An intriguing article in Forbes magazine points out that while companies spend an inordinate amount of time and resources attracting new business, the same cannot usually be said of existing accounts. For the most part, once a customer is “won” the sales team ignores them. Existing customers are relegated to customer support and rarely heard from again — often to a company’s detriment.
As author Geller explains, “[At] a B2B company in New York, an average customer was worth about $3,000 a year but sales were static. My ears perked up. I asked for a 3-year migration report. The marketing guy had no idea what that meant but his IT guy did and he was excited. In one day, he brought back a report that showed the migration upwards or downwards on the sales charts of every customer. It also showed that about 30% of the customer base stopped buying every year.
No one at the company had any idea they were losing almost a third of their customers to attrition, because they were focused on gaining new business. Yet in just a week of phone calls, the company recovered nearly half the defectors, most of whom exclaimed some variation of, ‘We haven’t heard from you in such a long time!'”
Companies, like individuals, want those to whom they extend loyalty to show some love in return. It’s not an unreasonable expectation — and recognizing its importance is one of the reasons companies such as Nordstrom and Zappos are so successful. Yet extraordinary customer care isn’t difficult, or even expensive. Geller suggests that when a customer with a complaint receives superb customer service and has a pleasant experience with the company representative in the process, that customer’s loyalty will actually increase, along with their future purchases.
What does this mean for your business? Be sure your signage reflects a customer-centric attitude. For instance, your business banner might read, “August Customer Appreciation Sale: 30% Off Item of Your Choice!”
Or you might choose a life-size cutout to advertise your special offer: “Buy One, Get One Free. Because You’re Fab!”
You get the idea. At Super Cheap Signs, we aim to provide all possible service to deliver the least expensive, most professionally produced signage in the industry in order to make your business look good. We care — and we never want you to forget it!