Pay close attention to loyalty, crack the codeBy Jason Mudd
May 3, 2014
Recognize and reward your most profitable customers to maximize growth. When you can crack the code, you’ll have a lock on your success. Consult the experts when determining how best to increase your profits.
- Maximizing Profits: Not All Customers Created Equal
- Successful Companies Crack the Code
- The 60-Second Close: We Get it Done Best
1. Maximizing Profits: Not All Customers Created Equal
Businesses tend to believe that all customers are equal, but you’ll find that’s not quite true.
Some of your customers spend and contribute more to your bottom line.
Every business category has “high-profit customers.” These customers are more loyal and, when offered additional high-profit products or services, will purchase them.
Recognizing them with a loyalty tracking program is critical and can indicate when their purchase activity levels fluctuate.
They don’t want to be part of the masses. To maximize their loyalty and profitability, give them special attention; they’re your key to growth.
While most companies ineffectively spend dollars gambling to increase market shares, the real winners are those that devote their attention to “high-profit customers.”
2. Successful Companies Crack the Code
Any company can have a website or do traditional or online advertising – the “tangibles.”
Unfortunately, the tangibles are not a guarantee for success – until you crack the code.
Today’s most successful companies do just that – and when they do, their public relations investments multiply.
1. Does your company have a unique “story” to tell that makes it stand out from the competition?
2. Does your company offer a product, service or experience that is of value, and is memorable enough to break through the clutter so your target audience hears it?
3. Does your company employ a team of goodwill ambassadors who have a passion for the company’s culture, philosophy and product?
4. Does your company understand what business it’s really in? (Southwest Airlines isn’t in the airline business, it's in the business of providing people a safe, fun, memorable way to get to their destinations.)
5. Does your company understand the value of a customer and the exorbitant costs of gaining new customers versus retaining current ones? Do you have a customer retention strategy?
6. Does your company know who its best customers are by their first names? How is your company rewarding them for their valued loyalty?
7. Does your team have an intimate knowledge of your product and an understanding of what’s most profitable – in terms of real dollars and cents?
8. Do your company and team strive to make a difference in your community, where your customers live and work?
9. Does your company have a “face” – a personality, CEO, president or owner to whom customers can relate?
10. Does your company leave an everlasting impression with customers that creates memorable conversations and encourages repeat purchases?
3. The 60-Second Close: We Get it Done Best
We understand what it takes for you to increase your profits. It may not be an idea that requires an investment, but a simple refinement in your company’s strategy. It may be one of the intangibles; we’re good at producing online and offline creative solutions, but as business people ourselves, we know there’s more to it than that.
If you’re looking for a good consultative view of your business from the outside in, call us. We can help you convert leads, drive sales and ring registers – and we can help you get there faster and better than ever.
Jason Mudd, APR
Axia Public Relations
Copyright © 2014 Axia Public Relations. All rights reserved.
Topics: inbound marketing
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