I offer my small agency as an example. I’m very proud of the work we do for clients across the country. We help them connect with their best-fit prospects and create lasting relationships with their customers. But honestly, that’s just us doing our job and what we get paid to do. Important – yes. Our legacy in this community? No.

20+ years ago, we were part of the team that conceived, created and launched Jolly Holiday Lights for the Make-A-Wish Foundation and 10+ years ago, we conceived, created and launched the YESS Duck Derby for Youth Emergency Services & Shelter of Iowa.

These events raise a combined $500,000+ a year for those organizations. They are the largest fundraiser for each of them and they have become a significant part of their brand, their connection to the community and help them serve more children every year.

That’s our true mark. We used our best resources to change our community for the better and hopefully those non-profits will live on for many, many years, caring for the children who need their help.

My point is this – if we can do it, so can you. Lest you think I’ve forgotten that this is all about marketing, let me connect the dots. Being an organization that changes the course of your community is good for business. Here are some of the ways it translates to your bottom line.

Brand building: No doubt, being perceived as a company who serves the community is a powerful way to generate awareness, respect, and appreciation for your brand.

Employee attraction: Today’s employees want to work for an organization that has a greater purpose than just making a profit. They want a company with a connection to the community and a conscience.

Tip the scales: If a prospect is trying to decide between you and your competitor and one of you is known for doing something special for your shared community – who do you think will get the nod. No doubt you have to be good at what you do and fairly priced, etc. But being a good corporate citizen may just be what gets you the nod.

I challenge you because this doesn’t happen by accident. What mark will you leave on this community?

A bird in the hand

April 18, 2018

Short of your employees, there is no one more important to your business than your current customers. We give this incredible lip service but our actions suggest we don’t actually believe it. Think you’re different – check your marketing budget. What percentage of it is spent on your own bird in the hand – your existing clients?

There’s a level of excitement in chasing after and winning a new customer. I get it — the thrill of the hunt and all that. In many organizations, that’s where the emphasis and rewards are loaded so it makes sense that for many of us, it’s where we gravitate. But whether you own the business or are just responsible for it hitting its marketing and sales metrics – if you want to exceed the goals, focus on the people who have already demonstrated that they’re willing to give you money. It turns out they’re the most likely ones to give you even more.

Consider these facts from both a Forrester Research study and a Harvard Business Review research project:

Acquiring a new customer can cost five times more than satisfying and retaining current customers
A 2 percent increase in customer retention has the same effect as cutting costs by 10 percent
A 5 percent reduction in client defection can increase profits by 25-125 percent (industry specific but seriously – 25% is the low end!)
On average, loyal customers are worth up to 10 times as much as their initial purchase
The cost of bringing a new customer to the same level of profitability as a lost one is up to 16 times more

As companies ramp up their business development efforts sometimes their best customers feel a little less special. After all, you’re investing all of your time and energy into catching someone else’s eye even though they’ve been loyal to you for some time. When I review an organization’s marketing plan, if their current customers appear at all, they’re almost always an afterthought or certainly occupy the smallest portion of the budget. Given their importance – that seems a bit off.

Here are some ways you can make those valuable clients feel valued.

Listen when they complain: Whether it’s in person, over the phone or on a review site, when your client airs an issue – listen and learn. It’s easy to dismiss a complaint as an aberration or someone having a bad day. Don’t make that mistake. Ask a couple questions. Acknowledge your mistakes if you see the truth in their feedback and ask for an opportunity to re-earn their trust. Make them feel heard.

Give them exclusivity: The more of your smarts and insights you share with the world at large, the more you should offer your clients something you don’t give to anyone else. Hold a client-only event, create a special ebook or do something like what we do at McLellan Marketing Group – create a holiday that honors them every year. MMG’s “Who Loves Ya Baby Day” is one of our favorite days of the year.

Ask for their opinions: Don’t wait for them to speak up. Regularly solicit their feedback on your product/services, how you service them, what else you might be able to offer them that would be valuable to them. Promise to report back what you learn from the inquiry and how you’re going to change because of the input. Then, make sure you do both. Show them you will respond and they will keep helping you get better.

Your current clients helped you get to the level of success you enjoy today. They’ve earned your loyalty and attention. Don’t overlook this bird in the hand. Serve them well and they will help you create even more success down the road.

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