If you’ve ever wondered how to get more sales from existing clients, maybe ask yourself this question:
What is my most valuable asset?
Noah Fleming wrote an article titled “Don’t Tell Me Your People Are Your Most Valuable Asset.” He’s one of very few people who is laser-focused on the issue of customer loyalty.
And he asks a terrific question:
What’s the most valuable asset you have in this business right now? I don’t mean this in a hippy dippy way, but as an actual, concrete question.
What would be your answer?
Do your actions match your words?
Fleming follows up with an observation:
…we often spend more time nurturing, training and developing the talent than cultivating the customers that make having people possible.
The Common (and Wrong) Answer
Almost anywhere you go in the modern world, HR directors mouth the same tired platitude: “our people are our most valuable asset.” Fleming calls B.S. on this. And I agree.
I see a huge disconnect between words and actions. When I talk to business owners about the importance of loyal customers, they always agree with me. Yes, of course it’s more profitable to keep existing customers than to find new ones.
But when push comes to shove – in business after business – actions and words don’t line up. They design sophisticated marketing plans to find new customers. And yet they have no coherent plan for how to keep them once they find them.
Does that make sense to you? It doesn’t make sense to me, and it doesn’t make sense to Noah Fleming.
Let’s think a moment: Why do we spend money on marketing?
- To find people who want what we sell
- To persuade those people that we can be trusted
- To sell something to those people
So, in light of that list, listen to Fleming again:
With very few exceptions, there is no asset more valuable than your customer list, and specifically their purchase history & contact info.
That bears repeating: there is no asset more valuable than your customer list.
Why? Because these are people we have already found. These are people who already trust us. These are people who have already bought from us..
In other words, existing customers don’t need your marketing dollars. They need your loyalty dollars.
Are You the Exception?
Now, maybe this doesn’t apply to you. Maybe you’re the only game in town. Maybe you have an ad budget that would make Proctor & Gamble salivate. Maybe you dominate your market. If so, I’m sorry I wasted your time.
But if you’re none of those, then let me ask another question:
How much do you spend on customer loyalty?
A recent Bain & Co study found that a mere 5% increase in customer retention can nearly double profits. That should be sufficient motivation to invest in customer loyalty.
Noah Fleming one last time:
“…you can’t afford to ignore your list.
Ever. It’s the most valuable thing you’ve got.”
So how do you get more sales from existing customers? Make ’em more loyal.
One way to boost loyalty is to give them a persona to love.
Wow, there’s been such AMAZING response to this letter that I'm re-posting it here. Thank you in advance for your kindness!
You’ve seen the photos. People paddling canoes down the street in front of their homes. Wheelchair-bound senior citizens lifted into a boat by helpful strangers. 180 MPH winds. Millions without power.
The damage from the hurricanes is estimated to be hundreds of billions. People won’t be able to work and kids can’t go to school. People like you and me need our help.
I found a charity ranked 100% by Charity Navigator. It gives away 99.4% of funds where YOU want them to go.
Forbes rates them 100% on Efficiency and 99% on Charitable Commitment. This group has been providing international relief for 17 years.
It’s called Direct Relief.
Let’s help these hurricane victims out.
If you donate here to Direct Relief, I’ll send you a free copy of my e-book as soon as it’s complete.
It’s called Five Time-Tested Tools for Creating Lifelong Loyalty and I’m on schedule to a release on October 15th.
About Five Time-Tested Tools
I’ve studied loyalty since 1990. How to get it. How to keep it. 1990 was the year my two best friends joined a cult. The cult promised them a better life. Yet the cult didn’t deliver.
Now, if the cult was a business, it would’ve lost some customers at that point. But my friends stayed even though the cult broke its promises.
Somehow, the cult did something to keep my friends loyal, in spite of broken promises.
I was determined to figure out why they stayed. That’s when I started studying the nature of loyalty.
It took a lot of time, effort and patience, but I cracked the code. Once I figured out these techniques, I understood why my friends wouldn’t leave.
See, cults use two kinds of techniques: manipulative and passive. The manipulative ones are really nasty. I hate ‘em.
But the passive techniques? Those are actually pretty cool. Anyone can use these passive techniques to create loyalty. They aren’t manipulative and they really work.
I identified five of these passive loyalty techniques.That’s what I’m writing about in Five Time-Tested Tools for Creating Lifelong Loyalty.
How You Can Help
So, if you’d like to get a free copy of Five Time-Tested Tools for Creating Lifelong Loyalty while you also help out those folks affected by the hurricanes, just go here to donate. >>
- On the top right of the page, click on Donate.
- Type in how much you’d like to donate.
- Click on Direct my donation to if you’d like to direct the funds to a specific cause like Hurricane Irma or Harvey.
- Pay by CC or PayPal
Then, forward your email receipt to me: firstname.lastname@example.org
Let’s get that money where it counts.
Go ahead and donate now, and then send me the receipt so I can hook you up with the Five Time-Tested Tools for Creating Lifelong Loyalty ebook as soon as it’s finished.
The nation has been divided politically all year. Now is the time to come together to help those who need it the most.