Do you apply the 'Circle of Business' in your business?

Do you apply the 'Circle of Business' in your business?

So last week I talked about the 4 T's one of the four steps in what I call the 'Circle of Business'

Here's the link if you missed it, it's worth a read if I say so myself ??

This week as promised I'm going to focus on the next step of the circle of business...

#customers

Love them or hate them it's pretty difficult to do business without them I think you'll agree...

So, why do customers leave your business and spend their hard-earned money with your competitors?

Well here are some interesting points for you to consider...

1% will leave due to death...

3% will move house/job...

5% will buy from a friend...

9% will be sold to by a competitor...

14% will leave on price...

68% will leave due to perceived indifference...

Let me say that again...

68% of your customers will leave your business due to perceived indifference...

How crazy is that?

?You market to them...

?You woo them...

?They might test you out with a small purchase...

?They begin to buy from you on a regular basis...

You start off by giving them great customer service??????

Then you become indifferent to them you take them for granted ?????? "Oh no I don't" I hear you say but this is their perception, not yours...

So, a question for you "Are your customers better off with you than without you?"

I'm going to assume here that you answered better off with you??????

And at a basic level, you want them to...

?Continue to buy from you...

?Refer to you...

?Pay you on time...

And they do this because you've applied the 4 T's to your business you the owner have empowered your team by giving them the right tools, the right training, and the right targets and you now trust them...

What else can you do?

When was the last time you took your 'customer's walk through your business'?

Do you have a process to 'Wow' your customers?

Do you have a 'Customer Service Charter'?

Do you communicate on a regular basis with your customers?

Do you thank them (when was the last time you got a thank you card from someone you do business with)?

Customers are and always will be the lifeblood of your business...

You can choose to look after them in a way that keeps them coming back time and time again bringing their friends and family with them...

Or...

You can treat them with perceived indifference and keep on filling up your sales pipeline with more and more prospects, the choice is yours...

By the way, if you have great customer service well done, but a word of caution what are you doing to improve it?

Your competitors are always, always looking for ways to entice your customers away you can't afford to become complacent, great customer service is never-ending there is always another level and you have to be looking for it so you can give your team the #tools #training #targets and #trust to deliver it on your behalf...

If you need any help with this in your business give me a call, I'm here to help...

P.S. Before I go let me suggest you do a really simple thing that will help you understand just how important this is...

1?? Work out your acquisition cost of a new customer...

2?? Work out the lifetime value of a customer...

Always be looking to drive down the acquisition cost and drive up the lifetime value...