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In an ever competitive and changing business world, one of the most profitable things you can do is to decrease your customer or client defection rate. It doesn’t matter what industry or profession you are in. In fact, you should be downright mad when you lose a customer. Now, attrition is a natural process in business, after all, people move, don’t need your products or services any longer, or worse yet, they take their business to your competitors.
The point is, you can’t stop people from passing away or moving, but you can reduce the amount of customer or clients that go to your competitors or just stop using your products or services all together. In fact, this is very easy to do and also very inexpensive if you take the right steps.
Follow this simple VAP Factor ? “5R Rule” and watch your defection rate decline and your sales, revenues, and profits accelerate fast!
Rule #1 Recognition: Make sure you recognize and appreciate your customers and clients and let them know how important they are to you and your business. Provide value to them beyond what they expect.
Rule #2 Rapport: Have a sincere relationship with the people who are doing business with you and your company. If you have to fake it, you are in the wrong business. You really should love the people that do business with you.
Rule #3 Repetition: Make sure that you follow up regularly and often with your clients and customers. It’s not always about the sale. Follow up can mean that you call them to see how they like their new product they purchase or maybe it is sending them thank you cards. Whatever it is, you need to do this regularly… that is the key to it all.
Rule #4 Responsiveness: If your customers and clients contact your business, make sure you get back to them in a timely fashion. Always make sure you get back to them, this is more important than ever. Do you know how many times I have called a business and never even got a return call? The worst part is, I was trying to give them my money, but I guess they didn’t care enough. Don’t let this happen!
Rule #5 Resolution: Make sure you take care of any problems that your clients or customers may have. Don’t make it difficult for them, tell them you will handle it and then DO IT. It’s that easy!
If you follow this simple 5R Rule, your business will be hands above your competitors. It really is this simple. So why do so many businesses and companies ignore this?
Your customers, clients, and patients (depending on what you call the people that do business with you) are the biggest asset to any business. You should focus most of what you do on retaining the people that currently do business with you. When you make this shift, your business will see a major shift. Not only that, but it is far less expensive to keep people coming back than it is to find someone new to buy your products or services.
Apply this strategy to your business and see for yourself how effective it really is.
Dominic entered the entrepreneurial world through a strange door, that of a health care provider, when he opened his first business after he graduated from Chinese Medicine School. Out of necessity, he needed to learn more about attracting new patients and how to market and grow his practice successfully. Although his professional training prepared him to diagnose and treat people’s health issues, he quickly came to realize that he was very passionate about and enjoyed building and growing his business.
Dominic has become a devoted student of marketing and profit generating systems.His extensive knowledge in lead generation techniques, client retention strategies, and profit generating systems has gained him a loyal base of clients in the United States and abroad. Dominic released his first book titled Automatic Practice Success and it has sold in over 10 countries around the world. His second book titled The Automatic Business Success Guide To Creating Clients and Customers For Life is due to be released in 2009.
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