Almost every business gets 80% of its net profit from 20% of its clients. Of that 20%, 5% will be hyper sensitive; they will buy almost everything you offer them and are raving advocates of your business and whatever it is you do. This same small group are also responsible for an inordinate number of referrals, testimonials and “hassle free” sales. ?
Yet surprisingly, very few business owners ever identify this “golden list” or do anything special in order to thank or nurture them. In fact in most cases, such clients are completely ignored while less worthy and even “problem” clients are ardently wooed!
In fact, often more time and money is invested in trying desperately to upgrade the “worst” clients in favour of doing anything to retain and reward the BEST!
Even those who DO actively nurture their prized clients, often miss another opportunity; to “show off” this elite group of clients to less well performing clients on their list, thereby creating the discomfiting impression for these people that maybe they’re missing out on something; that they have been left out of some kind of a prestigious ‘club’.
There are 6 basic steps you can take to correct, if indeed you concede YOU are guilty of making this mistake in your business.
- Grade your client list A. B. C. D. E. ….
- Identify your top 20% (A & B)
- Create an “arsenal” of rewards, such as Free gifts (movie passes etc), group outings, Closed Door Events, Special discounts, Newsletters etc.
- Give these gifts often and with regularity, say every 3 or 6 months.
- Select Cs and Ds for special attention to upgrade to the level of you’re A & B clients.
- Make your Rewards programme and who is a part of it, known to the rest of your list via your newsletters, photos, in-house ‘signage’ and Case Studies.
It doesn’t take much to acknowledge your most valuable clients. One of the most primal needs we have, as human beings, is to be acknowledged; acknowledged for our achievements, acknowledged for our contribution, acknowledged for a job well done, acknowledged for being a worthwhile person and on it goes. If you fulfil this need in your clients, not only will they continue to advocate you and your business, they may even strive to reach even higher levels of support for you. The rewards are indisputable.